Forty-two thousand ETH in a single week. BitMine Immersion Technologies (NYSE: BMNR) dropped roughly $73 million on Ethereum between last Monday and this one, pushing its cumulative stash to 5,742,237 ETH. That works out to about 4.8% of everything currently in circulation, making BitMine the largest corporate holder of the asset by a wide margin.
The company's own holdings update, published Monday, put total crypto and other assets at $11.1 billion. The ETH position was valued at $1,800 per coin. Beyond that, BitMine also holds 206 BTC, a $180 million stake in Beast Industries, a $71 million stake in Eightco Holdings (NASDAQ: ORBS), and $527 million sitting in cash and marketable securities. It is a sprawling balance sheet for a company that started life as a mining operation.
Tom Lee, Fundstrat's co-founder and BitMine's chairman, has been vocal about the rationale. He has framed crypto as a "wartime store of value" and publicly defended the company's funding model in June after an insider raised concerns about a cash gap. The accumulation strategy has a clear target: 5% of ETH's total supply, a number BitMine has cited repeatedly as its treasury benchmark. At 4.8%, it is close.
One detail worth noting: BitMine's staked ETH balance, 4,879,157 coins, did not move this week. The company added to its overall holdings but left its staking position untouched, which means the freshly bought ETH is sitting unstaked for now. Independent market trackers confirmed the $73 million figure and the 4.8%-of-supply calculation, though BitMine's own post did not separate the weekly purchase from the cumulative total.
BMNR trades on the NYSE.
This article is for informational purposes only and does not constitute financial advice or an investment recommendation.
