Bitmine Immersion Technologies has purchased 60,999 ether, increasing its total holdings to approximately 4.6 million tokens valued at around $10 billion.
The latest acquisition, worth nearly $140 million, comes as the firm continues to build its ether treasury despite maintaining a sizeable $1.2 billion cash position.
“Since the start of the Iran war, crypto prices have outperformed and Ethereum has outperformed the S&P 500 by 2,450 basis points,”
Said chairman Tom Lee.
The company is generating about $180 million in annualised revenue by staking 3.04 million ETH, with potential to increase this to $272 million as more tokens are locked.
Bitmine shares rose nearly 9% in pre-market trading as ether gained 8.4% over 24 hours, reflecting renewed investor interest in crypto assets. Following the announcement the Bitmine share price was up 9%.
The firm has continued accumulating ether during the recent downturn, even as unrealised losses on its holdings are estimated at roughly $6.5 billion.
Bitmine’s strategy highlights a growing trend of crypto treasury firms leveraging staking yields while betting on long-term price appreciation amid shifting macroeconomic conditions.
At the time of reporting, Ethereum price was $2,352.44.