BitMine Adds 60,976 ETH, Boosts Treasury to $9.14B while Losses Reach $7.8B
BitMine Immersion added 60,976 ETH last week, raising its holdings to 4.53 million ETH valued at $9.14 billion alongside $1.2 billion cash. The firm faces a $7.8 billion unrealized ETH loss and plans to fully stake its holdings via MAVAN to target $259 million in annual yield.
1. Ethereum Treasury Growth
BitMine Immersion added 60,976 ETH over the last week, bringing its total holdings to 4,534,563 ETH valued at approximately $9.14 billion based on a $2,015 price per coin. The firm also holds $1.2 billion in cash and $13.4 million in Bitcoin, reinforcing its diversified crypto treasury.
2. Unrealized Loss and Market Context
Despite the recent ETH rally, BitMine’s holdings carry an estimated $7.8 billion unrealized loss based on historical cost data. Ethereum gained nearly 5% over the past week, briefly reaching $2,179 before dipping below $2,000 and then recovering above that level as volatility remains high.
3. MAVAN Staking Strategy
BitMine has already staked about $6 billion worth of ETH and plans to fully stake its remaining holdings through its Made in American Validator Network (MAVAN). Once fully operational, MAVAN is expected to generate roughly $259 million in annual yield at current staking rates.
4. Stock Performance and Peer Comparison
Following the treasury update, BitMine’s stock rose over 3% at the open, though shares are down nearly 10% in the past month. The company remains the second-largest crypto treasury firm behind Strategy, which holds about $51 billion in Bitcoin assets.