LAS VEGAS, March 9, 2026, 11:32 PDT
Bitmine Immersion Technologies put its crypto, cash, and other holdings at $10.3 billion as of March 8, counting 4,534,563 ether tokens and $1.2 billion in cash. Shares climbed roughly 6% during U.S. afternoon trading.
Bitmine’s latest move ramps up its commitment to a playbook now catching on with other small public firms: tapping equity markets to amass an ether stash. Ether underpins Ethereum and, crucially, supports staking — letting holders lock up tokens to bolster network security and earn rewards. That staking angle is a key reason Bit Digital CEO Sam Tabar told Reuters last year the asset had reached “institutional-grade” status, though he noted it’s still in the early innings of broader adoption. Reuters
Timing is key here. Ether climbed roughly 4.2% on Monday, trading in a band from around $1,920 to $2,033. Oil, on the other hand, spiked as the war on Iran rattled global markets.
Bitmine disclosed in an 8-K filing with the U.S. Securities and Exchange Commission that its ether holdings represent 3.76% of the token’s 120.7 million supply. The company reported staking 3.04 million ETH—about two-thirds of its ether—and said that rate puts annualized staking revenue at around $174 million. The portfolio has 195 bitcoin as well as positions in Beast Industries and Eightco.
Bitmine reported snapping up 60,976 ETH over the last week, higher than the 50,928 ETH it picked up in the prior seven-day stretch. Chairman Thomas “Tom” Lee commented that the firm plans to “increase its pace of ETH accumulation,” adding that ether might “bottom between March 8th to March 14th” if past patterns repeat.
Bitmine keeps its lead over SharpLink, which on Monday disclosed it was holding 868,699 ETH as of March 1. Reuters noted back in July that names like Bit Digital and BTCS had joined the list of smaller firms adding ether to their balance sheets.
Bitmine’s shift stands out. Back in July, Reuters reported the company—previously focused on bitcoin mining and hosting—kicked off an ether treasury plan in June. Not long after, Peter Thiel surfaced as its biggest investor, revealing a 9.1% stake.
Bitmine says its Made in America Validator Network, or MAVAN, is still targeting a first-quarter 2026 debut. The company is collaborating with three staking providers as it gets the in-house staking platform off the ground.
The model faces the same old pressure points: token prices, regulation, and the ongoing scramble for capital. Back in February, Coin Bureau’s Nic Puckrin described the crypto market to Reuters as being in “full capitulation mode” while bitcoin was dropping. Reuters noted that drawn-out slumps in crypto-treasury stocks can strangle new investment. SharpLink, for its part, said Monday that wild market swings contributed to a $734.6 million net loss in 2025, despite the uptick in staking revenue. Reuters
Bitmine struck a similar cautious tone in its filing, warning that actual results might vary from projections depending on its ability to secure funding, stay competitive, and handle volatility in bitcoin and ether prices.
