Bitmine Immersion Technologies now holds 4.37 million Ethereum, representing 3.62% of the circulating supply and valued at roughly $8.7 billion. Despite weak price action, treasury data suggests large corporate holders like Bitmine are continuing to accumulate ETH, signaling quiet institutional positioning beneath the market surface.
Bitmine Immersion Technologies disclosed that its Ethereum holdings have reached 4.37 million ETH, representing 3.62% of the total circulating supply. At an ETH price of roughly $1,998, the position is valued at about $8.7 billion, forming the bulk of Bitmine’s reported $9.6 billion in combined crypto and cash holdings.
Of Bitmine’s total ETH holdings, 3.04 million ETH are currently staked, generating an estimated $176 million in annualized staking revenue based on recent yields. The company says this figure could rise toward $252 million annually once all ETH is deployed through its upcoming Made in America Validator Network.
Bitmine’s accumulation pace has been rapid, acquiring 45,759 ETH in the past week alone according to its chairman Thomas “Tom” Lee, who stated the company is continuing to buy “regardless of short-term price movements.” Since its inception, Bitmine has reached more than 70% of its stated goal of controlling 5% of the ETH supply in just 7 months.
Bitmine’s strategy stands out against broader treasury data. Coingecko data show around 6.3 million ETH held by just 28 entities, representing roughly 5.2% of the total supply, with Bitmine alone accounting for well over half of that total.
Ethereum’s price action tells a different story, with ETH down sharply from late-2024 highs and recently trading near $2,000. Technical indicators show only tentative signs of recovery, with no decisive trend reversal yet in place.
Bitmine has framed its strategy around Ethereum’s expected role in tokenization, AI-driven payments, and identity infrastructure. The company also disclosed $670 million in cash reserves and smaller positions in Bitcoin and private equity “moonshot” investments, giving it flexibility to continue accumulating during market pullbacks.
