Bitmine doubles down on Ethereum despite paper loss

Bitmine holds 4.42M ETH (3.66% of supply) despite an $8.8B paper loss. With $9.6B in assets and $171M annual staking revenue, it continues to aggressively accumulate ETH.

Bitmine Immersion Technologies has significantly increased its Ethereum holdings, now owning 4,422,659 ETH—about 3.66% of the total supply—after acquiring an additional 51,162 ETH worth $98 million. This expansion brings the company’s total crypto, cash, and equity assets to $9.6 billion, establishing Bitmine as the largest Ethereum treasury in the world. Despite a 60% decline in ETH’s price over the past six months, resulting in an $8.8 billion paper loss and a 59% drop in its stock price, Bitmine remains committed to its aggressive accumulation strategy. The company views the current market downturn as a long-term buying opportunity. Of its ETH holdings, 3,040,483 ETH are staked, generating $171 million in annualized staking revenue, with projections reaching $249 million as more ETH is staked. Bitmine’s bullish outlook is driven by Ethereum’s potential in tokenization, AI, and smart contracts. The company aims to own 5% of all ETH and has already achieved over 73% of this target within seven months.