Bitmine lifts Ethereum treasury to 4.53 million ETH after adding 60,976 tokens in a week amid ‘mini-crypto winter’

Bitmine Immersion Technologies (BMNR) has expanded its ether treasury to more than 4.53 million ETH, deepening the biggest corporate position in the second-largest cryptocurrency as the firm continues its aggressive accumulation strategy despite crypto market prices.

The company said Monday it acquired 60,976 ETH over the past week — spending roughly $120 million — and lifting total holdings to 4,534,563 ETH, or around 3.76% of Ethereum’s circulating supply of about 120.7 million tokens.

At roughly $1,965 per ETH, Bitmine’s ether stack is worth about $8.9 billion, forming the bulk of the firm’s reported $10.3 billion in combined crypto and cash holdings. A large portion of that treasury is already earning yield. Bitmine reported that 3,040,483 ETH — about two-thirds of its holdings — is currently staked, generating an estimated $174 million in annualized staking revenue based on current network yields.

Bitmine has leaned heavily into Ethereum as a treasury asset. The company is in pursuit of what it calls the "alchemy of 5%," an internal target to eventually control about 5% of Ethereum’s total supply.

Company Chairman Tom Lee said Bitmine has accelerated purchases as the market moves through what he described as the final phase of a crypto downturn.

"Ethereum prices showed resilience this week in the face of rising war concerns and surging oil prices," Lee said in a statement, adding the company believes digital assets are entering the late stages of a "mini-crypto winter."

The company also noted that its balance sheet includes $1.2 billion in cash, 195 bitcoin, and minority stakes in companies such as Beast Industries and Eightco Holdings.

Staking queue

Bitmine’s growing position comes as demand to stake ETH across the broader network remains elevated.

Data from The Block shows more than 3.2 million ETH waiting in Ethereum’s validator entry queue, while fewer than 60,000 ETH are currently queued to exit staking, a sign that new capital continues to flow into validator infrastructure.

Ether traded around $2,000 at press time, while BMNR shares were flat during pre-market hours as equities digested conflict in the Middle East.