Bitmine Immersion Technologies said it purchased 71,672 ETH over the past week after Ethereum briefly fell below $2,200. In a treasury update released on May 17, the company said the buy lifted its total Ethereum holdings to 5,278,462 ETH, valued at about $11.6 billion based on its stated price of $2,191 per token.
Tom Lee Says the Pullback Opened a Buying Window
Chairman Tom Lee said Bitmine used the recent market drop to increase its Ethereum exposure. He described ETH below $2,200 as an attractive entry point. The latest purchase came after another transaction disclosed on May 11, when Bitmine bought 26,659 ETH. After the two disclosures, the company’s Ethereum reserve now represents about 4.37% of the circulating ETH supply.
Bitmine said Ethereum’s circulating supply is currently close to 120.7 million ETH. The company also said it is the largest publicly disclosed Ethereum treasury holder. Outside of ETH, Bitmine reported holdings of 202 BTC, $685 million in cash, a $200 million position in Beast Industries, and an $83 million stake in Eightco Holdings. Taken together, the firm said its crypto, cash, and investment portfolio totals about $12.6 billion.
Nearly 89% of ETH Holdings Are Staked
According to the treasury report, Bitmine has staked 4,712,917 ETH across validator infrastructure and partner platforms. That accounts for nearly 89% of its total Ethereum holdings. Using a 2.80% seven-day annualized staking yield, the company estimated annualized staking revenue at roughly $289 million. It also said potential staking rewards could reach about $324 million after full deployment.
MAVAN Starts With Internal Treasury Use
Bitmine recently launched MAVAN, short for Made in American VAlidator Network. The platform first supported the company’s internal treasury operations and is planned to expand toward institutional staking services.
On regulation, Bitmine pointed to developments around the Digital Asset Market CLARITY Act. Tom Lee said clearer crypto rules could support broader participation from traditional financial institutions. The company added that the bill still needs additional congressional approval before it can become law. Lee also cited Polymarket data showing a 61% probability of passage in 2026.