#Bitmine Immersion Technologies has increased its Ethereum treasury by purchasing 51,162 ETH last week, lifting total holdings to 4.42 million ETH as of Feb. 22. That represents about 3.66% of the 120.7 million circulating supply of Ethereum.
At an approximate market price of $1,958 per ETH, the company’s Ethereum reserve is valued near $8.7 billion. This positions Bitmine as the largest corporate holder of ether worldwide and the second-largest corporate crypto treasury overall, trailing only Strategy, which holds roughly $49 billion in bitcoin.
Chairman Tom Lee described the recent market conditions as a “mini crypto winter,” emphasizing that the company sees the pullback as an opportunity amid strengthening Ethereum fundamentals. Bitmine has set an ambitious goal of acquiring 5% of total ETH supply, and it is currently about 27% short of that target.
The firm also revealed that 3,040,483 ETH — about 69% of its holdings — is currently staked, generating an estimated $171 million in annualized revenue based on a 2.89% seven-day yield. Once its entire ETH balance is deployed through the upcoming Made in America Validator Network (MAVAN), expected to launch this quarter, projected annual staking revenue could climb to around $249 million.
In addition to its ether reserves, Bitmine holds 193 BTC, approximately $691 million in cash, and several strategic investments, bringing the total value of its crypto, cash, and investment portfolio to roughly $9.6 billion. Company shares were trading near $19.27 on Monday morning, down more than 4% from the previous session.$ETH
