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Bitmine Immersion Technologies (BMNR) continued its aggressive Ethereum accumulation strategy, buying 65,341 ETH during the previous week. The purchase marked a third consecutive week of escalating acquisitions as the company expanded a treasury position that has accumulated substantial paper losses.
The latest acquisition was valued at approximately $138 million based on prevailing market rates. It brings Bitmine’s aggregate holdings to 4,660,903 ETH. With ETH priced near $2,072 per token, the treasury position is valued at more than $9 billion.
Bitmine now owns roughly 3.86% of Ethereum’s 120.7 million token circulating supply. The share has been rising as the company increases its weekly acquisition rate, which has historically averaged between 45,000 and 50,000 ETH.
Cash holdings increased alongside crypto purchases, reaching $1.1 billion. Bitmine also reported holdings of 196 Bitcoin, $200 million allocated to Beast Industries, and $95 million in Eightco Holdings. Combined crypto, cash, and speculative investment holdings totaled $11.0 billion as of March 22.
Following the announcement, BMNR shares rose more than 3% as Ethereum traded near the $2,144 level.
In addition to accumulation, Bitmine is pursuing an aggressive staking strategy. As of March 23, the company had staked 3,142,643 ETH—about 67% of its total holdings. This staked position generated $184 million in annualized staking revenue.
Tom Lee said Bitmine has staked more Ethereum than any competing entity worldwide. He added that when operations reach full capacity, projected annual rewards could reach $272 million, calculated using a 2.83% seven-day yield. The prevailing Composite Ethereum Staking Rate was cited at 2.75%.
Bitmine is also developing its Made in America Validator Network (MAVAN), collaborating with three staking service providers in preparation for an anticipated early 2026 launch.
Despite the pace of purchases, the strategy carries downside risk. DropsTab analytics indicated Bitmine currently holds approximately $7 billion in unrealized losses, reflecting declines in ETH valuations over recent months.
Lee said he remains confident in the investment thesis, stating: “Our base case is ETH is in the final stages of the ‘mini-crypto winter,'” in Monday’s announcement.
Bitmine is described as operating the world’s largest Ethereum treasury and ranking second among global crypto treasuries, behind Michael Saylor’s Strategy, which controls 762,099 Bitcoin purchased for roughly $57.69 billion.
As of March 23, Ethereum was trading in the $2,072 to $2,144 range.
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