The former major bitcoin miner has expanded its Ethereum treasury once again during a week in which the asset slumped by over 8% and dived to a multi-month low of $1,500 before it found some support.
Bitmine Immersion Technologies now holds just over 5.7 million tokens, equivalent to approximately 4.7% of Ethereum’s total circulating supply of 120.7 million coins.
Bitmine Buys Again
Based on an ETH price of $1,570 as of June 28, the company’s total crypto, cash, and investment holdings stand at roughly $10 billion. The firm has reinforced its position as the world’s largest corporate holder of ETH and the second-largest public crypto treasury behind Strategy, which announced a new initiative this week, not a new BTC purchase.
Chairman and long-term ETH bull Tom Lee acknowledged the recent weakness across the entire market but maintained that Bitmine’s long-term outlook remains unchanged.
“This past week was a challenging one for crypto investors as ETH fell by 8%, even as Ethereum witnessed notable positive developments such as the creation of Ethlabs, and even the Bank of England softened its stance around stablecoins. We are nearing quarter-end for June, and it is not surprising to see ‘window dressing’ leading to investors reducing their holdings in assets which have fallen in the past 3 months,” added Lee.
He doubled down on his belief that Ethereum will eventually benefit from Wall Street’s migration toward blockchain-based financial infrastructure and the emergence of agentic AI payment systems operating on crypto rails.
The press release shared by the firm also noted that Bitmine has staked almost 4.9 million tokens (over 85% of its total holdings) through its own institutional staking platform, MAVAN. The current staking yield of 2.75% means that its annualized revenue will be around $211 million.
SharpLink’s Return
Although Bitmine remains the undisputed leader in terms of ETH accumulation, the second-in-line SharpLink returned last week with several major purchases. After spending eight months on the sidelines, the Joe Lubin-chaired firm bought 5,000 ETH on Friday and kept accumulating more over the weekend.
In total, the company spent more than $62 million to acquire a total of 39,196 ETH, which is actually more than the amount purchased by Bitmine within the same period. However, the gap between the two is still too wide.
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