Bitmine Immersion Technologies said it purchased 50,928 ETH over the past week, bringing its total holdings to 4,473,587 ETH. According to the company’s latest announcement, that amount now represents 3.71% of Ethereum’s total supply, extending Bitmine’s lead among corporate ETH treasuries.
The update was issued on March 2, 2026. Even with crypto market volatility picking up, Bitmine continued to add to its position. Chairman Tom Lee said recent geopolitical pressure and what he described as a “mini crypto winter” had made sentiment more cautious, but the company viewed the pullback as an attractive entry point.
Alchemy of 5% treasury plan moves ahead
Bitmine said it is following an “Alchemy of 5%” treasury strategy aimed at acquiring 5% of Ethereum’s global supply. After the latest purchase, the company said it has completed 74% of that target in just 8 months.
The company also disclosed that total assets, including crypto holdings, cash, and strategic investments, now stand at $9.9 billion. In the broader ranking of crypto corporate treasuries, Bitmine trails only Strategy, the public company known for its Bitcoin accumulation. Among companies holding ETH, Bitmine said it remains in first place.
More than 3.04 million ETH has been staked
Bitmine is also leaning on staking to increase returns from its treasury. As of March 1, 2026, the company had staked more than 3.04 million ETH, equal to about 68% of its total holdings. Using an ETH price of roughly $1,976, Bitmine said those staked assets were worth around $6 billion and generated about $172 million in annualized income.
It also said its in-house “Made in America Validator Network,” or MAVAN, is expected to go live in the first quarter of 2026. Once assets are fully migrated to MAVAN and partner platforms, the company expects annualized staking rewards to increase to $253 million.
Tom Lee says ETH price does not reflect utility
Tom Lee said in the announcement that Ethereum’s market price still does not reflect what he described as its high practical value at the center of “future finance.” Bitmine said it continues to treat ETH as its primary reserve asset and compared the current digital asset transition to the financial modernization that followed the end of the Bretton Woods system in 1971.