Bitmine Immersion Technologies (BMNR), chaired by Fundstrat co-founder Tom Lee, has added another 61,232 ether (ETH) worth approximately $142 million to its staking positions, bringing its total staked holdings to 3.39 million ETH valued at $7.88 billion. This latest move further cements Bitmine's position as the largest corporate staker on the Ethereum network.
Staking Scale and Strategic Target
Bitmine now holds approximately 4.976 million ETH in total – representing 4.12% of Ethereum's entire circulating supply. The company's stated goal is to reach 5% of all ETH in circulation, a milestone Tom Lee calls the “Alchemy of 5%.” Of its total ETH holdings, 68.24% are currently staked, generating annualized staking revenue of roughly $212 million based on a 7-day yield of 2.89%. While the yield percentage appears modest, the absolute cash flow at Bitmine's scale is substantial.
Earlier in 2026, Bitmine's aggressive staking activity pushed the Ethereum validator entry queue into a $8 billion backlog, with new validators waiting more than 44 days to become active—a testament to the network-wide impact of its strategy.
MAVAN Platform and Institutional Expansion
Bitmine recently launched MAVAN (Made in America Validator Network), an institutional Ethereum staking platform designed for external participants. MAVAN provides direct access to Ethereum's proof-of-stake consensus mechanism, positioning Bitmine to evolve from a self-staking entity into a service provider. The platform is on track to become one of the largest validator networks globally.
Tom Lee's Ethereum Thesis
Tom Lee has repeatedly described ether as a “wartime store of value,” arguing that its utility across decentralized applications, staking infrastructure, and institutional treasury functions differentiates it fundamentally from bitcoin. He has set a price target of $7,000 to $9,000 for ETH by end of 2026, and $62,500 by 2030.
The strategy mirrors the bitcoin accumulation approach of Strategy (formerly MicroStrategy), but Bitmine adds a cash-flow dimension through staking yields. With nearly 4.12% of all ETH already under its control, each additional stake moves the needle on one of the most closely watched corporate crypto treasury positions. Investors are watching closely to see if Bitmine can achieve its “Alchemy of 5%” and what impact that will have on Ethereum's supply dynamics.