Bitmine acquires 35,138 Ethereum for $59M, building second-largest corporate crypto treasury

Bitmine Immersion Technologies just added another 35,138 ETH to its balance sheet, spending approximately $58.65 million in the process. The purchase, executed through BitGo and Kraken wallets, pushes the company’s total Ethereum holdings to around 5.67 million tokens.

That’s roughly 4.7% of Ethereum’s circulating supply, held by a single public company.

The strategy behind the stockpile

Bitmine, trading under the ticker BMNR, has been on a sustained buying spree. This latest acquisition follows a $92 million ETH purchase just the week prior.

The company is led by Tom Lee, the Fundstrat co-founder who has long been one of the more vocal bulls in both traditional finance and crypto circles. Lee has framed the accumulation strategy around what he sees as undervalued Ethereum fundamentals, pointing to tokenization trends and what he’s called an impending “crypto spring.”

Bitmine stakes a substantial portion of its ETH, generating annualized yields estimated around 2.7% to 2.8%. On a base of 5.67 million tokens, that staking revenue runs into the hundreds of millions of dollars annually.

The internal target is what the company has reportedly dubbed “the alchemy of 5%,” a reference to its goal of controlling 5% of total ETH supply. At 4.7%, they’re knocking on that door.

Bitmine held approximately 3.5 million ETH in late 2025. Growing to 5.67 million in roughly six months means the company has added over 2 million ETH in a compressed timeframe.

How Bitmine compares to Strategy

The obvious parallel here is Strategy Inc., formerly MicroStrategy, which pioneered the corporate Bitcoin treasury playbook under Michael Saylor. Strategy remains the largest corporate holder of digital assets by total value.

Bitmine now occupies the number two spot. It’s the largest public company holder of Ethereum specifically, and the second-largest corporate holder of any cryptocurrency overall. The total value of its ETH position sits somewhere in the $9 billion to $10 billion range, depending on the day’s price.

The key difference is the staking component. Bitcoin doesn’t offer native yield. Ethereum does, thanks to its proof-of-stake consensus mechanism. That gives Bitmine an income stream that Strategy simply doesn’t have.

What this means for investors

Market analysts have interpreted Bitmine’s ongoing purchases as a bullish signal for institutional Ethereum demand more broadly.

BMNR’s stock has shown notable volatility, trading at times at a premium and at other times at a discount to its net asset value.

Bitmine’s entire thesis lives and dies with Ethereum. If Ethereum underperforms relative to other Layer 1 blockchains, or if regulatory headwinds emerge that specifically target proof-of-stake networks, Bitmine has no hedge.

Ethereum’s staking rewards fluctuate based on network participation rates and protocol changes. A yield of 2.7% to 2.8% today is not guaranteed tomorrow. And staked ETH, depending on how it’s deployed, can face lockup periods that limit liquidity during market downturns.

For investors considering exposure to BMNR as a proxy for Ethereum, the key variable to monitor is the premium or discount to NAV. Buying a crypto treasury stock at a significant premium to the value of its underlying holdings is essentially paying more for Ethereum than you would if you just bought Ethereum directly.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.