BlackRock has significantly increased its exposure to Bitmine Immersion Technologies (NYSE American: BMNR), according to a February 12 filing with the U.S. Securities and Exchange Commission. The disclosure shows the asset manager raised its stake by 165.6%, expanding from roughly 3.4 million shares to 9.05 million shares as Bitmine continues its aggressive shift toward building one of the largest Ethereum treasuries in the public markets.
The move places BlackRock deeper inside a company that now holds approximately 4.326 million ETH, representing about 3.6% of Ethereum’s circulating supply. At current prices near $1,940 per ETH, Bitmine’s Ethereum holdings approach $10 billion.
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BlackRock Expands its Digital Asset Footprint
Bitmine was originally a Bitcoin mining company. Over the past year, however, it has repositioned itself as a large-scale Ethereum accumulator, drawing comparisons to MicroStrategy’s Bitcoin treasury model. The company, chaired by Wall Street strategist Tom Lee, has pursued what it calls the “Alchemy of 5%” plan, a long-term objective to control 5% of Ethereum’s total supply. If achieved, that would place Bitmine among the most influential ETH holders globally.
This pivot indicates the firm’s strong belief that Ethereum’s network economics and staking model offer strategic advantages over traditional mining-based revenue streams. Thus, rather than deploying capital toward hardware and energy costs, Bitmine has opted to accumulate and stake ETH directly. This approach creates a dual-layer profit strategy: treasury appreciation combined with protocol yield, an approach that BlackRock apparently agrees with. Ark Invest has also expanded its position in Bitmine with new buy-ins yesterday, alongside a sizeable $12.4 million purchase of Robinhood shares.
BlackRock’s increased stake follows Ethereum’s price poor performance, currently hovering around $1,957 after warnings from some analysts of further downside risk. By adding exposure during this softer price environment, BlackRock is positioning for a longer horizon rather than reacting to short-term volatility. The firm’s broader activity in digital assets, such as its recent tokenization initiatives, further shows how BlackRock is strategically allocating capital in promising digital asset narratives.
Additionally, BlackRock originally accumulated the additional Bitmine shares in Q4 2025, when Bitmine shares traded near $27, indicating the investment giant entered during a period of relative equity weakness tied to Ethereum’s pullback.
Institutions Concentrating Ethereum Supply Could Boost Markets
Controlling 3.6% of ETH supply is already significant. If Bitmine reaches its 5% objective, the impact on circulating liquidity could be substantial. Large treasury concentrations can tighten float, influence staking dynamics, and amplify price sensitivity during capital inflows.
Despite current market pressures, Bitmine’s accumulation strategy and BlackRock’s expanded stake point toward confidence in Ethereum’s structural relevance. This confidence, backed by capital inflows could influence retail sentiment in the long run, positively influencing the ETH price.
While volatility remains a constant in crypto markets, the steady build-up of treasury-scale ETH holdings underscores belief in long-term infrastructure. BlackRock’s filing makes one thing clear: even amid price softness, institutional positioning around Ethereum is accelerating rather than retreating.
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The CoinRemark Team
Temitope Olajide
