Bitmine Immersion Technologies has crossed six million ETH held in its corporate treasury, a position now worth roughly $16 billion. The company added 17,362 ETH over the past week, extending its run as the largest corporate holder of Ether even as its buying pace slows from earlier peaks.
Bitmine Immersion Technologies has crossed the 6 million ETH threshold, pushing the total value of its Ethereum treasury to roughly $16 billion. The company added 17,362 ETH in the past week alone, continuing an accumulation strategy that turned a Bitcoin mining outfit into the largest corporate holder of Ether.
Bitmine now controls close to 5% of Ethereum's circulating supply. That supply sits at around 120.7 million tokens, meaning the company, listed on the NYSE under the ticker BMNR, owns roughly one out of every twenty ETH in existence.
Buying pace slows but keeps climbing
The pace of purchases has cooled considerably. At its peak, Bitmine was scooping up more than 100,000 ETH per week; the recent addition of around 17,000 ETH is a fraction of that prior rate. ETH trades near $2,700 currently. Last week's purchase at that price translates to roughly $47 million in fresh spending. Bitmine has publicly stated a goal of reaching 5% ownership of Ethereum's total supply, a target it is now brushing up against.
Staking income offsets a concentrated bet
Unlike Bitcoin, Ethereum can be staked for yield, and Bitmine has leaned into that feature. Over 85% of the company's ETH holdings are staked through its proprietary MAVAN platform, activity projected to generate between $211 million and $357 million in annualized revenue. The company ranks as the largest corporate ETH treasury holder and the second-largest overall digital asset treasury behind Strategy, which still holds the top spot on the strength of its Bitcoin position.
BMNR stock now tracks Ether's price
BMNR stock has developed a significant correlation with ETH price movements, creating a feedback loop: institutional investors who cannot or will not hold ETH directly get exposure through BMNR, which in turn uses capital inflows to buy more ETH. That correlation cuts both ways. If ETH prices drop sharply, Bitmine's balance sheet takes a direct hit, its stock price follows, and its ability to raise capital for further purchases diminishes at the same time — a risk the $211-357 million in annual staking revenue only partly offsets against a $16 billion position.
Source: Crypto Briefing
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