Bank of America Increases Stake in BitMine 17-Fold

🇺🇸 Bank of America Increases Stake in BitMine 17-Fold

The largest U.S. bank by assets — Bank of America — has increased its stake in BitMine Immersion Technologies by 17 times, reaching 3.1 million shares.

📊 Key Figures

There are 454.86 million BMNR shares outstanding (as of February 10).

BitMine holds 4,371,497 ETH worth approximately $8.73 billion.

This represents about 3.62% of the total Ethereum supply.

The company ranks second globally in terms of corporate crypto reserves.

Last week alone, BitMine acquired an additional 45,759 ETH.

BitMine’s total assets (crypto, cash, and equities) amount to $9.6 billion.

🔒 Staking and Revenue

Of the ETH held by BitMine:

3,040,483 ETH (69%) is allocated to staking.

Over the past year, staking revenue totaled $176 million.

Seven-day yield stands at 2.89%.

🏦 Bank of America’s Crypto Position

Bank of America is the only bank among the top five U.S. banks that does not offer cryptocurrency services to customers.

The bank’s CEO, Brian Moynihan, has previously opposed the legalization of interest payments on stablecoins. In his view, allowing stablecoin holders to earn interest on deposits could trigger an outflow of bank deposits and result in potential losses of up to $6 trillion for credit institutions.

According to him, stablecoins are structurally similar to investment funds that hold reserves in high-yield, liquid assets — effectively operating outside the traditional banking system.

📉 Market Decline and Losses

Following the crypto market downturn in early February, BitMine recorded approximately $6 billion in losses.

Overall, companies and governments holding Ethereum in reserves saw nearly a 20% decline in value by mid-February.