Bitmine Immersion Technologies (NYSE: BMNR) announced on June 8 that it scooped up 126,971 ETH during last week's market dip. Its total ETH stash now stands at 5,543,872 tokens, representing 4.59% of the total Ethereum supply (about 120.7 million). Combined with 204 BTC, $247 million in cash, and $268 million in venture investments (including stakes in Beast Industries and Eightco Holdings, which indirectly holds OpenAI), Bitmine's treasury is valued at $9.6 billion, making it the world's second-largest corporate crypto treasury after Strategy Inc. (formerly MicroStrategy).
Over 85% of ETH Staked, Generating $270M Annual Passive Income
Bitmine doesn't just sit on its ETH. Through its in-house institutional validator platform MAVAN, it has staked 4,718,677 ETH — more than 85% of its holdings. At a current 7-day annualized yield of 2.99%, these staked assets are expected to generate roughly $270 million per year in passive income (actual annualized yield is around $230 million). MAVAN is currently restricted to internal use, but the firm plans to open it to external institutional investors in the future.
Chairman Tom Lee Sees AI Driving Blockchain Demand
Commenting on the recent market volatility, Bitmine Chairman Thomas "Tom" Lee dismissed the downturn as a "surface phenomenon." He argued that the rapid development of agentic AI and Wall Street tokenization will fuel explosive demand for decentralized, resilient public blockchains like Ethereum. Bitmine says its "Alchemy of 5%" strategy is already 92% complete after just 11 months. By continuing to raise funds through preferred share offerings, the company expects to hit the 5% of total ETH supply milestone by the end of 2026, which will significantly impact Ethereum's liquidity and pricing dynamics.