LAS VEGAS, March 9, 2026, 11:32 PDT
Bitmine Immersion Technologies said on Monday its crypto, cash and other investments had reached $10.3 billion as of March 8, including 4,534,563 ether tokens and $1.2 billion in cash. Shares were up about 6% in U.S. afternoon trade.
The update shows Bitmine pressing harder on a strategy more small public companies have started to copy: using the stock market to build an ether treasury. Ether is the token that powers Ethereum, and unlike bitcoin it can be staked — locked up to help secure the network in return for rewards — which is why Bit Digital CEO Sam Tabar told Reuters last year it was big enough to be “institutional-grade” while still early in adoption. 1
The timing matters. Ether was up about 4.2% on Monday after swinging between roughly $1,920 and $2,033, while oil surged as the war on Iran jolted global markets. 2
In an 8-K filing, a current report to the U.S. Securities and Exchange Commission, Bitmine said its ether pile now equals 3.76% of the token’s 120.7 million supply. About 3.04 million ETH were staked, or roughly two-thirds of the total, and the company said that pace implies annualized staking revenue of about $174 million. The portfolio also includes 195 bitcoin and stakes in Beast Industries and Eightco.
Bitmine said it bought 60,976 ETH in the past week, up from 50,928 in the previous weekly update. Chairman Thomas “Tom” Lee said the company would “increase its pace of ETH accumulation” and that ether could “bottom between March 8th to March 14th” if historical analogies hold.
Bitmine remains well ahead of ether-focused peer SharpLink, which said on Monday it held 868,699 ETH as of March 1. Reuters reported in July that other smaller companies, including Bit Digital and BTCS, have also added ether to their corporate treasuries. 3
That is a sharp turn for Bitmine itself. Reuters reported in July that the company, once better known for bitcoin mining and hosting, launched its ether treasury strategy in June and later drew Peter Thiel as its largest investor after he disclosed a 9.1% stake. 4
Bitmine said its planned Made in America Validator Network, or MAVAN, an in-house staking platform, remains on track for a first-quarter 2026 launch. It said it is working with three staking providers as it builds that business. 5
But the model is still exposed to familiar fault lines: token prices, regulation and the ability to keep raising capital. As recently as February, Coin Bureau co-founder Nic Puckrin told Reuters the crypto market was in “full capitulation mode” as bitcoin slid. Reuters also reported that prolonged weakness in crypto-treasury shares can choke off fresh funding, and SharpLink said Monday that market volatility helped drive a $734.6 million net loss in 2025 despite higher staking revenue. 6
Bitmine echoed that caution in its filing, saying future results could diverge from its plans depending on how well it can finance operations, compete and absorb swings in bitcoin and ether prices. 7
