Bank of America, the largest US financial conglomerate, made a surprise move in the cryptocurrency market, increasing its stake in Bitmine Immersion Technologies by 17-fold. This decision is particularly resonant given the bank's conservative policies, which remain the only member of the US "Big Five" that does not provide direct crypto services to its clients. Despite management's skeptical rhetoric regarding stablecoins, such a large investment in one of the largest digital asset holders indicates the banking sector's latent interest in infrastructure players.

BitMine currently holds a firm position as the world's second-largest corporate cryptocurrency holder, holding over 4.37 million ETH. The value of this portfolio is estimated at nearly $9 billion, representing a substantial 3.62% of the total Ether supply. The company continues its aggressive accumulation strategy, purchasing over 45,000 coins last week alone, bringing the total value of its assets, including cash and securities, to $9.6 billion.

Analysts are particularly focused on the efficient management of these reserves: approximately 69% of BitMine's total ether reserves are staked. This passive income strategy has earned the company $176 million over the past year, with a current yield of approximately 2.89% per annum. This operating model transforms the mining company into a kind of high-tech investment fund, generating profits directly from the blockchain protocol, creating direct competition for traditional bank deposits.

At the same time, Bank of America CEO Brian Moynihan remains firm in his position—he actively opposes the legalization of interest on stablecoins, fearing a mass exodus of depositors. He predicts that the transformation of digital dollars into profitable instruments could cost the banking system up to $6 trillion in lost deposits. However, February's market volatility served as a reminder of the high risks: a deep correction led BitMine to post a paper loss of $6 billion, and the cumulative losses of institutional Ethereum holders reached nearly 20% by mid-month.