BitMine Immersion has expanded its Ethereum treasury to 4.24 million ETH, worth roughly $12.3 billion, after purchasing an additional 40,302 ETH in its latest weekly buy. The firm’s total crypto and cash holdings now stand at about $12.8 billion. Its ETH position represents around 3.5% of Ethereum’s circulating supply.

Nearly half of BitMine’s ETH — just over 2 million coins — is now staked, generating significant yield. Chairman Tom Lee said the company is the world’s largest ETH staker and estimated that, once fully staked through partners, annual staking revenue could reach about $374 million.

Beyond ETH, BitMine also holds bitcoin, major equity stakes, and substantial cash reserves. Backed by prominent institutional investors, the company aims to accumulate 5% of Ethereum’s circulating supply long term.

Lee added that discussions at Davos signaled growing institutional acceptance of crypto, with Wall Street increasingly viewing digital assets and blockchain as converging with traditional finance and AI. BitMine’s stock was mostly flat over the past week, with slight pre-market weakness.