Despite the geopolitical tension, the crypto market has displayed an impressive resilience as ETH is still trading at around $1,998
On March 2, Bitmine Immersion Technologies, the leading Bitcoin mining company, disclosed the accumulation of fresh Ethereum stash in the last week, announcing the acquisition of 50,928 ETH in the last week.
Despite the global tension and a new war between Israel and Iran, Bitmine has maintained its ritual to disclose its “crypto + total cash + “moonshots” holdings”, which now reach over $9.9 billion.
With the latest acquisition of ETH, the company now holds 4,473,587 ETH with an average price of $1,976 per ETH, along with 195 Bitcoin.
Apart from its direct holdings, the company has the highest number of staked Ethereum. The company has staked 3,040,483, which has a cumulative value of around $6.0 billion at $1,976 per ETH). This is around 68% of its total ETH holdings.
Thomas “Tom” Lee, Chairman of Bitmine, stated in the press release, “Annualized staking revenues are now $172 million. And this 3.0 million ETH is about 68% of the 4.5 million ETH held by Bitmine. The CESR (Composite Ethereum Staking Rate, administered by Quatrefoil) is 2.83%, while Bitmine’s own staking operations generated a 7-day yield of 2.86% (annualized).”
“We continue to make progress on our staking solution known as The Made in America VAlidator Network (MAVAN). This will be the ‘best-in-class’ solution offering secure staking infrastructure and will be deployed in early calendar 2026. Bitmine is currently working with 3 staking providers as the Company moves towards unveiling MAVAN in 2026,” Lee said.
This acquisition comes at a time when the world has encountered a new war in the Middle East after the U.S. and Israel jointly launched “Operation Epic Fury” and eliminated Iran’s Supreme Leader Ayatollah Ali Khamenei on the very first day. In retaliation, Iran has launched brutal attacks on Israel and other countries with U.S. military bases, including Saudi Arabia, Qatar, Kuwait, Bahrain, and the United Arab Emirates.
Despite the tension in the Middle East, the cryptocurrency market has shown some resilience after dropping below $1,900 on February 28. According to CoinMarketCap, ETH is trading at around $1,998.18 with 1.14% drop on a daily chart at the time of writing.
However, the continuous institutional investment in the second biggest cryptocurrency is showing that public holding companies are pretty confident in the crypto market. Strategy has also announced the acquisition of 3,015 BTC for approximately $204.1 million.
“Bitmine continues to methodically execute our Ethereum treasury strategy as we move our way through the later stages of this ‘mini crypto winter.’ Geopolitical uncertainty has risen in the past few days, as the US has commenced combat operations against Iran, and the impact on financial and digital asset markets will be felt in the coming weeks. We continue to steadily acquire ETH and optimize the yield on our ETH holdings,” Tom Lee said.
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