Bank of America, the largest U.S. bank by assets, has sharply increased its exposure to the crypto sector by expanding its stake in BitMine more than seventeenfold to roughly 3.1 million shares. BitMine currently stands as the largest corporate holder of Ethereum, positioning the move as a notable signal of institutional positioning in digital assets.
As of February 10, approximately 454.86 million shares of BitMine Immersion Technologies (BMNR) were outstanding. The company holds about 4,371,497 ETH valued at roughly $8.73 billion, representing nearly 3.62% of the total Ethereum supply. By size of corporate crypto reserves, BitMine ranks second globally.
The firm continues to scale its holdings aggressively. Just last week it acquired an additional 45,759 ETH, bringing the estimated value of its combined assets — including crypto, cash, and equities — to around $9.6 billion. A substantial portion of its Ethereum portfolio is actively deployed in staking: about 69% of reserves (3,040,483 ETH) generate yield on-chain. Over the past year, staking has produced roughly $176 million in returns, with a recent seven-day yield of 2.89%.
Notably, Bank of America remains the only institution among the five largest U.S. banks that does not yet offer direct cryptocurrency services to clients. CEO Brian Moynihan has previously voiced opposition to allowing stablecoins to pay interest, warning that such a framework could trigger large-scale deposit migration from banks and potentially drain up to $6 trillion from the traditional financial system.
Moynihan argues that stablecoins structurally resemble money market–style vehicles, holding reserves in liquid, yield-bearing assets and effectively shifting capital outside the banking ecosystem.
The investment comes amid ongoing volatility in digital asset markets. Following a downturn in early February, BitMine reported an unrealized loss of about $6 billion, while aggregate losses among corporations and sovereign entities holding Ethereum approached 20% over the same period.
Despite short-term price swings, analysts interpret Bank of America’s expanded position as a longer-term strategic signal. Large financial institutions increasingly view crypto assets not merely as speculative instruments but as an emerging asset class capable of complementing traditional portfolios as global finance continues its structural shift toward digital infrastructure.