Bitmine Loads Up on Ethereum, Now Holds 4.9% of All Outstanding ETH

Bitmine Immersion Technologies (NYSE:BMNR) has significantly increased its Ethereum holdings in recent weeks, now owning approximately 4.9% of all outstanding ETH in circulation.

The company purchased 17,362 Ethereum tokens last week, bringing its total to over 6 million tokens. At the current price of around $2,716 per token, this is worth nearly $16.3 billion.

Bitmine's strategy of accumulating a significant amount of Ethereum is similar to that of Strategy, which started buying Bitcoin with firm capital in 2020. The company has also appointed Tom Lee as chair of its board of directors, who believes that institutions are still underweight crypto and expects them to add to their exposure in the final months of 2026.

Lee's bullish stance on Ethereum is due to its role as the primary network for stablecoin transactions. Stablecoins are digital assets pegged to a commodity or currency, such as the U.S. dollar, offering efficient payment transactions without volatility.

In terms of valuation, Bitmine's stock is relatively valued compared to its net asset value, which is slightly above its market cap. The company generated nearly $60 million in revenue through nine months but lost about $20.50 per share due to unrealized losses on digital assets.