Bitmine Immersion Technologies (NASDAQ: BMNR) disclosed on Monday that its Ethereum holdings have surged to 4.47 million ETH as of March 1, representing approximately 3.71% of the total ETH supply. At a benchmark price of $1,976 per ETH, the stash is worth $8.8 billion, making Bitmine the publicly traded company with the largest Ethereum treasury, second only to Strategy among corporate crypto reserve holders.
50,928 ETH Added in One Week
Despite subdued market sentiment, Bitmine accelerated its buying spree, scooping up 50,928 ETH over the past seven days. Chairman Tom Lee remarked on social media that the company's strategy goes beyond mere hoarding, emphasizing asset productivity.
Staking Generates $171M Annual Passive Income
Of the total Ethereum held, approximately 68.7% (or 3.04 million ETH) has been locked in staking. At a yield of 2.89%, Bitmine earns $171 million in passive income each year from those staked coins. The firm expects to launch its proprietary “Made-in-America Validator Network (MAVAN)” infrastructure this quarter, which could push annualized staking revenue to $249 million once all ETH is staked. Lee confirmed that Bitmine has already partnered with three staking service providers to finalize preparations for MAVAN.
Diversified Assets and Cash Position
In addition to its massive ETH treasury, Bitmine holds 193 Bitcoin, a $200 million stake in Beast Industries, and a $19 million investment in Eightco Holdings. The company also reported a cash position of $691 million.