March 17, 2026 — Bitmine Immersion Technologies has significantly increased its weekly Ethereum acquisitions, bringing its total holdings to 4.596 million ETH. The company now controls approximately 3.81% of the cryptocurrency’s circulating supply.
Accelerated Accumulation Strategy
Bitmine chairman Tom Lee confirmed the accelerated purchasing pace. The company added 60,999 Ether over the past week, exceeding its recent weekly average of 45,000 to 50,000 ETH.
This expansion follows Bitmine’s over-the-counter purchase of 5,000 ETH directly from the Ethereum Foundation. Company officials stated this transaction was structured to allow the foundation to fund operations without selling Ether on open markets.
Bitmine’s combined cryptocurrency holdings, cash, and other investments now total approximately $11.5 billion. The company’s shares (BMNR) closed trading on March 16 up nearly 14% at $23.39, according to Yahoo Finance data.
Staking Operations Generate Major Revenue
Approximately 66% of Bitmine’s Ethereum holdings are currently staked. The company has 3,040,515 ETH actively participating in proof-of-stake validation, valued at roughly $6.6 billion at recent prices.
These staking operations generate an estimated $180 million in annualized revenue. Bitmine plans further expansion through its Made in America Validator Network (MAVAN), scheduled to launch in coming months.
Market data from CoinGecko indicates Ether was trading around $2,342 at the time of reporting. The cryptocurrency’s market capitalization stands at approximately $282 billion with 120.7 million ETH in circulation.
Corporate Treasury Landscape
Bitmine’s accumulation contrasts with broader corporate trends. Data from CoinGecko shows most major corporate Ether treasuries slowed accumulation over the past month.
Among the 20 largest corporate holders, only four companies increased their Ethereum positions during the last 30 days. Bitmine added 269,824 ETH during this period, far outpacing other accumulators.
SharpLink added 3,859 ETH while Eightco increased its holdings by 11,068 ETH. Eightco recently raised $125 million to expand blockchain and artificial intelligence investments, with Bitmine leading the funding round with a $75 million commitment.
Market Context and Holdings
Thirty public entities across seven countries collectively hold about 6.6 million ETH valued at approximately $15.4 billion. These corporate holdings represent about 5.47% of Ether’s total supply.
The announcement coincided with disclosure from Strategy, the largest Bitcoin treasury company, regarding its purchase of 22,337 BTC for $1.57 billion. Strategy’s total Bitcoin holdings now exceed 760,000 BTC.
Bitmine chairman Tom Lee joined Eightco’s board as part of their recent investment agreement. Other participants in Eightco’s funding round included ARK Invest and Payward, the parent company of cryptocurrency exchange Kraken.
Corporate treasury activity represents a significant portion of Ethereum’s circulating supply. Continued accumulation by major holders like Bitmine could influence market dynamics and staking participation rates moving forward.
Updated insights and analysis added for better clarity.
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