Bitmine Immersion Technologies, led by Tom Lee, continues to build aggressively on its position in Ethereum, adding another 71,179 ETH over the past week.
The latest accumulation pushes its total holdings to around 4.73 million ETH, representing around 3.92% of the total supply.
The move comes alongside a broader portfolio that now includes crypto assets, cash reserves and other investments, bringing Bitmine’s total holdings to around $10.7 billion. The size of this treasury places the company among the most important institutions participating in the Ethereum ecosystem today.
Tom Lee’s Bitmine Immersion added 71,179 ETH over the past week, bringing total holdings to 4.73 million ETH (3.92% of supply), with total crypto and fiat holdings worth $10.7 billion. The company acquired 3.14 million Ethereum (about $6.3 billion USD), generating about $177 million USD in…
— Wu Blockchain (@WuBlockchain) March 30, 2026
What stands out here is not just the volume of purchase, but also the consistency. Bitmine continues to accumulate ETH in large quantities, indicating an ongoing strategy rather than a one-time allocation.
Bitmine’s Ethereum Position Analysis and Staking Strategy
Looking deeper into the numbers, Bitmine Immersion Technologies now holds approximately 4,732,082 ETH, worth approximately $9.75 billion, with an average entry price of approximately $3,665 per ETH. Besides that, the company also holds 197 bitcoins, nearly $961 million in cash, and more than $302 million in what it describes as “moon” investments, including assets like ORBS and Beast Industries.
A large part of this strategy involves staking. Of its total ETH holdings, there are currently around 3,142,643 ETH, worth around $6.3 to $6.47 billion USD. This means that a significant portion of its Ethereum reserves is actively participating in the network’s proof-of-stake system rather than sitting idle.
In practice, this reflects how Bitmine not only holds ETH as a reserve asset, but also puts it to work within the Ethereum ecosystem.
Staking generates significant annual revenues
One of the most notable aspects of Bitmine’s approach is the income generated by staking. With over 3.14 million ETH, the company earns approximately $177 million in annual staking revenue.
This figure highlights how staking has evolved into more than just a network security mechanism, but has also become a meaningful revenue generation strategy for large holders. Bitmine itself predicts that these revenues could rise to about $266 million annually if its staking operations reach full scale.
At present, about 66% of its total Ethereum (ETH) holdings are already staking, showing a strong preference for active participation in the network rather than passive holding. This level of participation places Bitmine among the largest known contributors to Ethereum globally.
We are approaching the main supply phase of Ethereum
Another key detail is Bitmine’s share of the total supply of Ethereum. With 4.73 million ETH under management, the company now controls about 3.92% of the total circulating supply.
This places the company as one of the largest, if not the largest, Ethereum treasury in the world. According to internal targets, Bitmine appears to be steadily progressing towards the goal of holding up to 5% of the total supply of ETH, having already completed approximately 78% of this goal.
Reaching such a threshold would place the company in a more influential position within the ecosystem. Large holders often play a quiet but important role in market dynamics, especially when their assets are actively staking and locked within the network.
Market context as Bitcoin activity slows while Ethereum holdings grow
The timing of Bitmine’s accumulation also comes at an interesting moment in the broader cryptocurrency market. As Bitmain continues to add more to its position in Ethereum, Bitcoin-focused Strategy has reportedly paused its weekly purchases of BTC, a common move at the end of a fiscal quarter.
The strategy currently holds approximately 762,099 Bitcoin, worth approximately $51.2 billion. The contrast between the two companies highlights the difference in strategies, with one steadily accumulating ETH, while the other temporarily pauses purchasing BTC as part of its operational cycle.
Meanwhile, Tom Lee noted that cryptocurrencies increasingly serve as a resilient store of value during periods of geopolitical stress. He points out that assets like ETH have shown relative strength even as traditional markets, including gold and major stock indices, have fallen.
Long-term forecasts balance growth with unrealized losses
Despite the size of Bitmine’s holdings and its ongoing accumulation strategy, the company, like many large institutional players, faces significant unrealized losses on its cryptocurrency investments. These losses are linked to price levels that remain below previous all-time highs across major assets.
However, the broader strategy appears to remain unchanged. Bitmine continues to expand its position in Ethereum, increase its staking exposure, and diversify across other crypto and non-crypto assets. With a total portfolio worth around $10.7 billion, the company is clearly positioning itself as a long-term participant in the digital asset space rather than a short-term trader.
Taken together, the ongoing accumulation of ETH, significant staking activity, and growing treasury size suggest a deliberate and systematic approach. Within the Ethereum ecosystem, Bitmine has been steadily strengthening its presence, not just as a holder, but as an active contributor to the network’s economic and security model.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any services.
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