Bitmine Immersion Technologies adds $92 million of Ethereum, now holds 4.7% of circulating supply

Bitmine Immersion Technologies, led by chairman Tom Lee, purchased an additional 52,203 ETH worth about $92 million, raising its total Ethereum holdings to 5,672,956 ETH – roughly 4.7% of the cryptocurrency’s circulating supply. The acquisition brings the firm’s treasury value to around $10 billion and includes 205 Bitcoin and $601 million in cash and securities.

The purchase aligns with Bitmine’s goal of holding 5% of all ETH, now 94% achieved. The company finances its dividend‑paying preferred stock (Series A Perpetual Preferred, ticker BMNP) through staking revenues generated by over 4.7 million ETH (about 83% of its ETH holdings) on its Made‑in‑America Validator Network, projecting annual staking revenue of $223 million, potentially up to $268 million when fully staked.

Lee said the firm expects growing demand for blockchain driven by tokenization, artificial‑intelligence applications and decentralized infrastructure, describing the upcoming period as “crypto spring.” Bitmine’s stock (BMNR) rose modestly following the news, while Ethereum gained about 1.6%.

The move underscores institutional confidence in Ethereum and mirrors strategies used by other publicly traded crypto‑treasury firms, though it also raises questions about concentration of supply in a single private entity.