Bitmine Immersion Technologies has acquired an additional 52,203 ETH for approximately $90–92 million, pushing its total Ethereum holdings to 5,672,956 ETH — roughly 4.7% of the total supply. The purchase moves the company to within 94% of its public goal of owning 5% of all Ether, a target Bitmine calls the “Alchemy of 5%.”
Based on a Coinbase-quoted price of $1,733 per ETH, the position is valued at $10 billion, though Bitmine's average cost basis sits near $3,440. At current prices, the stake is down more than $9.5 billion on paper. Despite the unrealized loss, chairman Tom Lee reaffirmed the company's commitment to long-term accumulation, citing tokenization and AI as future demand drivers.
Bitmine also disclosed that 4,718,677 ETH ($8.2 billion) are actively staked through its MAVAN validator network, generating an annualized revenue of $223 million. Once the remaining ETH is staked, that figure could rise to $268 million, according to Lee. The staking income helps offset dividend obligations on the Series A Preferred Stock (NYSE: BMNP), which raised $273.8 million in a June offering to fund further ETH purchases.
The company’s total crypto and cash holdings now stand at $10.7 billion, including 205 BTC, a $180 million stake in Beast Industries, and a $104 million position in Eightco Holdings, which offers indirect exposure to OpenAI. With the latest buy, Bitmine remains the second-largest corporate crypto holder after Michael Saylor’s Strategy.
