Bitmine Immersion Technologies added 126,971 ETH over the past week, spending an estimated $207 million as Ethereum traded near $1,700, roughly 30% below its April highs. The purchase raises the company’s total holdings to 5,543,872 ETH.
Approaching 5% of circulating supply
The latest acquisition brings Bitmine’s share of Ethereum’s circulating supply to about 4.59% out of 120.7 million tokens. The company is targeting a 5% stake, which would require buying roughly 490,000 more ETH.
The weekly purchase marks a sharp increase from the prior week’s 26,497 ETH acquisition. Meanwhile, Bitmine’s stock closed at $15.90 at the start of June, down about 31% compared with the previous month.
Staking strategy drives revenue outlook
Bitmine has staked approximately 4,718,677 ETH, or about 85% of its total holdings. Using a reference price of $1,630 as of June 7, the staked assets are valued near $7.7 billion.
Current staking yields suggest annual revenue of around $230 million. That figure could rise to $270 million once deployment across its validator and partner network is fully completed, based on a 2.99% seven-day yield.
Network-wide, nearly 39.3 million ETH is staked, representing about 32.55% of eligible tokens. As more ETH is committed to staking, yield rates—currently between 2% and 4%—may gradually decline.
MAVAN network expansion and broader holdings
The company is expanding its MAVAN network, originally built for internal treasury operations, to serve financial institutions, custodians, and blockchain partners.
As of June 7, Bitmine reported total crypto, cash, and venture investments of $9.6 billion. This includes $247 million in cash, a $180 million stake in Beast Industries, and $88 million in Eightco Holdings. Its exposure to Eightco provides indirect participation in OpenAI through associated holdings.
Bitmine remains the largest known corporate holder of Ethereum and ranks second among corporate crypto treasuries, behind Strategy, which holds 845,256 BTC valued at approximately $53.5 billion.
Large holders tighten supply dynamics
Heavy accumulation by large entities, including Bitmine, reflects a broader trend of increasing holdings during periods of market weakness. This activity absorbs selling pressure and concentrates ownership among fewer, larger wallets.
With more than 30% of ETH locked in staking contracts and unavailable for trading, reduced liquid supply could intensify price movements when demand shifts. Consistent corporate buying also contributes to establishing stronger support levels.
Market pressure and technical risks remain
Ethereum remains under bearish pressure after falling below the $1,750–$1,850 support range. Analysts warn that failure to hold around $1,550 could lead to a deeper correction toward the $1,150–$1,300 range.
Despite ongoing accumulation and infrastructure expansion, Bitmine’s declining stock price highlights a gap between market sentiment toward its equity and its long-term digital asset strategy.
Explore how major ETH holders influence price and liquidity—read this in-depth Ethereum whale activity breakdown now.
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