Bitmine Immersion Technologies, the largest corporate holder of Ether, has increased its holdings by 28,086 ETH, valued at $69.5 million, bringing its total to 5.93 million ETH. The acquisition, made last week, advances the company’s goal of accumulating 5% of Ethereum’s total supply, with 97% of that target now achieved.
The company’s ETH holdings, acquired at an average price of $2,495 per coin, now constitute 4.9% of Ethereum’s circulating supply of 120.7 million coins. Bitmine’s total assets, including $593 million in marketable securities and 5.1 million staked ETH, stand at $15.7 billion, with annualized staking revenue of $330 million.
Ether’s price stood at $2,469 as of Tuesday, according to CoinMarketCap, though Bitmine’s holdings carry $5.1 billion in unrealized losses, as reported by Dropstab. The announcement prompted a more than 2% decline in BMNR stock at Tuesday’s market open, continuing a year-to-date drop tracked by Yahoo Finance.
The company’s chairman, Tom Lee, has not publicly commented on the acquisition, but the move underscores Bitmine’s strategic focus on Ethereum. With 53,501 ETH acquired in the latest purchase, the firm remains on track to reach its 5% supply target by the beginning of 2026.
The trajectory of BMNR’s stock price remains uncertain, with analysts noting the potential for further declines if broader market conditions deteriorate. Bitmine’s exposure to crypto volatility, however, continues to shape its financial outlook and investor sentiment.
Written by Oliver Grant
Markets Desk
