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- Bitmine added 65,341 ETH this week, raising its total treasury to 4.66 million ETH holdings.
- The firm said its total holdings reached $11 billion, with ETH valued near $9.7 billion.
- Around 67% of total ETH holdings are staked, generating $184 million in annual revenue.
Bitmine Immersion Technologies expanded its Ethereum treasury again this week after adding 65,341 ETH. The new purchase increased its total holdings and showed a faster buying pace as the company continued pursuing what it called the largest corporate Ethereum treasury.
According to a report, the company said its crypto, cash, and other holdings were worth about $11 billion as of March 22. That total included 4,660,903 ETH, 196 BTC, $1.1 billion in cash, and minority stakes in Beast Industries and Eightco Holdings.
Ethereum remained the largest part of Bitmine’s balance sheet by a wide margin. Based on the company’s disclosed figures, its ETH holdings were valued at about $9.7 billion using an ETH price of $2,072.
Bitmine Holds 3.86% of ETH Supply as Buying Pace Increases
Bitmine said the latest weekly purchase was above its recent average pace of about 45,000 to 50,000 ETH. The update also showed that the company had increased its Ethereum buying activity in each of the past three weeks.
The figures pointed to a steady acceleration in accumulation rather than a single large buy. The company’s numbers also showed that its Ethereum treasury accounted for about 3.86% of the asset’s reported 120.7 million supply.
Alongside ETH, Bitmine reported holding 196 bitcoin and $1.1 billion in cash. It also disclosed a $200 million stake in Beast Industries and a $95 million stake in Eightco Holdings.
Even with those other assets, Ethereum remained the clear focus of Bitmine’s treasury strategy. The company said it remained the largest corporate ETH treasury holder, while ranking behind Strategy in overall crypto treasury size.
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Bitmine also said a large share of its ETH holdings had already been committed to staking. As of March 23, the company reported that 3,142,643 ETH had been staked, which represented about 67% of its total Ethereum position.
ETH Staking Strategy Supports Treasury Expansion
Using the company’s assumptions, this amount of staked ETH is worth about $6.5 billion. According to Bitmine, the company’s position is generating around $184 million in staking revenues every year, based on a 7-day staking yield of 2.83%.
The company also mentioned another figure for revenues that is related to the overall deployment of staking. According to Bitmine, if the company were to stake its overall ETH position through MAVAN and other providers, the company would be able to generate around $272 million in annual staking rewards.
Bitmine said that the expansion of the company’s treasury is related to the overall deployment of staking. According to the company, Bitmine is working with three staking providers as it moves toward the launch of its “Made in America Validator Network,” or MAVAN.
The company’s in-house staking solution is planned for launch in early 2026. The update mentioned that Bitmine is not only increasing its Ethereum reserves but is also increasing the amount of that reserve that is being utilized for staking.
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