BitMine Immersion Technologies has expanded its Ethereum holdings significantly, acquiring 65,341 ETH last week in a purchase valued at approximately $142 million at current prices. The transaction brings the company’s total holdings to more than 4.66 million tokens, worth roughly $10.17 billion, according to a new SEC filing. The latest buy cements BitMine’s position as the largest institutional holder of Ethereum by treasury size. The company also reports holding $1.1 billion in cash and approximately $14 million worth of Bitcoin.
Despite the scale of its holdings, BitMine is currently sitting on an unrealized loss of approximately $7 billion, according to crypto market intelligence platform DropsTab. The company’s ETH position now represents roughly 3.81% of the total Ethereum supply, based on data cited in market reports. That level of concentration makes BitMine’s financial performance closely tied to Ethereum’s price trajectory. Ethereum rose about 5% over a recent 24-hour period, reaching a price of around $2,180.
The price increase followed comments from President Trump, who indicated he would delay military action against Iran after what he described as constructive peace talks. His remarks contributed to a broader surge in crypto asset prices on Monday morning. The development offered some relief to markets that have been navigating a period of elevated uncertainty. Top digital assets moved higher alongside the optimistic geopolitical signals.
BitMine Chairman Tom Lee has been vocal about his belief that the crypto market is approaching the end of its current downturn. Speaking on CNBC on Friday, Lee argued that investor fears tend to get priced in rapidly, and that historical patterns suggest opportunities emerge even during periods of conflict. “When we look at the last eight major war events, the market was always bottoming very early into the conflict,” he said. Lee added that negative scenarios are quickly reflected in prices, which he views as a counterbalancing force for long-term investors.
Beyond direct accumulation, BitMine has deployed a substantial portion of its ETH into staking operations. The company has staked 3,142,291 ETH, generating yield while maintaining long-term exposure to the asset. Once its full treasury is staked, BitMine expects to earn approximately $272 million per year in staking yield. This strategy allows the firm to generate returns on its holdings without liquidating its position.
The accumulation has taken place against a backdrop of cautious market sentiment. CoinMarketCap‘s Fear and Greed Index stood at 35 at the time of reporting, a level categorized as Fear. Alternative.me‘s Crypto Fear and Greed Index registered an even lower reading of 8, indicating Extreme Fear among market participants. These indicators reflect the broader uncertainty that has characterized crypto markets during the period in which BitMine has been building its position.
Originally reported by Decrypt.
