Bitmine Immersion reported a significant increase in its Ethereum holdings this week, according to The Block, reaching a total of 4,660,903 ETH. The company acquired an additional 65,341 tokens since its last update on March 16, pushing its total portfolio value to approximately $11 billion. This acquisition marks the latest step in an aggressive accumulation strategy led by chairman Tom Lee.
At current market prices, the latest purchase alone represents around $140 million in value. Bitmine also holds 196 BTC valued at $13.9 million alongside a $200 million stake in Beast Industries. The firm maintains $1.1 billion in cash reserves to support future liquidity needs and operational costs.
These holdings equate to roughly 3.86% of the entire circulating Ethereum supply, which sits at approximately 120.7 million ETH, according to The Block's Ether price page. This concentration places Bitmine far ahead of other public treasury firms tracking similar metrics. SharpLink follows in second place with approximately 863,021 ETH according to recent data.
Tom Lee stated that cryptocurrency has outperformed the broader market since the start of the Iran war. He noted that Ethereum rose 18% and outperformed equities by 2,450 basis points during this period. Lee described crypto as a good store of value during times of geopolitical conflict.
Lee believes the asset is in the final stages of a mini-crypto winter. Bitmine has maintained an increased pace of purchases for each of the past three weeks based on this thesis. The company aims to acquire 5% of the circulating supply, which equals around 6.04 million ETH.
Bitmine currently has 3,142,643 ETH staked, making it the largest Ethereum staker globally. Lee noted that at full scale through MAVAN and its partners, annual rewards could reach $272 million. This yield calculation uses a 2.83% 7-day BMNR yield metric.
The firm stands as the second-largest public crypto treasury company overall behind Michael Saylor’s Strategy. Strategy recently announced a $77 million acquisition and holds 762,099 BTC worth over $54 billion. Bitmine’s strategy focuses heavily on Ethereum whereas Strategy concentrates primarily on Bitcoin.
Institutional support for Bitmine includes Ark Invest’s Cathie Wood and Founders Fund among others. Additional backers span Pantera, Kraken, DCG, and Galaxy Digital. This diverse investor base provides capital stability for long-term accumulation goals.
Significant accumulation by public entities signals growing institutional confidence in blockchain assets. The staking revenue potential suggests a shift toward passive income generation for corporate treasuries. Market analysts will monitor whether this trend accelerates or slows in coming quarters.
The ongoing buying spree highlights a strategic bet on Ethereum’s long-term valuation. As the market evolves, treasury companies may face increased regulatory scrutiny regarding asset holdings. Investors will watch for further disclosures regarding purchase timing and pricing.
