BitMine Treasury Tops 4.5 Million Ethereum After 60,976 ETH Buy

Highlights:

• BitMine increased its Ethereum holdings by 60,976 ETH and now holds over 4.5 million ETH.
• About 67% of BitMine’s Ethereum is staked, generating $174 million in annual revenue.
• Meanwhile, the Ethereum price still faces downside risk as wider macro pressure weighs on sentiment.

BitMine Immersion Technologies increased its Ethereum reserves last week by buying 60,976 ETH. This purchase lifted its total holdings to 4,534,563 ETH and strengthened its position among the largest institutional Ethereum holders. The company now owns about 3.76% of Ethereum’s circulating supply.

TOM LEE AND BITMINE JUST UPDATED THEIR TREASURY

Here’s what BITMINE ($BMNR) currently holds.

195 Bitcoin $BTC
$14M stake in Eightco
$200M stake in Beast Industries
$1.2B of unencumbered cash
4,534,563 Ethereum $ETH (3.76% of supply)

The Ethereum strategy is… pic.twitter.com/q3Rjz3aCWR

— BMNR Bullz (@BMNRBullz) March 9, 2026

BitMine Grows Ethereum Holdings as Staking Income Rises

The purchase is part of BitMine’s long-term strategy to accumulate Ethereum. The company is buying during a period of market consolidation. Moreover, the pace of buying has increased. In previous weeks, Bitmine usually purchased between 45K and 50K ETH per week. However, last week’s purchase was noticeably higher. 

BitMine’s aggressive buying strategy is linked to its broader plan to build a large Ethereum treasury. At the same time, the company aims to earn extra yield through staking. As of March 8, the company had staked 3,040,483 ETH, which is equal to about 67% of its total holdings. These staked coins generate steady revenue through Ethereum’s proof-of-stake system. As a result, BitMine estimates that its staking operations generate about $174 million in annualized revenue. This strategy highlights the strong income potential of large-scale institutional staking.

The company is also developing its own validator infrastructure, called the Made in America Validator Network (MAVAN). The platform aims to provide secure and scalable staking services and is expected to launch in early 2026. Through this step, BitMine plans to expand its role in the Ethereum ecosystem.

BitMine Expands Broader Crypto Treasury Beyond Ethereum

Beyond its Ethereum reserves, BitMine’s balance sheet shows a rapidly growing crypto treasury. The company reported that its total holdings now reach about $10.3 billion. This includes cryptocurrency, cash, and other investments. Alongside its ETH holdings, the firm also owns 195 Bitcoin and holds about $1.2 billion in cash. The company also has stakes in several external investment projects. These diversified assets support BitMine’s broader strategy of deploying capital into digital assets and emerging blockchain ventures.

Ethereum Rebounds Slightly but Downside Risk Still Remains

Ethereum is slightly up today, showing a minor rebound in the altcoin market. In the last 24 hours, it gained 4.23% to trade at $2,023. Trading volumes rose 68.88% to $23.09 billion. Despite these gains, Ethereum may be in a false rebound. Prices could move lower in the short to medium term due to macroeconomic pressures.

Currently, Ethereum is consolidating between $2,110 resistance and $1,828 support. If bulls push it above $2,110, a rally to $3,013 is possible. But if geopolitical and economic pressures push it below $1,828, a correction under $1,500 could follow. With the ongoing oil crisis, the risk of falling below $1,828 is higher as capital may shift to safer assets.

BitMine Chairman Tom Lee said Ethereum remained stable this week despite rising oil prices and war concerns. He noted that crypto appears to be in the final stage of the “mini-crypto winter.”