BitMine shares jump after $22.9M Ethereum buy, holdings near 5M ETH, highlighting bold crypto treasury strategy.

BitMine Immersion Technologies boosted its Ethereum holdings by purchasing 10,000 ETH for $22.9 million, pushing its total to over 5 million ETH, about 4% of the circulating supply. The company is using Ethereum not just as an asset but also staking 3.7 million ETH to generate recurring revenue. This aggressive accumulation strategy exposes BitMine to large unrealized losses and balance-sheet volatility, raising questions about future financing and risk management. The move signals a growing trend of crypto firms treating digital assets as core treasury investments rather than operational byproducts.