TLDR
- Bitmine bought 65,341 ETH last week, worth roughly $138 million at current prices
- Total ETH holdings now stand at 4.66 million tokens — 3.86% of circulating supply
- Buying pace has increased for three consecutive weeks, up from a prior average of ~50,000 ETH/week
- BMNR stock climbed over 3% as ETH rose to around $2,144
- Chairman Tom Lee says ETH is in the “final stages” of a mini-crypto winter; the firm still holds an estimated $7 billion in unrealized losses
Bitmine Immersion Technologies (BMNR) has been on a buying tear. The Ethereum treasury firm picked up 65,341 ETH last week — its third consecutive week of increasing purchases — as it doubles down on a strategy that has racked up billions in paper losses but shows no signs of slowing.
Bitmine Immersion Technologies, Inc., BMNR
The latest haul, worth roughly $138 million at current prices, brings Bitmine’s total holdings to 4,660,903 ETH. At a price of around $2,072 per token, that’s a stash worth well over $9 billion.
The firm now controls about 3.86% of ETH’s total circulating supply of 120.7 million tokens. That’s a number that keeps climbing as Bitmine accelerates its accumulation pace, which had previously averaged around 45,000 to 50,000 ETH per week.
Cash reserves also grew alongside the crypto purchases, reaching $1.1 billion. Bitmine also holds 196 Bitcoin, $200 million invested in Beast Industries, and $95 million in Eightco Holdings. Total crypto, cash, and “moonshot” holdings came to $11.0 billion as of March 22.
The stock responded. BMNR gained more than 3% on the news as Ethereum price climbed toward $2,144.
Staking Operations Expanding
Beyond buying, Bitmine is staking aggressively. As of March 23, the firm had staked 3,142,643 ETH — roughly 67% of its total holdings. That pile is currently generating annualized staking revenue of $184 million.
Tom Lee said Bitmine has staked more Ethereum than any other entity globally. Once operations scale fully, projected annual rewards could hit $272 million, based on a 2.83% seven-day yield. The current Composite Ethereum Staking Rate sits at 2.75%.
The company is building out what it calls the Made in America Validator Network, or MAVAN, working with three staking providers ahead of a planned early 2026 deployment.
Unrealized Losses Remain Steep
None of this comes without cost. Despite the buying momentum, Bitmine is sitting on roughly $7 billion in unrealized losses as ETH prices have slid over recent months, according to DropsTab data.
Lee is sticking to his thesis. “Our base case is ETH is in the final stages of the ‘mini-crypto winter,'” he said in a Monday statement.
Bitmine ranks as the largest Ethereum treasury in the world and sits second overall among global crypto treasuries, behind Michael Saylor’s Strategy, which holds 762,099 Bitcoin acquired for approximately $57.69 billion.
As of March 23, Ethereum was trading around $2,072 to $2,144.
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