Bitmine Immersion Technologies continued its accumulation of ether last week by purchasing 32,447 ETH, coinciding with a 30% price surge for the cryptocurrency in its strongest weekly advance in more than a year. The acquisition extends a weekly buying streak that began when the company launched its ethereum treasury strategy on June 30, 2025.
As of August 23, Bitmine's total holdings reached 5,847,611 ETH, valued at approximately $14.3 billion based on an ether price of $2,440. This amount represents roughly 4.8% of ethereum's estimated 120.7 million-token supply, bringing the firm close to its target of owning 5%. In addition to its ether reserves, the company holds 210 bitcoin, $308 million in cash and marketable securities, and investments in Beast Industries and Eightco Holdings.
Ether's 30% weekly increase marked its strongest performance since May 2025. Bitmine Chairman Tom Lee noted that historical precedents from May 2025 and July 2021 saw similar weekly gains of over 30%, which preceded larger upward price movements, though past performance does not guarantee future results. Lee also cited easing financial conditions, Wall Street's tokenization efforts, and increased blockchain usage by AI agents as potential supportive factors.
Alongside its treasury accumulation, Bitmine has expanded its staking activities. As of August 23, the company had staked 5,067,309 ETH, valued at about $12.4 billion, accounting for roughly 87% of its total ether holdings. Based on current activity, annualized staking revenue is projected at approximately $330 million, supported by a recent seven-day annualized yield of 2.67% from the company's internal staking operations. Bitmine estimates that annual staking rewards could reach $381 million at full scale through its Made in America Validator Network and external partners.
