Bitmine Immersion Technologies continues to aggressively expand its Ethereum holdings, adding more than 27,000 ETH over the past week despite a broader market downturn.
The former Bitcoin mining company increased its ETH treasury during a difficult week for Ethereum, as the asset declined by more than 8% and briefly fell to a multi month low near $1,500 before finding support.
Bitmine now holds more than 5.7 million ETH, representing approximately 4.7% of Ethereum’s total circulating supply of 120.7 million tokens.
Bitmine Strengthens Its Ethereum Position
Using an ETH price of $1,570 as of June 28, Bitmine’s combined crypto, cash, and investment holdings are valued at roughly $10 billion.
This further cements the company’s position as the largest corporate holder of Ethereum and the second largest public crypto treasury overall, behind Strategy.
While Strategy recently introduced a new capital management initiative instead of announcing another Bitcoin purchase, Bitmine has remained focused on expanding its Ethereum reserve.
Tom Lee, Bitmine’s chairman and a long time Ethereum supporter, acknowledged the recent market weakness but emphasized that the company’s long term outlook remains firmly bullish.
Lee noted that the past week has been difficult for crypto investors, with ETH falling 8% despite several positive developments for the Ethereum ecosystem.
Among those developments were the launch of Ethlabs and a softer stance from the Bank of England on stablecoins.
Lee also pointed to quarter end portfolio adjustments as a likely factor behind recent selling pressure, as investors often reduce exposure to underperforming assets before reporting periods.
Despite short term volatility, he remains confident that Ethereum will benefit from growing institutional adoption, especially as Wall Street increasingly embraces blockchain based financial infrastructure and AI driven systems built on crypto rails.
Staking Strategy Boosts Revenue Potential
Bitmine’s latest update also revealed that nearly 4.9 million ETH, or more than 85% of its holdings, has been staked through its institutional staking platform, MAVAN.
At a current staking yield of 2.75%, the company expects to generate annualized staking revenue of approximately $211 million.
This staking strategy allows Bitmine to strengthen both treasury growth and long term revenue generation.
SharpLink Returns With Major ETH Purchases
Although Bitmine remains far ahead in total Ethereum accumulation, SharpLink has reentered the market with aggressive buying activity.
After remaining relatively inactive for eight months, the company, chaired by Joe Lubin, resumed buying ETH with several large purchases last week.
SharpLink acquired 5,000 ETH on Friday and continued buying throughout the weekend.
In total, the company spent more than $62 million to purchase 39,196 ETH.
That figure actually exceeds the amount of ETH acquired by Bitmine during the same period, though Bitmine still maintains a significant lead in total holdings.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
