Bitmine Immersion Technologies added 51,162 ETH last week, pushing its total Ethereum holdings to 4.42 million ETH. Using the article’s reference price of about $1,958 per coin, that stack is worth roughly $8.7 billion. The company now controls about 3.66% of Ethereum’s global supply, moving closer to its stated long-term target of 5%.
The source describes Bitmine as the world’s second-largest crypto treasury company, behind Bitcoin-focused Strategy. This latest purchase came while the market was still under short-term pressure. Bitmine did not ease up on accumulation.
Tom Lee points to three long-term drivers for Ethereum
Chairman Tom Lee said the company remains committed to buying more ETH because the market price still does not reflect Ethereum’s practical utility. His first driver is Wall Street tokenization. As stocks, bonds, and funds move onchain, he expects Ethereum’s role as a primary settlement layer to strengthen.
The second driver is growing reliance on smart contracts in AI applications. Lee said use cases involving AI agents handling onchain transactions and managing funds are expanding, and he framed Ethereum as the most mature smart contract platform available today. The third driver is a shift in the creator economy toward blockchain-based verification, including content authentication and digital identity, which he said should bring more activity into the Ethereum ecosystem.
About 3.04 million ETH is already staked
Bitmine has staked about 3.04 million ETH, equal to 68.7% of its total holdings. According to the source material, that position is generating a staking yield of 2.89% annually, or about $171 million in passive income each year. For a company building such a large ETH reserve, staking income has become a meaningful part of the strategy.
Bitmine also expects to launch MAVAN, short for Made-in-America Validator Network, this quarter. The system is described as a dedicated validator infrastructure deployed across the United States. If all 4.42 million ETH are eventually staked through MAVAN, projected annual income would rise to about $249 million.
Portfolio also includes BTC, equity stakes, and cash
Outside of Ethereum, Bitmine’s portfolio includes 193 BTC, roughly $200 million in Beast Industries shares, a $19 million investment commitment to Eightco Holdings, and $691 million in cash. The source says that mix gives the company room to keep accumulating ETH while maintaining a liquidity buffer.