Bitmine Immersion Technologies, Inc. (NYSE: BMNR) has expanded its Ethereum holdings to 5.9 million tokens as cryptocurrency prices outperform traditional markets.
The company said Monday that its cryptocurrency, cash, marketable securities and other investments now total USD$15.6 billion. Bitmine valued its 5,901,112 Ethereum at USD$2,511 per token as of Aug. 30.
That holding represents approximately 4.9 per cent of Ethereum’s circulating supply of 120.7 million tokens.
Additionally, Bitmine holds 211 Bitcoin and USD$541 million in cash and marketable securities. Its investments include a USD$180 million stake in Beast Industries and USD$81 million in Eightco Holdings (NASDAQ: ORBS).
Bitmine refers to those two investments as “moonshots,” or higher-risk investments with potentially large returns.
The company has aggressively accumulated Ethereum since launching its treasury strategy on June 30, 2025. It purchased another 53,501 Ethereum during the past week.
Furthermore, Bitmine said it has purchased Ethereum during each of the 65 weeks since starting the strategy.
Chairman Thomas Lee expects institutional investors to increase cryptocurrency purchases during the remaining months of 2026. He pointed to recent cryptocurrency performance and potential regulatory changes as catalysts.
Ethereum has outperformed the S&P 500 by 5,430 basis points during the third quarter through Friday, according to Lee. One hundred basis points equal one percentage point.
Additionally, Lee identified Ethereum, Bitcoin and Solana as the three best-performing major assets since June 30.
He expects that performance to encourage institutions to increase their cryptocurrency exposure. Large financial institutions have increasingly explored digital assets as regulations and infrastructure develop.
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Bitmine strategy prioritizes Ethereum over Bitcoin
Meanwhile, Lee pointed to the planned September vote on the CLARITY Act as another potential catalyst. The proposed legislation seeks to establish clearer U.S. regulatory rules for digital assets.
Lee also cited renewed cryptocurrency purchases from Korean investors who have rotated away from artificial intelligence stocks.
He expects cryptocurrency’s historical four-year market cycle to reach a bottom within several weeks. Subsequently, he expects stronger institutional cryptocurrency buying during the final months of the year.
Bitmine has concentrated that strategy primarily on Ethereum rather than Bitcoin.
Lee expects Ethereum to gain relative value against Bitcoin during another cryptocurrency bull market. He based that forecast partly on previous periods of expanding Ethereum adoption.
Initial coin offerings helped drive Ethereum demand during the 2017-2018 cryptocurrency cycle. Non-fungible tokens played a similar role during 2020 and 2021.
More recently, stablecoins have increased activity across Ethereum and other blockchain networks.
However, Lee expects tokenization and artificial intelligence agents to become important drivers during the next cycle. Tokenization converts ownership rights for assets into digital tokens recorded on blockchains.
Financial institutions could eventually use those tokens for stocks, bonds and other traditional assets.
In addition, autonomous artificial intelligence agents could use blockchain networks to conduct transactions without constant human involvement. Bitmine expects both trends to increase Ethereum usage.
The company has also moved most of its Ethereum holdings into staking.
Staking involves locking cryptocurrency into a blockchain network to help validate transactions. Participants receive additional cryptocurrency as compensation for providing that service.
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Bitmine expects returns to come as it stakes more Ethereum
As of Aug. 30, Bitmine had staked 5,067,309 Ethereum worth approximately USD$12.7 billion. That represents about 86 per cent of its total Ethereum holdings.
Additionally, Bitmine reported an annualized seven-day staking yield of 2.63 per cent. The company projects approximately USD$335 million in annualized staking revenue at its current level.
Bitmine expects those returns to rise as it stakes more of its Ethereum.
At full scale, the company projects approximately USD$390 million in annual staking rewards using the same yield. However, actual returns can change alongside network conditions and staking rates.
Earlier this year, Bitmine launched its Made in America Validator Network, known as MAVAN.
The institutional staking platform initially supported Bitmine’s own Ethereum treasury. Furthermore, Bitmine plans to offer the infrastructure to institutional investors, custodians and other blockchain companies.
A portion of the company’s Ethereum already operates through MAVAN.
Bitmine also ranks among the most actively traded U.S. stocks by dollar volume.
According to Fundstrat data cited by the company, Bitmine averaged USD$1.36 billion in daily trading volume over five days. That placed the stock 62nd among 5,704 U.S.-listed stocks as of Aug. 29.
The ranking put Bitmine behind Texas Instruments Incorporated (NASDAQ: TXN) and ahead of UnitedHealth Group Incorporated (NYSE: UNH).
Meanwhile, Bitmine describes itself as the world’s largest corporate Ethereum treasury.
It ranks second among cryptocurrency corporate treasuries overall behind Strategy Inc. (NASDAQ: MSTR). Strategy reportedly owns 840,447 Bitcoin valued at approximately USD$66 billion.
Bitmine expects U.S. regulatory changes to further accelerate institutional blockchain adoption.
The company specifically points to the GENIUS Act and the U.S. Securities and Exchange Commission’s Project Crypto initiative. Management believes those changes could reshape financial infrastructure as blockchain technology becomes more integrated with traditional markets.
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