Bitmine Doubles Down on Ethereum with $11.8 Billion Holdings

Bitmine Immersion Technologies has significantly expanded its Ethereum holdings since introducing its treasury strategy in June 2025. The company bought 9,946 ETH in the past week, bringing its total balance sheet value to $11.8 billion.

The average price of these purchases was $1,948, and with this acquisition, Bitmine's total ETH holdings now stand at 5,787,414. This represents about 4.8% of the 120.7 million ETH in circulation.

Bitmine has a significant portion of its holdings staked through its institutional staking platform, MAVAN. With an estimated yearly staking revenue of $254 million and an annualized staking reward of roughly $299 million based on its current staking yield of 2.65%, the company views staking as a substantial source of recurring income in addition to ETH price appreciation.

Bitmine Chairman Thomas 'Tom' Lee believes that the rising ETH/BTC ratio, now at a three-month high of 0.3000, indicates strengthening crypto prices and bodes well for future Ethereum price growth.