BitMine Immersion Technologies scooped up another 76,881 ether this week, pushing its total Ethereum holdings to 5.62 million coins — roughly 4.66% of the entire circulating supply. At current prices, that position is worth about $10.35 billion. The company's chairman, Thomas Lee, framed the latest purchase as part of a broader strategy to keep accumulating ETH while diversifying its balance sheet.
Piling on the ether
BitMine's Ethereum bet is enormous by any measure. The miner now controls nearly one in every twenty ether coins in circulation. Its stated goal: 5% of the available supply. But the trade hasn't been kind on paper. BitMine reports unrealized losses exceeding $9 billion on its Ethereum holdings — meaning most of that ETH was bought at higher prices than today's.
The company isn't just about ether, though. It also holds 204 bitcoin, an $180 million stake in Beast Industries, $88 million in Eightco Holdings shares, and $502 million in cash and marketable securities. That cash pile is partly the result of a recent equity raise.
Funding the bet
BitMine closed an offering of 3.5 million shares of 9.5% Series A Perpetual Preferred Stock at $80 apiece, generating roughly $273.8 million in net proceeds. Chairman Lee said the move was about balance sheet diversification — not a pivot away from Ethereum accumulation. “This offering strengthens our financial flexibility while we continue to build our ETH position,” Lee said in a statement.
The preferred shares carry a hefty dividend. BitMine projects annual staking rewards of roughly $219 million from its Ethereum stack, which it says will be enough to cover those obligations. That math hinges on staking yields holding up — and on ETH prices not falling much further.
BitMine's bet is a rare one. No other publicly traded company holds anywhere near that percentage of a major crypto's supply. The unrealized loss is a reminder of how volatile this game is — but the company is doubling down anyway. Its cash position and other assets give it some cushion, but the core proposition remains simple: BitMine believes ether will be worth far more later.
Ethereum's price has been struggling this week, though the broader market is watching whether the $1,800 level can hold. The company didn't disclose the exact price it paid for the latest 76,881 ETH.
