Ethereum treasury company Bitmine Immersion's holdings have reached 4,732,082 ETH — worth around $9.8 billion at current prices — following its latest weekly acquisitions.
Bitmine bought 71,179 ETH since its last update on March 23, reporting its total crypto and cash holdings stood at $10.7 billion on Monday. Bitmine did not disclose the average purchase price, but at current prices, its latest acquisition is worth around $147.6 million.
As of March 29, Bitmine (BMNR) also holds 197 BTC ($13.4 million), a $102 million stake in Eightco Holdings, and total cash of $961 million. The company's ETH holdings are equivalent to nearly 4% of Ethereum's current circulating supply, which sits at approximately 120.7 million ETH, according to The Block's price page.
"As the Iran war enters its 5th week, ETH and crypto outperformed the broader market with ETH outperforming equities by 1,160bp," Bitmine Chair Tom Lee said in a statement. "This is a marked contrast to Gold (a traditional store of value), which has underperformed by more than 750 basis points. Crypto is demonstrating itself to be a good 'war time' store of value."
"The inverse correlation of crypto (and equities) to oil has been increasing and is at the highest levels in the past year. This is logical," Lee added. "Until equity markets become comfortable with the future trajectory of oil prices, rising oil is a headwind for equities and crypto. And in a sense, the crypto winter likely ends when the upside risk to oil prices peaks."
Meanwhile, Bitmine's total staked Ethereum stands at 3,142,643 ETH.
"Annualized staking revenues are now $177 million. And this 3.1 million ETH is about 66% of the 4.7 million ETH held by Bitmine," Lee said.
Bitmine remains the largest Ethereum treasury holder, followed by Joe Lubin's SharpLink and The Ether Machine, with approximately 863,021 ETH and 496,712 ETH, respectively, according to SER data.
Bitmine is also the second-largest public crypto treasury company overall, behind Michael Saylor's Strategy, which holds 762,099 BTC ($52 billion) — equivalent to more than 3.6% of bitcoin's total 21 million supply.
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Supported by institutional investors including Ark Invest's Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital, Bitmine targets acquiring 5% of the circulating ETH supply, currently equivalent to around 6.04 million ETH.
"Bitmine now owns 3.92% of the ETH token supply, over 78% of the way to the 'Alchemy of 5%' in just 8 months," the firm said Monday.
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