Bitmine Buys $140M in Ether as Treasury Tops 4.59 Million ETH

• Bitmine Immersion Technologies acquired 60,999 ETH worth approximately US$140 million in the week ending March 15, its largest weekly purchase of 2026 by token count.
• The company’s total Ethereum holdings reached 4,595,562 tokens valued above US$10 billion, representing 3.81% of total ETH supply as it pursues a 5% ownership target.
• Bitmine carries an estimated US$6.5 billion in unrealised losses on its ETH position, though annualised staking revenue of roughly US$180 million partially offsets the shortfall.

Bitmine Immersion Technologies bought 60,999 ETH in the week ending March 15, spending about US$140 million (AU$214 million) as it continued building toward a target of owning 5% of Ethereum’s circulating supply.

The purchase lifted Bitmine’s holdings to 4,595,562 ETH, worth more than US$10 billion (AU$15.3 billion), according to the company. Including US$1.2 billion (AU$1.84 billion) in cash and minority stakes in Beast Industries and Eightco, Bitmine said its total assets now stand at US$11.5 billion (AU$17.60 billion). Its shares, listed on the NYSE American under BMNR, rose about 9% in pre-market trading after the announcement.

Bitmine said it currently stakes 3,040,515 ETH, or about 66% of its holdings. Based on a seven-day annualised yield of 2.81%, that generates an estimated US$180 million (AU$275 million) in annual revenue. 

The company plans to launch its Made in America Validator Network, or MAVAN, in the first quarter of 2026, and said annual staking revenue could rise to US$272 million (AU$416 million) at full capacity.

Related: Vitalik Buterin Proposes Simplifying Ethereum Nodes to Boost Decentralisation

Staking Revenue and the 5% Target

The company’s accumulation plan, which it calls “Alchemy of 5%,” has brought it to about 3.81% of Ethereum’s 120.7 million token supply. That puts it roughly three-quarters of the way toward its goal. 

The purchase followed the prior week’s acquisition of 60,976 ETH, showing that Bitmine is maintaining a steady buying pace (though it also bought 5,000 ETH directly from the Ethereum Foundation in a separate deal).

Not to mention the strategy carries significant market risk, as data from DropsTab showed Bitmine holding an estimated US$6.5 billion (AU$9.95 billion) in unrealised losses, although ETH’s recent rebound has helped reduce the shortfall but not in a quite significant way.

Chairman Thomas Lee said crypto assets have outperformed since the start of the Iran war, adding that Ethereum has done better than the S&P 500 by 2,450 basis points over that period. Bitmine also holds 196 Bitcoin, but its treasury strategy remains overwhelmingly concentrated in ETH.

Read more: Investors Accuse JPMorgan of Facilitating $328M Crypto Fraud

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