BitMine Bolsters Ethereum Holdings with $237M Acquisition

BitMine, a leading crypto treasury firm, has made significant strides in its Ethereum holdings, acquiring $237 million in ETH last week. According to the company's latest disclosure, its total Ethereum holdings now stand at 5.39 million ETH, representing approximately 4.47% of the circulating supply.

The acquisition is a notable development for BitMine, which has been actively building its position as the largest corporate holder of Ethereum. The company's chairman, Tom Lee, stated that the purchase was made after Ethereum fell below $2,200, describing it as an attractive entry point.

BitMine's expansion into Ethereum staking through its MAVAN validator platform is also gaining momentum. The company has staked approximately 4.71 million ETH, accounting for over 87% of its total Ethereum holdings. This move has contributed significantly to the firm's treasury model, with an annualized staking revenue of $276 million reported.

The growth in staking revenue is part of a broader trend in the crypto market, where treasury firms are increasingly turning to staking and other income-generating strategies. According to Everstake's Industry Review 2026, staking operations constitute approximately 60% of revenues reported by Ethereum treasuries.