Bitmine continues its massive Ethereum purchases despite the mini crypto winter

Tom Lee’s ether treasury company is not slowing down. Bitmine Immersion Technologies has just announced a massive purchase of ether, consolidating its position among the largest institutional holders of the world’s second largest crypto. A strategy that raises questions and comes at a time when Ethereum is showing signs of awakening.

Bitmine now holds 3.71% of Ethereum’s total supply

Monday, February 24, 2025, Bitmine Immersion Technologies (BMNR), the crypto treasury company founded by Tom Lee, the famous Wall Street analyst, announced the acquisition of nearly 51,000 additional ETH tokens the previous week for about $98 million. This new purchase brings the company’s total holdings to 4.473 million ETH, valued at about $1,976 per unit.

The timing is, to say the least, surprising. Tom Lee himself acknowledges going through what he calls a “mini crypto winter.” Yet, far from stepping back, he keeps the course: 

We continue to focus on the methodical execution of our treasury strategy and the regular acquisition of ETH.

Overall, Bitmine’s balance sheet now shows nearly $9.9 billion in assets. Beyond ether, the company also holds:

• 195 bitcoins
• $868 million in cash
• A $200 million stake in Beast Industries
• A $14 million investment in Eightco Holdings

A large-scale staking strategy

What really sets Bitmine apart from its competitors is its long-term vision of staking. Of the 4.47 million ETH held, the company has already locked 3.04 million in staking contracts, representing about $6 billion.

These staked ETH already generate $172 million in annualized revenue. At full capacity, that figure could rise to $253 million per year, based on a recent yield of 2.86%.

However, Bitmine is not stopping there. The company is actively developing its own validation network called MAVAN (Made in America Validator Network), scheduled for launch in early 2026, in partnership with three staking providers. This project positions Bitmine not only as an ETH holder but as a structuring player in the Ethereum ecosystem.

It should be noted that Bitmine now controls 3.71% of the total Ethereum supply, set at 120.7 million tokens. A concentration rarely reached by an institutional player on a crypto asset of this scale.

This move comes in a particular context: Ethereum holders have recently gone through a difficult period, with the retention rate falling to its lowest level since 2021. Yet, rebound signals are appearing, capital flows increasing, whale accumulation, and Bitmine seems poised to ride this momentum before the market fully recovers.

In summary, with nearly 4.5 million ethers in its portfolio, Bitmine establishes itself as one of the most convinced institutional players on Ethereum. Tom Lee, far from succumbing to the prevailing panic, is patiently building a staking infrastructure that could generate hundreds of millions of dollars per year.