Bitmine doubles down on Ethereum as treasury data signals quiet institutional accumulation

In a press release issued on 17 February, Bitmine Immersion Technologies disclosed that its Ethereum holdings have reached 4.37 million ETH. This represents 3.62% of the total circulating supply. 

At an ETH price of roughly $1,998, the position is valued at about $8.7 billion, forming the bulk of Bitmine’s reported $9.6 billion in combined crypto and cash holdings.

New treasury and on-chain data suggest the company’s strategy aligns with a broader, quieter trend of institutional accumulation beneath the surface of weak price action.

Bitmine builds the world’s largest ETH treasury

Of Bitmine’s total ETH holdings, 3.04 million ETH are currently staked, generating an estimated $176 million in annualized staking revenue based on recent yields. 

The company says this figure could rise toward $252 million annually once all ETH is deployed through its upcoming Made in America Validator Network [MAVAN], which remains on track for launch in early 2026.

Bitmine’s accumulation pace has been rapid. The firm acquired 45,759 ETH in the past week alone, according to its chairman Thomas “Tom” Lee, who said the company is continuing to buy “regardless of short-term price movements.” 

Since its inception, Bitmine has reached more than 70% of its stated goal of controlling 5% of the ETH supply in just 7 months.

Treasury data shows concentration, not distribution

Bitmine’s strategy stands out against broader treasury data. Coingecko data show around 6.3 million ETH held by just 28 entities, representing roughly 5.2% of the total supply. 

Bitmine alone accounts for well over half of that total, making it the dominant corporate holder by a wide margin.

While the total USD value of Ethereum treasury holdings has fallen nearly 39% due to price declines, the underlying ETH balances have remained relatively stable. 

This divergence suggests that large holders are not exiting positions despite the drawdown. It reinforces the view that current activity reflects long-term positioning rather than short-term speculation.

Ethereum price lags as accumulation continues

Ethereum’s price action tells a different story. ETH is down sharply from late-2024 highs and recently traded near $2,000, after briefly dipping below $1,900 earlier in February. 

Technical indicators, including accumulation/distribution metrics, show only tentative signs of recovery, with no decisive trend reversal yet in place.

At the same time, spot ETH ETF data points to muted institutional flows. Monthly net inflows have turned negative in recent periods, contrasting with stronger accumulation phases seen in mid-2025. 

The disconnect between ETF flows and corporate treasury behavior suggests that some large buyers, including Bitmine, may be accumulating outside traditional fund structures.

A long-term bet on Ethereum’s role

Bitmine has framed its strategy around Ethereum’s expected role in tokenization, AI-driven payments, and identity infrastructure.

The company also disclosed $670 million in cash reserves and smaller positions in Bitcoin and private equity “moonshot” investments, giving it flexibility to continue accumulating during market pullbacks.

Final Summary

• Bitmine now controls 3.62% of ETH supply, continuing to add to its position even as ETH prices remain subdued.
• Treasury data suggests Ethereum is consolidating into fewer long-term holders, signaling institutional accumulation beneath weak market sentiment.