BitMine Expands Ethereum Holdings With $238M Purchase, Nears 5% Supply Target

Massive Weekly Ethereum Buy Strengthens Treasury Strategy

BitMine Immersion Technologies continued its aggressive accumulation strategy by acquiring 101,745 ETH for roughly $237.7 million at an average price of $2,336. This marks the third consecutive week the firm has purchased over 100,000 Ether, reinforcing its position as the largest public Ethereum treasury.

The latest purchase brings BitMine’s total holdings to 5,180,131 ETH, representing 4.29% of Ethereum’s 120.7 million supply. The company is now about 86% of the way toward its stated goal of controlling 5% of circulating Ether.

Staking Strategy and Revenue Growth Outlook

A significant portion of BitMine’s holdings around 84% or 4.36 million ETH is staked through its MAVAN validator platform. This generates an estimated $297 million in annualized revenue at a 2.91% yield, with projections rising to $352 million once fully deployed.

Chairman Tom Lee described the current phase as the tail end of a “mini crypto winter,” citing Ethereum’s resilience and growing demand from emerging technologies like AI as key drivers behind continued accumulation.

Ether changed hands near $2,372, up nearly 15% in the past month.