Bitmine Immersion Technologies increased its Ethereum holdings by 7,391 ether last week, pushing its total treasury to 5.81 million ETH valued at approximately $11 billion.
The 5.81 million ETH represents about 4.8 percent of Ethereum's circulating supply of 120.7 million tokens, according to on-chain data, establishing Bitmine as one of the largest single institutional holders of ether.
Bitmine operates as an Ethereum-focused treasury firm. Its business model integrates staking rewards and share buybacks to fund continued ether acquisitions, generating yield from holdings while expanding its asset base.
With a large portion of circulating supply locked in long-term treasuries, immediate sell-side pressure on exchanges is reduced. Ethereum's staking yield averages around 3.2 percent annually for validators, according to data from Lido and Rocket Pool. For a treasury holding 5.81 million ETH, that translates to substantial recurring revenue in newly issued ether.
While many institutions access ether through spot Ethereum ETFs, Bitmine acquires and holds directly. Direct custody bypasses ETF management fees and keeps the firm's staking rewards fully in-house.
As a large staker, Bitmine also contributes to proof-of-stake consensus security. Its accumulation reflects institutional conviction in Ethereum's Layer 2 scaling trajectory, its role in DeFi and tokenization, and the compounding effect of native staking yield over a long time horizon.
