Bitmine Reaches 5.62 Million ETH Treasury After $136M Buy

Bitmine Immersion Technologies expanded its Ethereum treasury to 5.62 million ETH after purchasing 76,881 ETH for $136 million, funded by a $274 million preferred stock offering. The move lifts Bitmine’s holdings to 4.66% of total ETH supply and positions the firm as the largest corporate Ethereum holder. This accumulation follows weeks of surging institutional staking demand, with nearly 3 million ETH queued for validators and total staked supply exceeding 39.25 million ETH, even as ETH trades near $1,700 amid ETF outflows.