Bitmine Immersion Technologies acquired 12,535 Ethereum (ETH) over the past week, bringing its total holdings to 6,041,481 ETH, as Chairman Tom Lee said the company is positioned to outperform during the next crypto bull market.
In a Monday announcement, Bitmine reported that its combined crypto holdings, cash, marketable securities, and strategic investments totaled $15.1 billion as of October 18.
The company’s Ethereum treasury, valued at approximately $14.3 billion based on an ETH price of $2,365, represents 4.9% of the cryptocurrency’s circulating supply of 122.1 million tokens, bringing Bitmine close to its target of accumulating 5% of all ETH.
“We believe Bitmine is positioned to outperform the crypto bull market that we expect to be coming,” Lee said, citing the company’s strengthened competitive position during the prolonged market downturn.
Lee attributed recent selling pressure across crypto markets to concerns over AI funding and safety, escalating tensions between the US and Iran, uncertainty surrounding the upcoming US midterm elections, and rising global bond yields.
He argued that periods of declining prices alongside resilient fundamentals have historically presented attractive investment opportunities, pointing to crypto’s growing role in financial infrastructure and emerging AI applications.
Bitmine projects $369 million in annual Ethereum staking rewards
Bitmine reported that 5,067,309 ETH, representing approximately 84% of its Ethereum holdings, are currently staked through its Made in America Validator Network (MAVAN) platform and staking partners.
The company estimates that its current staked holdings could generate approximately $309 million in annualized staking revenue, with potential rewards increasing to $369 million if its entire Ethereum treasury were staked, based on a 2.58% annualized yield.
Launched earlier this year, MAVAN has expanded beyond managing Bitmine’s own Ethereum holdings to offer staking infrastructure for institutional investors, custodians, and other ecosystem participants.
Beyond Ethereum, Bitmine holds 215 Bitcoin, $582 million in cash and marketable securities, a $180 million investment in Beast Industries, and a $74 million stake in Eightco Holdings.
The company remains the world’s largest publicly traded Ethereum treasury holder and the second largest corporate crypto treasury by reported holdings value, behind Michael Saylor’s Strategy.
Bitmine has continued purchasing Ethereum every week since launching its treasury strategy on June 30, 2025, maintaining its accumulation strategy despite recent market volatility.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.