BitMine Immersion Technologies has increased its Ethereum holdings again, buying 35,268 ETH last week. The company now holds more than 4.2 million ETH, which equals around 3.48% of Ethereum’s total supply.
Chairman Tom Lee said the latest purchase shows growing institutional trust in Ethereum’s role within financial markets.
The buy follows another large Ethereum purchase made just before BitMine’s annual shareholder meeting in mid-January. Nearly all of the company’s crypto exposure is now in Ethereum, with only a very small share held in Bitcoin. A major part of BitMine’s strategy is staking, where ETH is locked to help run the network and earn rewards.
BitMine currently has about 1.84 million ETH staked, worth nearly $5.9 billion. Lee noted that staking fees could generate over $1 million per day at scale. Shareholders recently approved plans to increase authorized shares, which management views as support for its long-term Ethereum accumulation strategy and focus on recurring staking income.
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