Bitmine Immersion Technologies has acquired another 9,587 Ethereum (ETH), bringing its total holdings to 6,070,092 ETH, valued at approximately $13.56 billion. The purchase, announced on November 9, extends the company's ongoing accumulation strategy as it continues building one of the largest publicly traded Ethereum treasuries.
As of November 8, Bitmine controlled approximately 4.97% of Ethereum's total supply of 122.2 million ETH. The company's combined assets, including cryptocurrency holdings, cash, marketable securities and strategic investments, reached $14.3 billion. According to the company’s November 9 announcement.
The latest acquisition continues a buying streak that began on June 30, 2025, when Bitmine launched its Ethereum treasury strategy. The company has maintained its accumulation approach despite volatility in the broader cryptocurrency market.
Tom Lee Links Ethereum Accumulation to Institutional Finance
Bitmine Chairman Tom Lee has tied the company's strategy to Ethereum's expanding role in institutional finance and asset tokenization. Lee pointed to comments from Ethereum co-founder Vitalik Buterin, who recently described ETH as money and a store of value.
Lee believes this perspective supports Ethereum's potential role as trusted collateral for financial institutions adopting blockchain technology.
Buterin also outlined three considerations related to Ethereum's store-of-value proposition in a separate post on X. He questioned the effectiveness of fee burning and highlighted possible tensions between maximizing network revenue and preserving decentralization.
The Ethereum co-founder further argued that a store-of-value approach is more consistent with the network's long-term development priorities. Lee, meanwhile, has emphasized Bitmine's continued ETH purchases through changing cryptocurrency market conditions.
Bitmine Staking Operations Reach $11.7 Billion
Alongside its accumulation strategy, Bitmine has expanded its Ethereum staking activity through the Made in America Validator Network (MAVAN). As of November 8, the company had staked 5,227,037 ETH, equivalent to approximately 86% of its total Ethereum holdings.
The staked assets were valued at an estimated $11.7 billion, using an ETH price of $2,234. At a reported staking yield of 2.65%, Bitmine projected annualized rewards of approximately $309 million.
The company also estimated that staking its entire Ethereum position could raise annual rewards to $359 million, assuming the same 2.65% yield. These figures are projections rather than confirmed future earnings.
Bitmine Reports Additional Crypto and Strategic Assets
Beyond Ethereum, Bitmine reported holdings of 216 Bitcoin and $475 million in cash and marketable securities. Its portfolio also includes strategic investments in Beast Industries and Eightco.
The company remains the world's largest publicly traded Ethereum treasury holder and ranks behind Strategy among cryptocurrency treasury companies.
Bitmine's latest purchase and expanding staking position demonstrate how its treasury strategy combines continued ETH accumulation with efforts to generate potential income from assets held through its validator operations.
Writer: Marcus Renfield Crypto Market Analyst & Onchain Writer
Marcus Renfield covers cryptocurrency markets with a focus on onchain data, Bitcoin price action, and emerging market narratives. His writing examines how capital flows, network activity, and broader market structure influence short- and medium-term trends.
He aims to provide clear, data-informed analysis for readers seeking a deeper understanding of crypto market dynamics.
