BitMine Immersion Technologies has increased its total ETH holdings to 4.285 million ETH after purchasing an additional 41,788 ETH over the past week, equivalent to approximately 3.55% of Ethereum’s circulating supply.
The company stated that the newly acquired ETH was purchased at an average reference price of around $2,317, valuing the entire ether stockpile at nearly $9.9 billion as of February 1st. BitMine’s total assets, including crypto, cash, and “moonshot” investments, amount to approximately $10.7 billion, of which $586 million is cash along with smaller holdings in Bitcoin and private companies.
BitMine’s ETH accumulation strategy is approaching its internal goal of owning 5% of the total circulating supply of ether. Last week alone, the company also announced a purchase of more than 40,000 ETH as part of expanding its reserve stockpile.
Alongside accumulation, BitMine is ramping up staking. The total amount of ETH staked has increased to about 2.9 million ETH, up nearly 900,000 ETH in just one week. At the current yield rate, the company estimates annualized staking revenue of approximately $188 million, and this figure could grow further as more assets are integrated into its internal validator network called MAVAN, which is expected to launch in early 2026.
CEO Thomas “Tom” Lee believes that the recent purchase reflects confidence that ETH’s current price does not fully reflect the network’s actual usage. According to him, the recent price correction opens opportunities to increase their position as fundamental factors continue to improve.
With its current holdings, BitMine remains the leading entity among global Ethereum treasury companies and ranks second among publicly listed companies holding digital assets, only behind Strategy Inc. However, BitMine’s market capitalization still falls short of the nominal value of the ETH it owns, amid recent stock price declines and the overall downward trend in the crypto market.
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