Bitmine Immersion Technologies, the Tom Lee-chaired former bitcoin miner turned Ethereum treasury company, continues its aggressive accumulation of Ethereum (ETH). The company announced it acquired 101,745 ETH in the past week, pushing its total holdings to 5,180,131 ETH as of May 3. This represents about 4.29% of the total ETH supply and brings the company 86% of the way toward its stated goal of holding 5% of all ETH.
Bitmine valued its Ethereum position at $2,336 per token, with staked ETH reaching 4,362,757 tokens worth approximately $10.2 billion. The company's total crypto, cash, and other listed holdings amounted to $13.1 billion, including 5.18 million ETH, 200 BTC, $700 million in cash, a $200 million stake in Beast Industries, and an $83 million stake in Eightco Holdings.
Chairman Tom Lee stated that Bitmine has maintained a faster ETH buying pace for four straight weeks. He described ETH as being in the "final stages" of a "mini-crypto winter" and linked the strategy to Ethereum's role in tokenization and public blockchain use. Lee also said the company's annualized staking revenue reached $297 million, with staked ETH representing over 84% of its total holdings.
Bitmine's MAVAN (Made in America Validator Network) platform supports its Ethereum treasury and is intended to serve institutional investors, custodians, and ecosystem partners seeking Ethereum staking services. The company claims to be the largest Ethereum treasury and the second-largest global crypto treasury behind Strategy.
The latest acquisition follows the Ethereum Foundation's sale of 10,000 ETH to Bitmine at an average price of $2,292 per coin, worth about $22.9 million. This marked the foundation's third over-the-counter sale to Bitmine in two months. Meanwhile, Michael Saylor's Strategy paused its Bitcoin buying for a week, with Saylor noting the company will return to acquisitions as it continues raising funds for further BTC purchases.
