Bitmine Buys 9,587 Ethereum as ETH Holdings Reach $13.56 Billion

Bitmine Immersion Technologies acquired another 9,587 Ethereum (ETH), increasing its total holdings to 6,070,092 ETH valued at approximately $13.56 billion. According to the company’s November 9 announcement, Bitmine maintained its weekly accumulation strategy despite volatility across the cryptocurrency market.

The purchase extends a buying streak dating to June 30, 2025, when the company launched its Ethereum treasury strategy. As of November 8, Bitmine controlled approximately 4.97% of Ethereum’s total supply of 122.2 million ETH. Additionally, its combined cryptocurrency holdings, cash, marketable securities, and strategic investments reached $14.3 billion.

Also Read: Coinbase Secures CFTC Approval to Clear Fully Funded Derivatives Directly

Bitmine Expands Ethereum Treasury as Tom Lee Backs ETH Store of Value

Bitmine Chairman Tom Lee linked the company’s accumulation strategy to Ethereum’s growing importance in institutional finance and asset tokenization. According to Lee, Ethereum co-founder Vitalik Buterin recently described ETH as money and a store of value.

Lee believes this position strengthens Ethereum’s role as trusted collateral for financial institutions adopting blockchain technology. Furthermore, Buterin outlined three considerations supporting Ethereum’s store-of-value model in a separate X post.

Buterin questioned fee burning’s effectiveness and highlighted potential conflicts between maximizing network revenue and maintaining decentralization. The Ethereum co-founder also argued that the store-of-value approach better aligns with the network’s long-term development priorities. Meanwhile, Lee emphasized Bitmine’s consistent Ethereum purchases despite changing cryptocurrency market conditions.

Ethereum Staking Holdings Reach $11.7 Billion

Bitmine also reported substantial growth in its Ethereum staking operations through the Made in America Validator Network, known as MAVAN. As of November 8, the company had staked 5,227,037 ETH, representing approximately 86% of its total holdings.

These assets carried an estimated value of $11.7 billion, based on Ethereum’s reported price of $2,234. At a 2.65% staking yield, Bitmine projected annualized rewards of approximately $309 million.

Fully staking its Ethereum holdings could increase projected annual rewards to $359 million, assuming the same yield. Besides Ethereum, Bitmine held 216 Bitcoin, $475 million in cash and marketable securities, and investments in Beast Industries and Eightco.

The company remains the world’s largest publicly traded Ethereum treasury holder, ranking behind Strategy among cryptocurrency treasury companies. Bitmine’s expanding Ethereum holdings and staking operations reflect its long-term treasury strategy, combining cryptocurrency accumulation with potential staking income.