BitMine Immersion Technologies was initially founded as a cryptocurrency mining company. However, in late 2024, the company radically changed its strategy: it moved away from mining infrastructure and focused directly on Ethereum accumulation. This transformation was considered risky by many analysts at the time. ETH continued to be overshadowed by Bitcoin, institutional demand was uncertain, and the price still seemed far from its 2021 peaks. BitMine, however, continues on its path.
BitMine Buys 101 ETH
BitMine Immersion Technologies purchased 101,627 ETH in a single transaction last week. This marked the largest weekly purchase seen since December 15, 2025. With these latest purchases, the total Ethereum holdings are approaching 4.97 million. More than four percent of the total supply is now in the hands of a single institutional player. The value of this week's purchase alone exceeds $230 million; the total portfolio value is $12.9 billion. The rest of the market is quite silent on this matter. While most major digital asset treasuries are slowing down new purchases, BitMine is moving in the opposite direction. BitMine is perhaps the only company doing something similar to what Strategy is doing with Bitcoin, but on Ethereum.
Explanation from Tom Lee
Chairman Tom Lee gets straight to the point: the "mini crypto winter" is ending. There is some data to support this claim. ETH fell to $1,755 in early February, representing a drop of about sixty percent from its 2025 peak. Considering Ethereum's all-time high is $4,953, a level expected to be reached in August 2025, the current price trajectory might seem cheap to long-term investors. Indeed, ETH has risen by six percent in the last week and about ten percent in the last month. At the time of writing, it is trading at $2,316. BitMine is increasing its buying pace during this period of recovery.
According to Lee, the company has been deliberately expanding this position for the past four weeks. Moreover, they say, "We're in the final phase of the trend." But the really interesting part is the staking side. Approximately two-thirds of their ETH holdings, over 3.3 million units, are already staked. This translates to an annual return of approximately $221 million. So the company isn't just betting on price increases; they're making money while waiting. The number of institutional players adopting this model is still quite small.
The portfolio also includes 199 BTC and $1.12 billion in cash. Investments in companies like Beast Industries and Eightco Holdings show that BitMine doesn't position itself as a pure crypto company. The company announced on April 12th that it holds 4.87 million ETH, a figure confirmed in its financial report which also included a net loss of $3.8 billion for the first quarter of 2026. The entire loss is due to the decline in the ETH price; there was no physical sale or operational loss.
