Key Takeaways
Bitmine Immersion Technologies Inc. (BMNR) purchased 71,179 ether for approximately $143 million in the week ending March 29, accelerating its accumulation even as other institutional crypto buyers retreat.
"As the Iran war enters its 5th week, ETH and crypto outperformed the broader market," said Thomas “Tom” Lee, Chairman of Bitmine, in a statement. "Crypto is demonstrating itself to be a good ‘war time’ store of value."
The purchase marks Bitmine’s largest weekly ETH acquisition in 2026 and brings its total treasury to 4.73 million ETH, or 3.92% of the token’s total supply, according to a company update. The firm’s combined crypto and cash holdings now exceed $10.7 billion. This latest buy represents a step-up from a prior weekly average of 45,000 to 50,000 ETH.
The move solidifies Bitmine’s divergent strategy from other large corporate treasuries. Strategy Inc. (MSTR), the largest corporate holder of Bitcoin, recently broke its 13-week buying streak, reporting no new purchases during the same period. While Bitmine deepens its ETH exposure, data from CoinShares showed Ethereum-focused investment products recorded $222 million in net outflows last week.
Bitmine is actively using its holdings to generate returns, with 3.14 million ETH currently staked, according to the company. These assets, valued at $6.3 billion, are generating an annualized revenue of $177 million based on a 2.80% yield.
To support this strategy, the company recently launched its own institutional-grade staking platform, the Made in American Validator Network (MAVAN). While initially developed for its own treasury, Bitmine intends to expand MAVAN to serve other institutional investors.
Lee said the firm’s base case is that Ethereum is in the final stages of a “mini-crypto winter,” which he linked to macroeconomic headwinds from rising oil prices. “The crypto winter likely ends when the upside risk to oil prices peaks,” Lee stated.
Bitmine’s strategy contrasts with Strategy’s more passive holding approach for its 762,099 BTC. The different approaches are also reflected in valuation, with Bitmine trading at an estimated 0.88 times its net asset value, compared to Strategy’s 0.95x, suggesting varied market perceptions of the two treasury models.
This article is for informational purposes only and does not constitute investment advice.
