TL;DR
- Bitmine acquired 9,587 ETH worth approximately $20.4 million, increasing its treasury to 6.07 million tokens, or around 4.97% of Ethereum’s circulating supply.
- Chairman Tom Lee welcomed Vitalik Buterin’s view of ETH as a store of value, reinforcing Ethereum’s long-term investment proposition.
- The company reported 5.23 million staked ETH, generating an estimated $309 million in annualized staking revenue.
Bitmine Immersion Technologies has continued expanding its Ethereum reserves with another multimillion-dollar acquisition, reinforcing its position as the largest publicly traded corporate holder of ETH. The latest purchase brings the company closer to its ambitious goal of accumulating 5% of Ethereum’s circulating supply.
According to the company’s November 8 announcement, Bitmine acquired 9,587 ETH for approximately $20.4 million, based on an average purchase price near $2,134 per token. Its total holdings subsequently reached 6,070,092 ETH, representing approximately 4.97% of Ethereum’s circulating supply of 122.2 million tokens.
At current market valuations, the company’s ETH treasury exceeds $12.9 billion. Bitmine also reported $14.3 billion in combined assets, including cryptocurrency holdings, cash, marketable securities and strategic investments.
Tom Lee Supports Ethereum’s Store Of Value Position
Beyond its latest acquisition, Bitmine is placing considerable emphasis on Ethereum’s evolving investment profile. Lee recently welcomed comments from Ethereum co-founder Vitalik Buterin, who argued that ETH deserves recognition as money and a store of value.
Buterin explained that Ethereum’s long-term economic strength should not depend exclusively on transaction-fee burning. Instead, he pointed to the network’s decentralization, security, privacy and resistance to external control as fundamental elements supporting ETH’s value proposition.
Lee believes this perspective strengthens Ethereum’s position as institutional adoption and asset tokenization continue expanding.
From a pro-crypto investment perspective, this approach offers an important distinction. Ethereum provides infrastructure for decentralized finance, digital ownership and tokenized financial instruments, while ETH serves as an asset embedded in that economic ecosystem.
Staking Revenue Strengthens Bitmine’s Strategy
Bitmine also reported that 5,227,037 ETH, approximately 86% of its treasury, is currently staked. At prevailing yields, the company estimates annualized staking revenue of $309 million. Staking its entire ETH position could increase that figure to approximately $359 million.
Its Made in America Validator Network (MAVAN) further supports this strategy by developing staking infrastructure for institutional clients and the company’s own treasury.
Bitmine’s continued accumulation reflects growing corporate interest in Ethereum as both a strategic reserve asset and a productive digital investment. While market volatility and changing ETH valuations remain important considerations, its combination of long-term exposure and staking income provides a distinctive treasury model. Reaching the 5% target would mark another important stage in the company’s Ethereum strategy.
