Institutional Crypto Adoption Accelerates as BitMine Expands Ethereum Holdings and Delaware Life Adds Bitcoin to Retirement Products

Major Institutional Players Deepen Crypto Commitments

Institutional adoption of cryptocurrency continues to gain momentum as both corporate treasury strategies and traditional financial products increasingly incorporate digital assets. Recent developments from BitMine Immersion Technologies and Delaware Life Insurance Company demonstrate how diverse entities are integrating crypto into their operations and offerings.

BitMine Builds World's Largest Ethereum Treasury

BitMine Immersion Technologies, the publicly traded company operating under the Nasdaq ticker BMNR, has significantly expanded its position as the world's largest Ethereum treasury holder. The company announced on Tuesday that its holdings reached 4.2 million ETH as of January 20, following the acquisition of an additional 35,268 ETH within one week ^[1].

At current market prices, the Ethereum holdings are valued at approximately $12.8 billion, representing nearly 3.5 percent of the circulating Ethereum supply of roughly 120.7 million ETH ^[1]. Beyond its Ethereum position, BitMine maintains a diversified portfolio including 193 Bitcoin valued at about $17.5 million, an Eightco stake worth approximately $22 million, and roughly $979 million in cash reserves. The company's total cryptocurrency and liquidity reserves amount to approximately $14.5 billion ^[1].

Aggressive Staking Strategy Deployed

BitMine has dramatically accelerated its staking activities, increasing its staked Ether holdings by approximately 582,000 ETH within a single week to reach a total of 1.8 million ETH. This represents over 40 percent of the company's total ETH holdings ^[1].

The expansion involves multiple staking providers and precedes the planned launch of the "Made-in-America Validator Network" (MAVAN), scheduled to go live in early 2026. According to Chairman Tom Lee, fully deployed staking operations could generate more than $370 million in annual rewards ^[1].

At a shareholder meeting held on January 15, stockholders approved all proposals including an increase in authorized share count. BitMine views this approval as support for its strategy to continue accumulating ETH without issuing shares below net asset value. The company maintains a long-term target of acquiring approximately five percent of Ethereum's circulating supply ^[1].

Traditional Insurance Sector Enters Bitcoin Space

Delaware Life Insurance Company has become the latest traditional financial institution to incorporate Bitcoin exposure into its product offerings. The insurer is adding limited Bitcoin-linked exposure to its retirement annuity portfolio through an index developed by BlackRock ^[2].

The structure blends US equities with a small, risk-managed Bitcoin allocation accessed through BlackRock's iShares Bitcoin Trust ETF, meaning policyholders do not hold Bitcoin directly. The index incorporates volatility controls designed to limit fluctuations to approximately 12 percent while preserving principal under the annuity's terms ^[2].

The Bitcoin-linked index will be available across three of Delaware Life's fixed indexed annuity products. These insurance-based retirement products protect the initial investment and offer tax-deferred growth, with returns tied to referenced market index performance rather than direct asset ownership ^[2].

Delaware Life reported surpassing $40 billion in cumulative annuity sales as of November 2025 ^[2]. BlackRock's Bitcoin ETF, launched in January 2024, has grown to exceed $70 billion in market capitalization, making it the largest spot Bitcoin fund. BlackRock indicated in December that the ETF ranked among the company's three largest investment themes in 2025 ^[2].

Broader Industry Movement

The Delaware Life product joins other insurance industry experiments with Bitcoin-linked structures. Meanwhile Group, which offers Bitcoin life insurance, launched in June 2023 with backing from investors including Sam Altman and Gradient Ventures, and raised $82 million in October 2025 to support growing demand for Bitcoin-denominated retirement and savings products ^[2].

Barbados-based insurer Tabit has taken a different approach by using Bitcoin to fund its balance sheet rather than offering crypto-linked products. In March, the company raised $40 million in Bitcoin to back traditional US dollar-denominated property and casualty insurance policies, with its entire regulatory reserve held in Bitcoin ^[2].

Further expanding crypto access in retirement vehicles, US President Donald Trump signed an executive order in August directing regulators to expand access to cryptocurrency in 401(k) retirement plans ^[2].