Bitmine Immersion Technologies expanded its Ether holdings over the past week as its chairman urged shareholders to approve a proposal that would allow the company to further build its crypto treasury and staking operations.
The company said it purchased 24,266 Ether (ETH) over the past week, lifting its total crypto holdings to about 4.17 million ETH, or 3.4% of the token’s circulating supply.
According to Monday’s announcement, the company reported about $14 billion in combined crypto and cash holdings, including $988 million in cash. In addition to ETH, it holds 193 Bitcoin (BTC) and a $23 million stake in Eightco Holdings.
Bitmine also expanded its staking activity, with about 1.26 million ETH currently staked, up 596,864 ETH from the prior week. Staking involves locking cryptocurrency to help run a blockchain network in return for yield. Bitmine is working on its own staking platform, with plans to deploy it in early 2026.
The update also brought renewed calls from Tom Lee for shareholder approval of an increase in authorized shares, which the company says is needed to support its strategy, ahead of its annual meeting scheduled for Thursday in Las Vegas.
Lee said the company’s charter requires approval from a majority of outstanding shares and warned that without additional authorization, Bitmine’s ability to continue acquiring Ether could be limited.
Bitmine shares were up 3% in early trading, according to Yahoo Finance data, while Ether (ETH) was trading near $3,100, down 3.3% over the past seven days.
Related: Ethereum treasury company BitMine crosses 1 million staked ETH milestone
Bitmine, Strategy dominate digital asset treasury companies
2025 saw a wave of digital asset treasury companies emerge, as entities adopted strategies centered on holding Bitcoin, Ether and other cryptocurrencies on their balance sheets. While hundreds of companies have entered the space with varying approaches, treasury holdings have become highly concentrated.
According to data from CoinGecko, Bitmine has established itself as the largest Ether treasury company by a wide margin, holding 4,167,768 ETH valued at nearly $13 billion, compared with Sharplink, the second-largest holder, which reports 864,840 ETH and The Ether Machine, which holds just under 500,000 ETH.
On the Bitcoin side, Strategy, led by Michael Saylor, continues to dwarf other corporate holders after pioneering the Bitcoin treasury model in 2020. The company holds 687,410 BTC, according to BitcoinTreasuries.NET, far ahead of Mara Holdings Inc. with 53,250 BTC and Twenty One Capital with 43,514 BTC.
Neither company has shown any signs of slowing down. Last week, Strategy added 13,627 BTC to its balance sheet at a cost of $1.25 billion, marking its largest Bitcoin purchase since July. Bitmine has said it is targeting ownership of 5% of Ether’s total supply, or about 6 million ETH.
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