BitMine Immersion Technologies has significantly expanded its Ethereum holdings, now controlling 4.423 million ETH, which equates to approximately 3.66% of the total circulating Ether supply, according to the company’s latest disclosure.
BitMine Buys the Dip as Vitalik Buterin Offloads ETH
The move places BitMine among the largest institutional holders of Ethereum (ETH) in the world, with an overall crypto and liquidity portfolio valued at approximately $9.6 billion.
Despite a period of market weakness that saw prices retreat from 2025 highs, BitMine continued to accumulate Ethereum, purchasing an additional 51,162 ETH during its recent activity, a move that contrasts with the broader selling pressure seen across the ecosystem.
“In the midst of this ‘mini crypto winter,’ we continue to focus on methodically executing our treasury strategy and steadily acquiring ETH and, therefore, maximizing the return on our ETH holdings,” said Tom Lee, President of Bitmine.
Of its total ETH stack, 3.04 million is currently staked, generating annualized rewards and highlighting BitMine’s focus on yield alongside accumulation.
The buying trend comes as the broader crypto market, including Ether, remains in a softer phase, with prices retreating from highs reached last year. During this period, Ethereum co-founder Vitalik Buterin also sold ETH from personal wallets, attracting the attention of on-chain traders and analysts.
Buterin’s sales, valued in the millions in recent weeks, coincided with price consolidation and increased volatility in the ETH markets.
BitMine President Thomas “Tom” Lee recently highlighted the company’s long-term approach, viewing current price levels as attractive entry points given Ethereum’s fundamental role in decentralized finance, tokenization, and smart contract innovation.
BitMine is also moving forward with its proprietary MAVAN staking infrastructure, scheduled to launch in early 2026, aimed at improving network participation and optimizing yield.
Analysts say BitMine’s accumulation strategy highlights divergent institutional attitudes toward Ethereum, with some high-profile insiders reducing their positions while Treasuries and corporates are doubling down on long-term conviction.