Bitmine expands Ethereum holdings to 5.70 million ETH

Bitmine Immersion Technologies significantly expands its Ethereum position. The company buys 27,084 ETH in one week, bringing total holdings to 5.70 million ETH. That equals 4.7% of the total Ethereum supply. At the same time, the company reports a total crypto and cash position of $9.8 billion.

Ethereum is available at OKX and Bybit.

Massive purchase and impressive cash position

Bitmine announces that it added 27,084 ETH to its portfolio over the past week, reports PR Newswire. At the current Ethereum price of $1.581,05, that extra purchase alone represents tens of millions of dollars. The company’s total crypto and cash position thus rises to $9.8 billion, including $555 million in cash equivalents and marketable securities.

The scale on which Bitmine operates is striking. With 5.70 million ETH in its possession, the company controls nearly 5% of the entire Ethereum supply. That makes Bitmine one of the largest institutional holders of Ethereum in the world, on a par with major asset managers and exchange-traded funds.

Staking generates over $211 million per year for Bitmine

A large portion of the Ethereum holdings is also actively put to work. Bitmine stakes 4.88 million ETH, which amounts to the vast majority of its total position. Through staking, the company earns an estimated annual return of $211 million. This makes Bitmine’s Ethereum strategy not just a speculative bet on price, but also a direct source of income.

The announcement comes at a time when Ethereum finds itself in a technically interesting zone. The price stands at $1.600 at the time of writing, an increase of 0.6% over the past 24 hours. Whether the institutional inflow from companies like Bitmine will push the price towards higher levels remains to be seen.