BitMine's Ethereum holdings surged to $13.1 billion after recent acquisitions, reflecting growing interest in the asset as AI development accelerates.
BitMine Immersion Technologies has significantly expanded its Ethereum holdings, acquiring 101,745 ETH for about $237.7 million, averaging $2,336 per ETH. This purchase continues the company's trend of buying over 100,000 ETH for the third consecutive week, raising its total Ethereum assets to 5,180,131 ETH, which represents 4.29% of the total market supply.
The company is on a quest to reach 5% of the entire Ethereum supply and currently leads among public holders, ranking second overall in crypto treasuries behind Strategy's 818,334 BTC reserves. BitMine's total asset value is now estimated at $13.1 billion, which includes 200 BTC, investments in Beast Industries and Eightco Holdings, and around $700 million in cash.
Remarkably, about 84% of BitMine's Ethereum holdings, or approximately 4.36 million ETH, are staked via its platform, MAVAN, generating an annual revenue of roughly $297 million at a rate of 2.91%. CEO Tom Lee believes these aggressive purchases signal the end of what he describes as a "mini-crypto winter," anticipating rising demand for Ethereum as artificial intelligence applications on public blockchains progress.
Public Companies Increase Bitcoin Holdings
In a broader market trend, public companies have collectively acquired 50,351 BTC in the first quarter of 2026, bringing their total Bitcoin holdings to 1.15 million BTC, which constitutes 5.47% of the market. This figure reflects a 4.6% increase from the previous quarter, despite significant volatility in the energy markets. Strategy was the most active, purchasing around 89,000 BTC, though it faced a $14.46 billion unrealized loss due to a 20% price drop.
Meanwhile, Japan's Metaplanet secured its position as the third largest holder of Bitcoin, adding 5,075 BTC to reach a total of 40,177 BTC. Conversely, MARA Holdings opted to sell 15,133 BTC to address its debts, contributing to a broader trend as public miners sold over 32,000 BTC in the first quarter alone, surpassing their total sales for all of 2025.
Experts suggest a noticeable split in the market: while firms like Strategy and Metaplanet see Bitcoin as a long-term asset, miners are offloading their holdings to maintain liquidity. Additionally, Tether's investment division has proposed merging three companies to strengthen its position in the Bitcoin sector.
