#What is BitMine Immersion Technologies doing with Ethereum?
BitMine Immersion Technologies is aggressively pursuing its strategy of accumulating Ethereum. Last week, the firm acquired an impressive 41,788 ETH, which is valued at around $96 million. This move came despite a notable selloff that saw Ethereum prices drop below $2,200 during the weekend.
As a result of this price decline, BitMine’s total Ethereum portfolio is now valued at less than $9.5 billion, leaving the company facing over $6 billion in unrealized losses. However, there has been a rebound in Ether's price, which has recovered to approximately $2,350 as of Monday midday, providing some relief from the recent downturn.
With this latest acquisition, BitMine's Ethereum holdings now total around 4.3 million ETH, making up about 3.55% of Ethereum’s circulating supply. The company's disclosures indicate that it has an average acquisition cost of about $3,879 per ETH. This places its total cost basis at approximately $16 billion in comparison to a current market value of just under $10 billion.
#What is BitMine's outlook on Ethereum's future?
The Chairman of BitMine maintains a positive long-term outlook regarding Ethereum. He has pointed out that network activity remains robust, highlighting record levels of daily transactions and active addresses, which contrasts favorably with previous market downturns where on-chain usage declined significantly.
In addition to its accumulating strategy, BitMine has enlarged its staking initiatives. Nearly 2.9 million ETH is now staked, which constitutes nearly two-thirds of its total ETH holdings and is expected to generate around $188 million in annualized staking revenue. Looking ahead, BitMine aims to enhance its Ethereum infrastructure by launching its Made in America Validator Network in early 2026.
Despite the larger trends in the cryptocurrency markets, shares of BitMine Immersion Technologies experienced a decline of about 6% recently, mirroring the broader pressures within the crypto sector.