Bitmine builds $11 billion crypto treasury with major Ethereum bet
Bitmine Immersion Technologies reported that its total assets reached $11 billion as of March 22. The main contribution came from the growth of the company’s Ethereum portfolio.
The company currently holds 4,660,903 ETH, equivalent to approximately $9.6 billion at a price of around $2,072. In addition, it holds 196 BTC and about $1.1 billion in cash. The asset structure also includes investments in Beast Industries and Eightco Holdings. This scale places Bitmine among the largest institutional holders of ETH. The company is effectively building one of the largest crypto treasury strategies in the market, with a clear focus on Ethereum.
Nearly 4% share and aggressive accumulation
Bitmine’s current ETH holdings represent about 3.86% of the network’s total supply. This is one of the largest shares among corporate holders. Over the past week alone, the company purchased more than 65,000 ETH, significantly accelerating its accumulation pace.
This is well above its typical purchasing level and signals strong confidence in the current market. Management believes the market is close to the end of its downturn phase. The purchases are taking place while ETH remains below its historical highs, allowing the company to accumulate at more favorable prices.
Staking generates hundreds of millions in revenue
A key component of the strategy is Ethereum staking. Bitmine has currently staked 3.14 million ETH, valued at approximately $6.5 billion. Annual revenue from staking has already reached $184 million. With the launch of its own validator network MAVAN, this figure could rise to $272 million per year.
This turns ETH into not only a growth asset but also a source of stable cash flow. The approach makes the model closer to traditional yield-generating investments. Staking is becoming a major driver of the company’s financial performance.
Stock declines, but ETH bet strengthens
Despite the growth in crypto assets, Bitmine’s stock has shown weak performance. Since the beginning of the year, shares have fallen by 25%, and over the past six months by more than 65%. At the same time, trading activity remains high at around $1.2 billion per day, placing the company among the top 101 by trading volume in the U.S.
Chairman Tom Lee noted that Ethereum has risen by 18% amid a decline in gold during geopolitical tensions. He also pointed to potential positive effects from regulation, including the Clarity Act. As a result, Bitmine is doubling down on its long-term bet on Ethereum, strengthening its position despite pressure on its own stock.
Recently we wrote that Ethereum stands near $2,065, down nearly 9% over the week, reinforcing the overall negative sentiment.
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