Bitmine Immersion Technologies, recognized as the owner of the largest Ethereum treasury globally, currently controls nearly 4.5% of Ethereum's (ETH) circulating supply. This remarkable achievement places the firm 89% closer to its target of reaching a 5% share, a milestone attained in less than a year.
This rapid expansion follows Bitmine's recent acquisition of 111,942 ETH, as detailed in a press release issued Tuesday. As a result, the company's total crypto and cash holdings have grown to approximately $12.3 billion. This includes around 5.4 million ETH, 203 Bitcoin, and stakes worth $200 million in Beast Industries and $95 million in Eightco Holdings, in addition to $444 million in cash assets.
Currently, Bitmine has staked approximately 4.7 million ETH through its flagship initiative, MAVAN, which stands for Made in America Validator Network. This project aims to provide institutional-grade security and reliability in Ethereum staking.
Bitmine anticipates that once fully operational, its staking rewards could generate an impressive $276 million annually, assuming a 2.75% yield based on a 7-day average.
Looking ahead, the Chairman of Bitmine, Thomas Lee, expressed optimism about a potential "supercycle" for cryptocurrency and Ethereum. He suggests this supercycle would be propelled by enhanced tokenization and advances in agentic AI. Furthermore, he indicated that Bitmine's ongoing strategy involves a steadfast accumulation of ETH as part of its long-term supply goals. Lee noted that the recent dip in ETH prices under $2,200 presents a favorable buying opportunity.
The latest purchase of ETH marks Bitmine’s most significant acquisition within this calendar year. This move comes in the wake of Lee hinting that the company might decelerate its Ethereum purchases as it approaches its 5% supply objective. While addressing attendees at Consensus 2026, he mentioned that Bitmine could attain this target in roughly six weeks, emphasizing the firm’s focus on additional priorities such as staking, potential NYSE listings, and a $4 billion buyback authorization.