Bitmine Immersion Technologies announced a major acquisition of 71,524 Ether in the past week, pushing its total Ether holdings to approximately 4.87 million tokens. This position now accounts for about 4.04% of the global Ether supply, as Bitmine pursues a target of 5%.
In addition to its Ether, Bitmine's balance sheet includes 198 Bitcoin and approximately $719 million in cash. The company reported its latest Ether purchase marks the fastest accumulation pace since December 2025. Bitmine stands as the largest Ethereum treasury company by a significant margin, far exceeding notable holders like SharpLink and The Ether Machine.
Chairman Tom Lee highlighted Ether's recent outperformance against traditional assets, attributing the demand to tokenization activity on Wall Street and the increasing use of public blockchains by AI systems. Despite a year-to-date decline, Ether has shown resilience. A portion of Bitmine's Ether holdings is staked through its in-house platform, MAVAN, generating projected annual rewards of roughly $310 million.
The announcement follows Bitmine's recent debut on the New York Stock Exchange, a move signifying adherence to stricter listing standards and enhanced access to institutional capital.
In contrast to other treasury companies that are holding or selling, Bitmine is strategically increasing its crypto assets. This acquisition comes as other entities like Strategy have also been accumulating significant Bitcoin holdings, while some Bitcoin miners have been offloading assets.