Bitmine Immersion Technologies acquired 60,999 Ether in a single move, increasing its total holdings to 4.6 million tokens - worth more than $10 billion. The firm now controls nearly 3.8% of all circulating Ethereum.
Bitmine has staked 3.04 million ETH, claiming $180 million in annualized revenue - significantly above the network’s standard 3.4-3.8% yield. The company maintains $1.2 billion in cash reserves and owns stakes in Eightco (ORBS), signaling broader crypto ambitions.
The purchase follows a bearish market cycle, with Bitmine sitting on $6.5 billion in unrealized losses. Chairman Tom Lee argues that crypto is now a growth asset, outperforming the S&P 500 by 2,450 basis points since the Iran conflict began.
The strategy raises concerns about concentration risk and yield transparency, especially as spot ETH ETFs grow in popularity. Yet, Bitmine’s staking income offers a rare income stream not available through ETFs.
This bold corporate bet on Ethereum could reshape institutional crypto adoption - or become the costliest bag-hold in history.