Bitmine Immersion Technologies Holds 4.8% of Ethereum Supply

Bitmine Immersion Technologies announced it purchased an additional 10,399 ETH, bringing its treasury to 5,797,813 ETH – about 4.8% of the cryptocurrency’s circulating supply and valued at roughly $10.9 billion. Approximately 85% of the holdings are staked on the company’s MAVAN platform, which the firm projects could generate $247 million in annual revenue, potentially rising to $291 million if all ETH were staked.

The acquisition coincides with Bitmine’s ongoing share‑buyback programme; the company repurchased 4.5 million shares this week, part of a $4 billion buyback that has so far reclaimed over 16 million shares. Despite the large crypto position, Bitmine’s stock traded near $17 as investors weigh unrealised losses on the ETH holdings.

Ethereum’s market price hovered around $1,847, with analysts noting the token is testing a key support zone near $1,850 and warning of further downside risk. In parallel, developers have submitted EIP‑8361, a proposal to zero staking rewards once the network’s stake reaches 50% of supply, a move aimed at curbing inflation and addressing concerns that large stakers such as Bitmine could dominate the ecosystem.