Bitmine Immersion Technologies, chaired by Tom Lee, has significantly increased its Ethereum (ETH) holdings, acquiring 42,197 ETH over the past week. This brings its total to 5,742,237 ETH, representing 4.8% of Ethereum’s circulating supply (120.7 million tokens). The treasury is valued at over $10 billion at $1,800 per ETH, though with the token trading near $1,740, unrealized losses have swelled to an estimated $9–10 billion.
In addition to its ETH position, Bitmine holds 206 BTC, $527 million in cash and marketable securities, and strategic stakes worth $251 million in Beast Industries and Eightco Holdings. Chairman Tom Lee reiterated his preference for Ethereum over Bitcoin, citing potential benefits from the CLARITY Act and his belief in an imminent “crypto spring” as the bear market exhausts itself.
Bitmine’s aggressive accumulation strategy has been complemented by staking: 85% of its ETH (4,879,157 ETH) is now staked through its institutional platform MAVAN. Based on a 2.68% yield, the company projects annualized staking rewards of $235 million, potentially rising to $277 million if the entire treasury is deployed. The company’s inclusion in the Russell 1000 Large-cap Index on June 26 is expected to broaden institutional ownership, adding another catalyst after a recent preferred stock offering.
