BitMine Immersion Technologies has significantly bolstered its Ethereum treasury, acquiring approximately 35,268 ETH valued at over $108 million last week, bringing its total ETH holdings to more than 4.2 million. This impressive accumulation now represents nearly 3.5% of the entire circulating supply of Ethereum, valued at around $12.8 billion. Additionally, BitMine holds 192 Bitcoin, valued at approximately $17.4 million, alongside $979 million in cash reserves.
In a strategic move, the firm has also increased its staked ETH, which grew from roughly 1.25 million to 1.83 million ETH within a week, equating to about $5.5 billion or nearly 44% of its total holdings. BitMine anticipates that once its entire ETH portfolio is staked, it could generate over $1 million per day in rewards. Staking on Ethereum allows holders to earn rewards while contributing to the network’s proof-of-stake model.
Tom Lee, Chairman of BitMine, emphasized that the company has staked more ETH than any other entity globally. He noted that when fully operational, the Ethereum staking fee could yield $374 million annually. Currently, BitMine collaborates with three staking service providers but plans to introduce its proprietary staking solution, “The Made in America Validator Network” (MAVAN), expected to launch in early 2026, which Lee described as a “best-in-class” solution for secure staking infrastructure.
However, despite these advancements, shares of BitMine (BMNR) have seen a sharp decline of around 7.22%, coinciding with a broader market downturn influenced by U.S. President Donald Trump’s recent tariff threats against various trade partners. These geopolitical tensions have affected market indices, with the S&P 500 down more than 1.1% and the Nasdaq dropping close to 1.5% on Tuesday.
Ethereum’s market performance reflects this volatility as the crypto asset was trading at $3,026, which is approximately 39% lower than its all-time high of $4,946 achieved in August, and has dropped nearly 6% in the last day alone. Lee remains optimistic, previously projecting a long-term target of $250,000 per ETH, indicating a potential surge of over 8,115%.
As the situation evolves, stakeholders in both the traditional and cryptocurrency markets will be closely monitoring not only BitMine’s developments but also the broader implications of Trump’s trade policies and their impact on market dynamics.
