BitMine expands Ether holdings with $98M purchase as ETH surges past $2K

BitMine Immersion Technologies expanded its Ether position as the broader crypto market rallied Monday morning, with Bitcoin reclaiming $69,000 and Ether surging back above $2,000.

The company disclosed it purchased nearly 51,000 additional ETH last week in a $98 million acquisition, lifting total holdings to 4,473,587 ETH. At an average reference price of $1,976 per token, BitMine’s Ether stack is valued at roughly $8.8 billion.

The firm said its position now represents about 3.7% of Ether’s circulating supply, advancing its long-stated objective of controlling 5% of the network’s tokens.

The company also holds 195 Bitcoin and $868 million in cash, alongside a $200 million stake in Beast Industries and a $14 million investment in Eightco Holdings.

A large portion of BitMine’s Ether is actively staked. The firm reported 3,040,483 ETH staked, worth about $6 billion at current prices. According to management, annualized staking revenue stands at $172 million. At full scale, staking rewards could reach approximately $253 million annually, based on a recent seven-day yield of 2.86%.

Despite the rally, BitMine’s Ether position remains underwater, with the company currently facing an estimated $7.5 billion unrealized loss, as ETH trades near $2,050 at press time.

Looking ahead, BitMine is developing its Made in America Validator Network, or MAVAN, a staking platform expected to launch in early 2026. The company said it is collaborating with three staking providers as it builds out the infrastructure, signaling a deeper push into network validation and yield generation.