BitMine Immersion Splashes $147M on Latest ETH Purchase

BitMine Immersion Technologies, the leading corporate Ether holder, has increased its ETH stash. Over the past week, the firm accumulated 71,179 ETH worth approximately $147 million at the current market price. This purchase brings its total Ether holdings to over 4.7 million coins. 

BitMine Continues ETH Shopping

The company has not slowed down. According to Chairman Tom Lee, BitMine has maintained a steady pace of Ethereum purchases over the last four weeks. He believes the market may be nearing the end of a “mini crypto winter,” which explains the firm’s aggressive buying strategy.

At the same time, Lee pointed to broader market trends. He noted that Ethereum and the wider crypto market have outperformed traditional assets during recent global tensions. In fact, ETH has outpaced equities by a wide margin, while gold has lagged behind. Therefore, BitMine sees crypto as a strong store of value, even during uncertain times.

Meanwhile, BitMine’s growing balance sheet highlights its scale. With over 4.7 million ETH, the firm now controls roughly 3.9% of Ethereum’s circulating supply. This puts it close to its stated goal of holding 5% of the total supply.

Clearly, this is not a short-term play. Instead, BitMine is building a long-term position. It treats Ethereum as a core treasury asset, similar to cash or gold. Moreover, with ETH trading around the $2,000 range, the company appears to be buying during a relatively stable period. This could benefit the firm when prices rise later.

BitMine’s MAVAN Goes Live

In addition to buying ETH, BitMine is expanding its strategy. Last week, the firm launched the Made in America Validator Network (MAVAN), an institutional-grade staking platform.

Initially, BitMine built MAVAN to support its own Ethereum treasury. However, the company now plans to open the platform to institutional investors, custodians, and partners seeking reliable staking services. Already, a large portion of its ETH is staked through this system.

According to the press release, BitMine has staked over 3.14 million ETH, valued at about $6.3 billion. This accounts for roughly 66% of its total holdings. The company also claims it stakes more ETH than any other entity globally. Importantly, this strategy generates strong returns. Annualized staking revenue now stands at around $177 million. Consequently, BitMine is not just holding Ethereum, it is actively earning from it.

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