BitMine Immersion Technologies expanded its position in Ether as the broader crypto market rallied Monday morning, with Bitcoin reclaiming $69,000 and Ether climbing back above $2,000.
The company revealed that it purchased nearly 51,000 additional ETH last week in a $98 million acquisition, bringing total holdings to 4,473,587 ETH. At an average reference price of $1,976 per token, BitMine’s Ether stack is valued at approximately $8.8 billion.
The company said its position now represents approximately 3.7% of the circulating supply of Ether, advancing its long-held goal of controlling 5% of the network’s tokens.
The company also holds 195 Bitcoin and $868 million in cash, as well as a $200 million stake in Beast Industries and a $14 million investment in Eightco Holdings.
A large portion of BitMine’s Ether is actively staked. The company reported 3,040,483 ETH staked, worth approximately $6 billion at current prices. Annualized staking revenue is $172 million, according to management. At full scale, staking rewards could reach around $253 million per year, based on a recent seven-day yield of 2.86%.
Despite the rally, BitMine’s Ether position remains underwater, with the company currently facing an estimated unrealized loss of $7.5 billion as ETH trades near $2,050 at press time.
Looking ahead, BitMine is developing its Made in America Validator Network, or MAVAN, a staking platform expected to launch in early 2026. The company said it is collaborating with three staking providers to develop the infrastructure, signaling a deeper push into network validation and yield generation.
