BitMine Doubles Down on Ethereum With $97M Buy, 3M Staked

Digital assets treasury company BitMine Immersions has acquired more ETH despite the recent drop in value. The company disclosed this in its latest holdings update, noting that it has added 41,788 Ether.

With its latest purchase, BitMine now holds $10.7 billion in crypto, with ETH alone accounting for most of the assets.

BitMine Remains Bullish As Chairman Points to Ethereum Fundamentals

Last week’s accumulation continues a trend of seven consecutive weeks during which BitMine has purchased ETH. This dates back to the week ending December 22, when the company bought 98,852 ETH.

Since then, it has been buying around 30,000 – 40,000 ETH weekly. Unsurprisingly, its consistent accumulation further cements its position as the leading Ethereum treasury company. It now holds 4.28 million ETH.

Speaking on its purchase, BitMine chairman Thomas Lee remains bullish on ETH. He noted that the drop in Ether value had happened while Ethereum activity was setting new records. Daily transactions reached an ATH of 2.5 million, while active addresses have also soared to 1 million daily.

Lee noted that it is external factors that are causing ETH prices to fall. He mentioned the October 10th liquidation and the surge in metal prices as among those factors.

He said:

While some believe crypto is already in a bear market, Lee does not seem to agree. He stated that Ethereum transaction activity and active wallets fell in the previous crypto winter. That’s contrary to the past 12 months.

He added that this is why the company continues to acquire ETH because it sees the price decline as an opportunity.

Lee said:

BitMine Stakes Almost 3 Million ETH

Meanwhile, the company has been busy staking ETH. It has increased its ETH staking aggressively. Over the past few weeks, it doubled down and added 888,192 ETH to its staked holdings just last week. It now has 2.89 million ETH staked at a staking rate of 2.81%.

With the staking rate, BitMine is on track to generate $188 million in yield after staking 67% of its ETH holdings. The company is working with three staking providers. It plans to unveil its Made in America Validator Network (MAVAN) soon.

Despite the staking yield, BitMine now has about $6 billion in unrealized losses due to the massive drop in ETH value. However, the company has said its financial position is very strong.

The press release stated that it has $586 million in cash and zero debt. Lee highlighted this as evidence of strength. He argued the company is well‑positioned to withstand current volatility. He added that it faces no pressure to sell ETH.