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ETH Cryptocurrency Treasury and Institutional Investment News
Since June 2025, Bitmine Immersion Technologies has been purchasing Ethereum (ETH) every week. According to an announcement released on August 17, the company increased its holdings of 9,926 ETH units in the seven days ended August 16. The purchase brought its total holdings to 5,815,164 ETH units, equivalent to 4.8% of Ethereum's 120.7 million units in circulation.
The company calls its long-term accumulation goal "the alchemy of 5%", which means holding 1 out of every 20 ETH in circulation. At its current pace, Bitmine has achieved 96% of its target. Since the strategy was launched, it has never missed a weekly purchase.
A US$8.4 billion book loss tested Bitmine's confidence
The math behind the portfolio was difficult. Most of Bitmine's ETH was purchased at levels well above current market prices. Based on a reference price of US$1,893 each, the total position value is approximately US$11 billion. But the company actually paid much higher prices, leaving it facing unrealized losses of more than $8.4 billion. According to industry data, this loss represents approximately 43% of the portfolio's present value.
On August 17, ETH was trading just above US$1,900. The token is down approximately 61.7% from the all-time high of US$4,946.05 set in August 2025. Despite the pullback, Chairman Tom Lee did not back down. He said the ETH/BTC ratio had risen to 0.02994 and exceeded the multi-year downward trend line.
Lee attributed the shift to early signs of institutional tokenization and AI-driven applications settling on blockchain. He pointed out that the 2017 - 2018 ICO, the 2020 - 2021 NFT, and the 2025 stablecoins were catalysts for previous rate cycles, and said Wall Street tokenization and proxy artificial intelligence will drive the next cycle.
In addition to ETH, Bitmine also holds 210 bitcoins (BTC), as well as a $180 million equity investment in Beast Industries and a $73 million equity investment in Eightco Holdings. The company also reported holding $78 million in cash and marketable securities. This week, it repurchased 1.7 million shares of its own common stock, bringing the cumulative number of shares repurchased since July 1 under a $4 billion repurchase program.
(Note: relevant article guidance is omitted here)
Pledges are expected to generate revenue of US$250 million to US$287 million per year
Book losses have not prevented Bitmine from putting its ETH into use. More than 5 million of its 5.82 million tokens are actively pledged through its MAVAN platform and third-party pledge partners. This accounts for 87% of total positions, with a current market value of approximately US$9.6 billion. Pledges allow Bitmine to earn protocol rewards by assisting in verifying transactions on the Ethereum network. Based on a seven-day pledge yield of 2.61%, Lee expects annualized rewards to be between $250 million and $287 million. These rewards are paid in ETH regardless of the daily spot price. Lee also said he expects loose financial conditions to become a broader positive factor for the crypto market in the future.
