Bitmine Immersion announced Monday that its Ethereum holdings have surpassed 4.7 million tokens, solidifying its position as the largest public ETH treasury company. The acquisition of 71,179 ETH brings the firm's total crypto and cash assets to approximately $10.7 billion according to data from The Block. Chair Tom Lee framed this strategic accumulation as a hedge against geopolitical instability and rising oil prices.
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. The company 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 also holds 197 BTC worth $13.4 million alongside a $102 million stake in Eightco Holdings.
Wartime Asset Allocation
Lee explicitly linked the buying surge to the ongoing conflict between Iran and its regional adversaries. He stated that Ethereum outperformed equities by 1,160 basis points during the first five weeks of the war. In contrast, traditional safe-haven assets like gold underperformed by more than 750 basis points during the same period.
"As the Iran war enters its fifth week, ETH and crypto outperformed the broader market with ETH outperforming equities by 1,160bp," Bitmine Chair Tom Lee said in a statement.
This performance suggests digital assets may serve as a wartime store of value better than historical benchmarks. The firm's treasury strategy aims to capitalize on market dislocations caused by international tensions. Lee argues that crypto winter conditions likely end when upside risks to oil prices peak.
Bitmine currently holds 3,142,643 ETH in staked contracts, representing 66% of its total Ethereum treasury. Annualized staking revenues from this position now amount to $177 million in passive income. The firm aims to acquire 5% of the circulating ETH supply, equivalent to roughly 6.04 million tokens.
It has already secured 3.92% of the supply, reaching 78% of its target in just eight months. This aggressive growth rate distinguishes Bitmine from other corporate holders in the sector. Staking yields provide a consistent cash flow that supports the company's operational expenses.
Market Position and Competition
Competitors in the space trail significantly behind the treasury giant. SharpLink holds approximately 863,021 ETH, while The Ether Machine holds 496,712 ETH. In the broader public crypto treasury sector, Bitmine ranks second only to MicroStrategy's Bitcoin holdings.
MicroStrategy holds 762,099 BTC valued at $52 billion, equivalent to more than 3.6% of bitcoin's total 21 million supply. This comparison highlights the growing trend of public companies holding digital assets as a primary reserve. Bitmine holds 197 BTC valued at $13.4 million alongside its massive Ethereum position.
The company benefits from backing by major institutional investors including Ark Invest and Founders Fund. Partners such as Pantera, Kraken, and Galaxy Digital also support the treasury model. This structure allows Bitmine to pursue large-scale acquisitions without diluting shareholder value excessively.
Institutional investors are increasingly viewing Ethereum as a core reserve asset alongside equities. The correlation dynamics with oil and geopolitical events may drive further capital allocation. Observers will watch to see if Bitmine achieves its 5% supply target by year-end.
Such a move would significantly impact Ethereum's circulating supply and market liquidity. Analysts suggest rising oil costs typically act as a headwind for equities markets due to inflationary pressures. Digital assets may continue to decouple from traditional risk assets during periods of high geopolitical tension.
