BitMine Immersion Technologies added $108 million worth of Ethereum last week, even as its stock fell sharply on Tuesday. The drop came as markets reacted to renewed trade war concerns linked to U.S. President Donald Trump’s tariff threats.
The company bought about 35,268 ETH, raising its total holdings to more than 4.2 million ETH. This represents nearly 3.5% of Ethereum’s circulating supply and is valued at over $12.8 billion.
BitMine also holds 192 Bitcoin worth about $17.4 million, along with nearly $1 billion in cash. Chairman Tom Lee said growing interest in tokenization and Wall Street use cases is helping Ethereum gain strength against Bitcoin.
A large part of BitMine’s strategy focuses on staking. The firm has increased its staked ETH to around 1.83 million, or roughly 44% of its total Ethereum holdings. These assets are currently worth about $5.5 billion.
Lee said BitMine expects to earn more than $1 million per day once its full ETH portfolio is staked. Staking allows Ethereum holders to earn rewards by helping secure the network under its proof-of-stake system.
Despite the growing crypto treasury, BitMine’s stock fell more than 7% on the day. The decline followed broader market weakness as Trump threatened new tariffs against several European countries and the U.K.
Major U.S. stock indices also moved lower, adding pressure to crypto-linked stocks. Ethereum itself dropped nearly 6% in the past day and is still well below its all-time high.
For now, BitMine continues to expand its Ethereum bet, but short-term market uncertainty is weighing on investor sentiment and BMNR’s share price.
