TheBlock
Bitmine Immersion Technologies grew its Ethereum treasury to 6,041,481 ETH after adding 12,535 ETH over the past week, the company said in a Monday statement. At $2,365 per ETH, the holdings were worth roughly $14.3 billion as of Oct. 18, giving Bitmine ownership of 4.9% of Ethereum's 122.1 million circulating supply.
The accumulation is only half the story. Of the total stack, 5,067,309 ETH valued at $12 billion is already staked through Bitmine's MAVAN platform and staking partners, 84% of the balance. The company projects $309 million in annualized staking revenue at current levels, rising to $369 million once holdings are fully staked. Combined crypto, cash, marketable securities and other investments total $15.1 billion, including 215 BTC, a $180 million stake in Beast Industries, $74 million in Eightco Holdings, and $582 million in cash.
Why it matters
Bitmine is now the largest corporate accumulator of ETH, and the strategy has shifted from passive holding to yield extraction at scale. Staking 84% of a treasury this size turns an ether bet into a recurring revenue business, and the projected $369 million run rate once fully staked gives the balance sheet a cash-generating engine largely independent of price direction.
Chairman Tom Lee framed the recent market weakness as macro-driven rather than crypto-specific. "Crypto is widely held in the US, Korea and Taiwan," Lee said. "So naturally, when investors in those regions de-risk, this creates spillover pressures in crypto markets," pointing to geopolitical tensions, rising bond yields, and concerns about AI funding.
Market impact
Ether traded above $2,400 on Monday, up 0.43% over 24 hours, while Bitmine shares closed Friday at $21.66, down 7.28%. That divergence captures the current tension: spot ether is stabilizing, but leveraged treasury vehicles are absorbing equity-market volatility. A single buyer absorbing supply at nearly 5% of circulating supply is a structural floor under ETH, and how the market prices that concentration against Bitmine's own share price is the trade to watch.
Frequently asked questions
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How much Ethereum does Bitmine own?
Bitmine Immersion Technologies holds 6,041,481 ETH, worth approximately $14.3 billion at $2,365 per ETH as of Oct. 18. That equals 4.9% of Ethereum's circulating supply of 122.1 million tokens.
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What share of Bitmine's ETH is staked?
84% of the treasury is staked: 5,067,309 ETH valued at $12 billion, deployed through Bitmine's MAVAN platform and staking partners. The company projects $309 million in annualized staking revenue, rising to $369 million once fully staked.
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What does Tom Lee say about the recent crypto market decline?
The Bitmine chairman attributes the pressure to investors in the US, Korea and Taiwan cutting risk amid geopolitical tensions, rising bond yields, and concerns about AI funding and model safety, creating spillover into widely held crypto markets.
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What else is on Bitmine's balance sheet besides ETH?
Bitmine reported 215 bitcoin, a $180 million stake in Beast Industries, a $74 million investment in Eightco Holdings, and $582 million in cash and marketable securities. Combined crypto, cash and investments total $15.1 billion.
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How did Bitmine's stock and ETH price react?
Ether traded above $2,400 on Monday, up 0.43% over 24 hours, while Bitmine shares (BMNR) closed Friday at $21.66, down 7.28%.
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