BitMine has acquired $214 million worth of Ethereum, growing its holdings to over $9 billion as it aims to capitalize on market opportunities.
BitMine Immersion Technologies has made a significant investment in Ethereum, acquiring 126,971 ETH for around $214 million, marking its largest purchase of the asset to date in 2026.
The firm is optimistic about Ethereum's future, particularly after AI technologies identified a vulnerability in the privacy protocol Zcash, which led to a 40% drop in Zcash’s ZEC token last week. Although ZEC has partially recovered, BitMine sees this as a chance to strengthen the case for Ethereum.
Chairman Tom Lee described the recent market selloff as a "superficial take" and emphasized that AI will continue to reveal weaknesses in both centralized and decentralized financial systems. He believes this will enhance the relevance of strong decentralized platforms like Ethereum.
Currently, Ethereum's price has risen by about 4% in the last 24 hours, although it remains down nearly 15% compared to the previous week, trading at approximately $1,686. Lee expressed confidence, stating, "We believe ETH prices should not be under pressure."
With the recent purchase, BitMine's total Ethereum holdings have grown to 5,543,872 ETH, valued at around $9.3 billion, with approximately 85% staked through its Made-in-America Validator Network (MAVAN), generating projected annual staking revenues of about $230 million. If fully staked, revenues could reach $270 million, according to Lee’s estimates.
Despite Ethereum's price dip to a yearly low of $1,522 last week, BitMine's unrealized losses have increased, with its Ethereum treasury now approximately $9.7 billion underwater based on DropsTab data.
In addition to its Ethereum strategy, BitMine plans to issue preferred shares offering a 9.5% annual dividend, following a model similar to that of Strategy, a firm with a $54 billion Bitcoin treasury. The offering has been expanded to 3.5 million shares, priced at $80 each, with the goal of raising around $274 million to fund further ETH acquisitions and support business growth.
