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Bitmine Immersion Technologies now holds approximately 4.3 million ETH, roughly 3.6% of Ethereum’s circulating supply after purchasing $83 million worth of the asset on February 10, marking one of the largest single-day corporate accumulations as the market trades below recent highs.
On-chain analytics indicate that Bitmine’s latest purchases occurred within a single trading day, signalling continued confidence in Ethereum’s long-term outlook.
Data flagged by blockchain tracking account Lookonchain showed the firm acquired 40,000 ETH, including a 20,000 ETH purchase valued at about $42.3 million from BitGo.
The pace of accumulation suggests the company is capitalising on price weakness to expand its holdings.
Tom Lee framed the decision as a fundamentals-driven bet on Ethereum’s future utility within financial infrastructure.
“Bitmine has been steadily buying Ethereum, as we view this pullback as attractive, given the strengthening fundamentals.”
Tom Lee, Executive Chairman, Bitmine Immersion Technologies, said.
Lee added that, in the firm’s view, ETH’s current valuation does not fully reflect its role as a foundational layer for decentralised finance and on-chain financial systems.
The transaction builds on a broader pattern of corporate treasury diversification into digital assets, a trend that has historically been led by Bitcoin but is increasingly extending to Ethereum as staking yields and ecosystem activity expand.
A significant portion of Bitmine’s Ethereum reserve is actively deployed within the network.
The company said nearly 2.9 million ETH, more than half its total holdings, has been committed to staking operations that generate yield while supporting network security.
This approach suggests Bitmine is not simply holding ETH as a speculative reserve but integrating it into its infrastructure strategy.
The firm has emphasized that its Ethereum exposure is intended to create long-term value rather than capitalize on short-term price swings.
Lee also pointed to Ethereum’s historical recovery patterns following market drawdowns and cited staking rewards as an additional return stream that strengthens the investment case.
Institutional staking participation has been widely viewed by analysts as a key factor in Ethereum’s evolving investment profile, transforming it from a purely growth-oriented asset into one capable of producing yield similar to traditional financial instruments.
Ethereum’s recent price performance has remained subdued amid broader macroeconomic caution across digital asset markets. Yet Bitmine’s continued buying activity highlights persistent institutional appetite for ETH as a treasury asset.
The scale of the company’s holdings, now representing a notable share of circulating supply, may also have broader market implications, including reduced liquid supply and increased sensitivity to large corporate treasury movements.
Industry observers note that corporate adoption of Ethereum has historically lagged Bitcoin due to complexity around staking and network economics.
Bitmine’s strategy suggests that the dynamic may be shifting as infrastructure matures and institutional investors seek diversified crypto exposure.
By combining accumulation with yield-generating staking, the firm appears to be positioning Ethereum as both a strategic reserve and an operational asset within its broader crypto balance sheet.
Bitmine’s latest move offers a signal that major institutional players continue to view Ethereum’s long-term fundamentals as intact, even as short-term price direction remains uncertain.
