Through custodian BitGo, Nasdaq-listed BitMine Immersion Technologies (BMNR) just grabbed 14,618 ETH for $44.34 million at an average price of $3,033 in a spectacular power grab. Their overall holdings shot to an amazing about 3.63 million Ethereum tokens, now worth over $10 billion and accounting for around 3% of Ethereum's whole circulating supply, thanks to this one purchase. While its stock still trades at a delicious 20% discount to NAV, BitMine has formally unseated every other public corporation (other Strategy) to become the biggest corporate holder of ETH worldwide.
The pivot is complete: BitMine raised more than $7 billion via equity offerings with an explicit long-term goal of holding 5% of total ETH supply after quitting Bitcoin mining in early 2025. Openly drawing on the Michael Saylor playbook, Chairman Tom Lee is using Ethereum as the chosen asset because of its greater staking yields and as programmable money. The market is pricing in a complete "Saylorization" of ETH treasuries.
Looking ahead, BitMine will roll out its "Made in America Validator Network" pilot in 2026, staking the huge treasury to provide high single-digit to low double-digit yields while helping to decentralize Ethereum. Wall Street analysts are speculating that these institutional accumulation waves, coupled with locked-in staking benefits, could spark the long-awaited Ethereum "supercycle" and drive ETH prices substantially higher over the following years.


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