Bitmine Expands Ethereum Holdings Amid Market Downturn
[City, Date] – Bitmine Immersion Technologies, a prominent former Bitcoin miner, has once again increased its Ethereum holdings. The move comes during a week where the cryptocurrency experienced a significant slump, falling by over 8% and hitting a multi-month low of $1,500 before finding some support.
The company now holds just over 5.7 million ETH tokens, representing approximately 4.7% of Ethereum’s total circulating supply of 120.7 million coins.
Based on an ETH price of $1,570 as of June 28, Bitmine’s total crypto, cash, and investment holdings are valued at roughly $10 billion. This expansion solidifies its position as the world’s largest corporate holder of ETH and the second-largest public crypto treasury, trailing only Strategy, which recently announced a new initiative unrelated to Bitcoin purchases.
Chairman and long-time Ethereum proponent Tom Lee acknowledged the recent market weakness but expressed confidence in Bitmine’s long-term strategy.
“This past week was a challenging one for crypto investors as ETH fell by 8%, even as Ethereum witnessed notable positive developments such as the creation of Ethlabs, and even the Bank of England softened its stance around stablecoins,” Lee stated. “We are nearing quarter-end for June, and it is not surprising to see ‘window dressing’ leading to investors reducing their holdings in assets which have fallen in the past 3 months.”
Lee reiterated his belief that Ethereum is poised to benefit from Wall Street’s increasing adoption of blockchain-based financial infrastructure and the development of agentic AI payment systems operating on crypto networks.
A press release from Bitmine also highlighted that the company has staked nearly 4.9 million tokens, representing over 85% of its total holdings, through its institutional staking platform, MAVAN. With a current staking yield of 2.75%, this is projected to generate an annualized revenue of approximately $211 million.
While Bitmine maintains its lead in ETH accumulation, rival SharpLink made a notable return to the market last week with significant purchases. After an eight-month hiatus, the firm, chaired by Joe Lubin, acquired 5,000 ETH on Friday and continued to add to its holdings over the weekend.
In total, SharpLink invested over $62 million to acquire 39,196 ETH, a quantity exceeding Bitmine’s purchases during the same period. However, the substantial difference in their overall holdings means the gap between the two remains considerable.
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