Bitmine Immersion Technologies has expanded its Ethereum treasury to more than 4.5 million ETH as the firm continues to accumulate the asset during a period of market weakness.
In a statement released on 9 March, the company said its crypto holdings now include 4,534,563 ETH, alongside smaller positions in Bitcoin and other assets. The firm reported that its total crypto, cash, and investment holdings have reached $10.3 billion.
Bitmine said the Ethereum holdings represent approximately 3.76% of the total ETH supply, positioning the firm among the largest corporate holders of the asset.
Company adds to ETH holdings during market weakness
The treasury expansion comes as Ethereum prices consolidate following a sharp correction earlier this year.
According to company disclosures, Bitmine acquired 60,976 ETH in the past week, a pace of accumulation above its typical weekly purchases of roughly 45,000 to 50,000 ETH.
The strategy reflects a broader accumulation approach, with the firm increasing exposure during periods of price volatility.
Ethereum has experienced significant market swings in recent months. The asset fell from levels above $3,000 earlier in the cycle before stabilizing around the $2,000 range in recent trading.
Bitmine chairman Thomas “Tom” Lee said the company views current market conditions as part of the late stages of a “mini crypto winter.” He cited historical market analogs suggesting the asset may be approaching a bottoming phase.
Over 3 million ETH already staked
Beyond holding the asset as a treasury reserve, Bitmine said a substantial portion of its Ethereum is staked.
The company reported that 3,040,483 ETH are currently staked, representing roughly two-thirds of its total Ethereum holdings.
At current market prices, those staked assets are valued at roughly $6 billion.
Bitmine estimates its staking activities currently generate around $174 million in annualized revenue. Also, potential rewards could reach approximately $259 million annually as additional infrastructure is deployed.
The firm is developing its own staking infrastructure, known as the Made in America Validator Network [MAVAN], which it expects to launch later in 2026.
Corporate crypto treasuries continue to expand
Bitmine described itself as the largest Ethereum treasury globally and the second-largest corporate crypto treasury overall, behind Strategy Inc., which holds more than 720,000 BTC.
Corporate treasury strategies centered on digital assets have gained traction in recent years, particularly among firms seeking long-term exposure to crypto markets.
Bitmine said its stock is also among the more actively traded U.S. equities, with average daily trading volumes approaching $1 billion over the past week.
Final Summary
- Bitmine has expanded its Ethereum treasury to over 4.5 million ETH, representing roughly 3.76% of the asset’s total supply.
- The company continues accumulating ETH during market weakness while deploying more than 3 million tokens into staking operations.