In brief
- BitMine bought more than 100,000 ETH valued around $320 million last week.
- The firm now owns 3.2% of the circulating ETH supply, or about $12.4 billion in total.
- Ethereum and BitMine’s stock price are both falling Monday.
Publicly traded Ethereum treasury firm BitMine Immersion Technologies (BMNR) added another 102,259 ETH valued around $320 million in the last week, the firm announced on Monday.
The firm now holds 3,967,210 ETH, valued at more than $12.4 billion in ETH. It also holds 193 BTC worth around $17 million, and has $1 billion in cash.
“BitMine continues to add steadily to its ETH holdings, adding 102,259 ETH in the past week. Crypto prices have stabilized in the past week, further evidence that crypto prices have begun to recover after the price shock of October 10th,” said BitMine Chairman Tom Lee, in a statement.
“2025 saw many positive developments in digital assets including positive legislation passed by the U.S. Congress and favorable regulations, and by strengthening support from Wall Street,” he continued. “These strengthen our conviction that the best days for crypto are ahead and why we continue to accumulate ETH towards our ‘alchemy of 5%’ target.”
BitMine’s latest acquisition continues an aggressive string of purchases in which the firm has added to its position as the leading ETH treasury firm, amid wobbling ETH prices.
In the firm’s previous purchase, disclosed last week, it bought around $429 million of ETH—its largest acquisition since October.
According to Lee, the firm is putting “its money where its mouth is,” adding that BitMine believes that ETH has already bottomed for the year. In other words, Lee and his firm think that Ethereum has already hit its lowest price point this year.
Beyond buying ETH, the firm is also making progress on a bespoke staking solution called The Made in America Validator Network (MAVAN), which will allow it to earn yield on its holdings.
In a recent video interview with Farokh Sarmad—president of Dastan, Decrypt’s parent company—Lee noted that the firm could make as much as $400 million in staking revenue annually from its holdings.
Shares of BMNR are down nearly 7% since the opening bell on Monday, recently changing hands at $32.48. Since hitting a yearly peak of $161 on June 30, BMNR shares have now dropped nearly 80%.
ETH is down more than 2% in the last 24 hours, recently trading hands at $3,010.
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