BitMine Immersion Technologies expanded its Ethereum holdings to more than $10.1 billion after purchasing 65,341 ETH last week, reinforcing its position as the largest institutional ETH treasury.
The company now holds over 4.66 million ETH, representing roughly 3.81% of total supply, alongside $1.1 billion in cash and a smaller Bitcoin position.
“If we asked any investor, they can list all the reasons why they're worried and what could go wrong, and that gets priced in very quickly,”
Said BitMine chairman Tom Lee.
Ethereum prices climbed approximately 5% to around $2,180, supported by improved market sentiment after US President Donald Trump signalled a pause in strikes on Iran.
Despite the accumulation strategy, BitMine is sitting on an unrealised loss of about $7 billion due to Ethereum’s recent price declines.
The firm has deployed a large portion of its holdings into staking, with over 3.14 million ETH generating yield and a projected annual return of approximately $272 million once fully staked.
The aggressive build-up comes amid weak broader sentiment, with fear indicators remaining elevated even as BitMine positions for a potential market recovery.
At the time of reporting, Ethereum price was $2,147.29.