BitMine Immersion Technologies just snapped up another 10,399 ETH last week, bringing its total Ethereum stash to 5.8 million coins. That's roughly $10.9 billion in holdings. The purchase matters because it signals continued appetite from one of the market's biggest institutional players, even as Ethereum hovers just below the $2,000 mark.
The company now controls about 4.8% of Ethereum's circulating supply. Of that, 4.9 million ETH sits staked and earning rewards, which works out to roughly 85% of everything BitMine holds. That translates to approximately $291 million in annual staking income. The company needs just 237,000 more coins to hit its stated goal of owning 5% of all Ethereum.
When Corporations Chase Ethereum Instead of Bitcoin
What makes BitMine's moves particularly interesting is the shift it represents. For years, companies building crypto treasuries focused almost exclusively on Bitcoin. BitMine changed that calculus. Its investors, a roster that includes ARK, Pantera, Kraken, Galaxy Digital, and even Bill Miller III, backed a strategy centered on accumulating Ethereum at scale. The company has been buying ETH every single week since launching its treasury program.
BitMine also holds 209 Bitcoin, $173 million in cash and securities, and another $241 million in various investments, bringing total assets to roughly $11.3 billion. Last week it repurchased 4.5 million shares under a $4 billion buyback program. The company recently joined the Russell 1000 index, a validation that institutional investors now treat it as a serious large-cap play.
Meanwhile, BlackRock just launched two tokenized money market funds directly on the Ethereum network, another signal that the chain itself is becoming infrastructure for major financial players. Ethereum price action has stayed above $1,850, with traders watching whether steady corporate buying could finally breach $2,000.
This article is informational only and should not be construed as investment advice. Cryptocurrency investments carry substantial risk.
