Bitmine Immersion Technologies has increased its Ethereum holdings to 5.67 million ETH as of June 14, equal to about 4.7% of the global supply, the company said Monday. At an average purchase price of $1,733, the position is valued near $9.8 billion, making Bitmine the largest corporate holder of ether and second only to Strategy Inc.’s $54 billion in bitcoin among corporate crypto treasuries.
The company’s total assets — including cryptocurrencies, cash, securities, and equity stakes — reached $10.7 billion as of June 21. A weekly addition of 52,203 ETH has pushed Bitmine to roughly 94% of its stated goal to accumulate 5% of all ether in circulation.
Accumulation strategy continues through 2026
Chairman Lee said the firm will continue buying through 2026, describing the current market phase as a “crypto spring.” Ether traded at $1,763 on Monday, up 2.26% on the day, but still about 64% below its August 2025 peak of $4,946.05.
Bitmine’s growing position reflects a long-term strategy centered on controlling a meaningful share of Ethereum supply, while also generating yield through staking.
Staking locks up supply and generates yield
The company said 83% of its ether holdings, or about 4.7 million ETH, is staked. This produced a seven-day yield of 2.73%. Bitmine expects yearly staking income of around $223 million, potentially rising to $268 million as it expands its MAVAN validator system.
By staking such a large portion of its holdings, the firm is effectively removing a significant amount of ETH from active circulation, tightening available supply in the market.
Shrinking exchange reserves support prices
Bitmine’s accumulation comes as Ethereum balances on centralized exchanges continue to decline. Exchange reserves have dropped to around 14.5 million ETH, down sharply from roughly 35 million in 2020. This trend signals that more traders are shifting assets into staking or private custody, reducing liquid supply.
Lower exchange balances mean less ETH is readily available for trading, which can amplify price moves when demand increases. Large-scale corporate accumulation, combined with staking, is adding further constraints on supply.
Broader corporate treasury shift toward crypto
Beyond Ethereum, Bitmine reported holdings of 205 bitcoin, a $180 million stake in Beast Industries, and $104 million in Eightco Holdings shares. The company also holds $601 million in cash and marketable securities. Its shares closed Friday at $16.14, up 2.8%.
The firm’s strategy highlights a broader shift among corporate players toward long-term crypto treasury allocations. As more entities accumulate and lock up assets, market dynamics may increasingly be shaped by large, strategic holders rather than short-term trading flows.
Want to understand Ethereum’s mechanics behind Bitmine’s strategy? Explore our guide on what is Ethereum and how does it work.
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