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BitMine expands Ethereum treasury with $44M ETH buy
BitMine Immersion Technologies, the Nasdaq-listed crypto treasury operator led by Tom Lee, has acquired 14,618 ETH — a transaction valued at approximately $44.34 million. The firm executed the trade through institutional custodian BitGo at an average cost near $3,033 per ETH, according to blockchain analytics. This fresh purchase increases BitMine’s Ethereum holdings as ETH trades close to the $3,000 level after a recent weekly swing toward $2,680.
The buy reinforces BitMine’s stated strategy to accumulate a sizable corporate ETH treasury and to treat ETH as a long-term business asset. After the transaction, BitMine’s treasury stands at roughly 3.63 million ETH, representing about 3% of the circulating supply and moving the company closer to its 5% ownership target.
Why this matters for ETH and corporate treasuries
Corporate accumulation like BitMine’s matters for markets and network economics. Large, visible purchases from a public company can tighten available supply, boost institutional credibility for Ethereum, and signal confidence in staking and validator economics. BitMine’s repeated buys also underline the growing trend of companies treating cryptocurrency — particularly ETH — as a strategic reserve asset.
Corporate holdings, valuation and perceived discount
Data from Strategic ETH Reserve shows 68 corporate entities collectively hold about 6.36 million ETH, roughly 5.26% of total supply. BitMine’s portfolio trades at a market NAV (mNAV) of 0.80, indicating a near 20% discount to the underlying net asset value of the ETH it owns. That discount suggests investors may be factoring in company-specific execution risk, leverage concerns, or uncertainty around custody and staking plans.
Analysts note the apparent undervaluation could present an opportunity if BitMine executes on its roadmap and unlocks staking yield and validator services.
Strategic pivot: from Bitcoin mining to Ethereum treasury
In early 2025, BitMine shifted away from Bitcoin mining operations and raised over $7 billion through share issuance to fund its ETH accumulation. The firm is also developing the Made in America Validator Network, with a pilot slated for 2026 that will allow BitMine to stake its ETH and actively participate as a validator, capturing staking rewards and contributing to network security.
This move mirrors other large corporate crypto strategies — reminiscent of Michael Saylor’s aggressive Bitcoin accumulation, which now totals around 649,000 BTC at the corporate level.
Outlook: staking returns and the potential for a corporate-led ETH cycle
If more public companies follow BitMine’s playbook — combining direct ETH accumulation with on-chain staking and validator participation — analysts warn this could fuel a corporate-led ETH "supercycle." That scenario would be driven by staking yields, reduced liquidity as coins are bonded to validators, and heightened institutional demand for Ethereum-based exposure.
Overall, BitMine’s latest purchase solidifies its position as one of the largest corporate holders of ETH and highlights an intensifying trend: corporates increasingly view Ethereum not just as a speculative asset but as an operational, yield-generating component of their treasuries and long-term balance sheets.
Source: crypto
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