Bitmine Immersion Technologies added 26,497 ETH last week, lifting its Ethereum holdings to 5,416,901 ETH, equal to about 4.49% of the network’s circulating supply. Based on the figures disclosed in the report, the position is worth roughly $10.85 billion, putting the company about 90% of the way toward its stated goal of owning 5% of Ethereum’s supply.
Accumulation slowed as the company shifted attention to yield
The latest purchase was valued at about $53 million, using an ETH price near $2,003. That pace was slower than in prior weeks. Earlier, Bitmine bought between 111,942 ETH and 120,000 ETH in a single week. Chairman Tom Lee said the company is placing greater emphasis on generating staking income from the ETH it already holds rather than keeping up the same rate of accumulation.
Lee also said current ETH prices do not reflect what he described as stronger Ethereum fundamentals. He repeated that Bitmine still expects to hit its 5% ownership target in 2026. With its holdings expanding, the firm has become one of the largest Ethereum treasury players in the market.
More than 4.7 million ETH are staked through MAVAN
Out of Bitmine’s roughly 5.42 million ETH reserves, 4,718,677 ETH are actively staked through the company’s MAVAN platform. That represents about 87% of its Ethereum holdings. The company said the staking operation is currently producing a 2.73% annualized yield based on a seven-day rate.
At current deployment levels, Bitmine projects annualized staking revenue of about $258 million. As more ETH moves into staking programs, that figure is expected to rise toward $296 million. The company also said the value of its staked ETH is approximately $9.5 billion.
Total assets stand at about $11.6 billion
Outside Ethereum, Bitmine reported total assets of roughly $11.6 billion, including 203 Bitcoin, $446 million in cash, a stake in Beast Industries, and an investment in Eightco Holdings. The company listed Ark Invest, Pantera Capital, Founders Fund, Bill Miller III, Kraken, Digital Currency Group, Galaxy Digital, and Tom Lee among its backers.
By the company’s own figures, Bitmine is currently the largest public Ethereum treasury and the second-largest digital asset treasury company overall, behind Strategy’s Bitcoin-focused holdings.