Bitmine Immersion Technologies (BMNR), the world's largest corporate holder of Ethereum, disclosed in its weekly financial report on March 23 that its ETH stash has climbed to 4,660,903 tokens, valued at roughly $9.65 billion based on a per-coin price of $2,072. Total assets — including cash, crypto, and equity investments — have crossed the $11 billion mark. That amounts to 3.86% of Ethereum’s total circulating supply of 120.7 million coins, putting Bitmine about 77% toward its self-imposed “Alchemy of 5%” target set eight months ago.
Accelerated Accumulation: 65K ETH in One Week, Well Above Average
Rather than slowing down amid Ether’s sideways grind near $2,000, Bitmine stepped up its buying. Over the past seven days, the company snapped up 65,341 ETH, notably higher than its recent weekly average of 45,000 to 50,000 tokens. The fresh purchases bring Bitmine’s share of global ETH supply close to 4%, widening its lead over rival corporate wallets.
The asset breakdown includes: 4.66 million ETH ($9.65B), $1.1B in cash, 196 Bitcoin, a $200 million stake in Beast Industries, and $95 million in Eightco Holdings ($ORBS) equity. Combined cash and ETH alone account for more than $10.7 billion, giving the firm enormous liquidity.
Staking Income Engine: 3.14M ETH Staked, Earning $184M a Year
Unlike pure hoarders, Bitmine actively participates in Ethereum’s proof-of-stake network. Data shows 3,142,643 ETH (about $6.5 billion) are currently staked, representing 67% of its total holdings. At the current 7-day annualized yield of roughly 2.83%, Bitmine generates approximately $184 million in staking rewards each year.
Chairman Thomas “Tom” Lee said the company’s proprietary MAVAN (Made in America VAlidator Network) infrastructure is scheduled to go live in Q1 2026, which could further improve both asset security and yield. The implication: Bitmine is evolving from a “digital gold vault” into an on-chain income-generating machine.
Tom Lee: Ethereum in the ‘Tail End of a Mini-Crypto Winter’
In the earnings commentary, Lee offered a pointed view on the current market doldrums. He described Ethereum as being in the final phase of a “mini-crypto winter” and pointed to historical parallels with the S&P 500’s bottom formations in 2011 and 1987 — both of which preceded strong recoveries.
Bitmine’s aggressive accumulation at these levels sends a clear bullish signal. Rather than waiting for a rally, the company is using the pullback to accumulate more chips, while staking revenue helps cover operating costs, creating a self-reinforcing cycle of buying.
At press time, ETH was trading at $2,072, down 1.2% in 24 hours. Bitmine’s holdings remain highly valuable, but its stated goal of reaching 5% of total ETH supply implies it needs to buy roughly 1.4 million more tokens in the coming months — a move that could materially tighten the market.