Bitmine Immersion Technologies expanded its Ethereum position by 12,535 ETH over the past week, lifting its total treasury to 6,041,481 ETH as of Oct. 18, according to a company statement released Monday.
At a reference price of $2,365 per ETH, the holdings were worth approximately $14.3 billion. The company said it now controls 4.9% of Ethereum’s circulating supply of 122.1 million tokens. Of the total, 5,067,309 ETH valued at $12 billion are staked through its MAVAN platform and staking partners, representing 84% of its balance.
Bitmine projected annualized staking revenue of $309 million at current levels, potentially rising to $369 million if all holdings are staked. Beyond ether, the company reported 215 bitcoin, a $180 million stake in Beast Industries, a $74 million investment in Eightco Holdings, and $582 million in cash and marketable securities, bringing total investments to $15.1 billion.
Chairman Tom Lee attributed recent crypto market pressure to investors cutting risk amid geopolitical tensions, rising bond yields and concerns about AI funding and model safety. “Crypto is widely held in the US, Korea and Taiwan. So naturally, when investors in those regions de-risk, this creates spillover pressures in crypto markets,” Lee said. Ether traded above $2,400 on Monday, up 0.43% over 24 hours.
