Bitmine Immersion Technologies added 65,341 ETH last week, bringing total holdings to 4.66 million tokens and $11 billion in combined crypto and cash reserves.
Bitmine Immersion Technologies (BMNR) has purchased 65,341 ETH worth approximately $138 million in the past week, accelerating its Ethereum accumulation strategy as the firm's total holdings now exceed 4.66 million tokens.
Bitmine disclosed on March 23, 2026, that it acquired 65,341 ETH during the previous week, pushing its total Ethereum holdings to 4,661,000 tokens. The company's combined crypto and cash reserves now stand at $11 billion, with cash reserves reaching $1.1 billion.
Chairman Thomas Lee stated that ETH is in the final stages of a "mini-crypto winter" and that the broader crypto downturn is approaching its end. Bitmine's buying pace has increased over each of the past three weeks, signaling a deliberate acceleration rather than opportunistic purchases.
The firm also reported that 3,142,643 of its ETH holdings are currently staked, generating yield while the tokens remain locked. At an ETH price of roughly $2,072, Bitmine's staked position alone is worth approximately $6.5 billion.
Bitmine now controls approximately 3.86% of Ethereum's circulating supply, making it the largest publicly traded corporate holder of ETH by a significant margin. This concentration of holdings in a single entity is notable as it reduces the freely available supply on the open market.
The purchase comes during a period of intense selling pressure, with ETH declining over 10% in the past week amid geopolitical uncertainty. Bitmine's counter-cyclical buying mirrors the strategy pioneered by MicroStrategy with Bitcoin, where a publicly traded company uses its balance sheet to accumulate a single crypto asset at scale.
Bitmine's BMNR stock surged over 3% on the announcement. Investors are watching whether the accelerating purchase cadence continues through Q2 2026. If ETH prices recover toward the $2,500 range, Bitmine's unrealized gains could significantly boost its market capitalization. The company's next holdings update is expected by late March or early April 2026.
Bitmine's aggressive accumulation during a period of market fear highlights growing institutional conviction in Ethereum's long-term value. Whether this signals a market bottom or simply a well-funded contrarian bet remains to be seen. This is a developing story.
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