Bitmine Immersion Technologies has added another 61,232 ETH to its staking position, a transaction valued at about $142 million in the report. That pushes the company’s total staked holdings to 3.39 million ETH, with a reported value of $7.88 billion.
The company, chaired by Fundstrat founder Tom Lee, has made ether accumulation and staking the core of its treasury strategy. According to the article, Bitmine has amassed about 4.976 million ETH, equal to 4.12% of ether’s total supply. Lee has framed the next milestone as 5% of circulating ETH and refers to the effort as the “Alchemy of 5%.”
More than two-thirds of holdings are already staked
Bitmine has placed 68.24% of its total ETH holdings into staking. At the current 7-day yield of 2.89%, the company’s annualized staking revenue is estimated at roughly $212 million. The yield level on its own is not especially high. At Bitmine’s scale, though, the dollar amount is large.
The report also says Bitmine’s validator expansion in early 2026 had visible effects on the Ethereum network. As the company accelerated staking activity, the Ethereum validator queue reportedly grew into an $8 billion backlog, while new validators faced activation waits of more than 44 days. That puts the size of institutional staking activity into perspective.
MAVAN is aimed at institutional staking demand
Alongside its proprietary position, Bitmine recently launched MAVAN, short for Made in America Validator Network. The platform is described as an institutional Ethereum staking network built for outside participants, giving them direct access to Ethereum’s proof-of-stake consensus system.
According to the article, MAVAN is on track to become the largest Ethereum validator network globally. Bitmine’s approach is not limited to balance sheet accumulation. It also ties staking income to a treasury model that generates cash flow, setting it apart from a strategy focused only on holding tokens.
Lee keeps pushing a distinct ETH treasury case
Lee has described ETH as a “wartime store of value,” arguing that its role across decentralized applications, staking infrastructure, and institutional treasury functions makes it structurally different from bitcoin. The article notes that he has set ETH price targets of $7,000 to $9,000 by the end of 2026 and $62,500 by 2030.
The report compares Bitmine’s plan with the bitcoin treasury model used by Strategy, which is targeting 1 million BTC by late 2026. Bitmine is pursuing a similar idea on Ethereum, but with staking yield adding a cash-flow layer. With 4.12% of ETH supply already under its control, the company is moving closer to its stated 5% target.