Bitmine Immersion Technologies has expanded its Ethereum treasury to 4,534,563 ETH, deepening its bet on the second largest cryptocurrency as it pushes toward owning 5% of the network’s total supply.
Key Takeaways
- Bitmine now holds 4.53 million ETH, equal to about 3.76% of Ethereum’s circulating supply.
- The company bought 60,976 ETH over the past week, a faster pace than its recent average accumulation.
- About 3,040,483 ETH is currently staked, helping generate around $174 million in annualized staking revenue.
- Bitmine said its combined crypto, cash, and strategic investment holdings total $10.3 billion.
What Happened?
Bitmine continued its aggressive Ethereum buying strategy this past week, lifting its total ETH holdings to 4,534,563 tokens. At an ETH price of about $1,965, those holdings are worth roughly $8.9 billion to $9 billion, making Bitmine the largest known corporate holder of Ethereum.
The company said the latest accumulation keeps it on track toward its long term goal of owning 5% of Ethereum’s supply, a target Bitmine has described internally as the “alchemy of 5%.”
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— Bitmine (NYSE-BMNR) $ETH (@BitMNR) March 9, 2026
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BitMine provided its latest holdings update for March 2nd, 2026:
$10.3 billion in total crypto + “moonshots”:
– 4,534,563 ETH at $1,965 (@coinbase)
– 195 Bitcoin (BTC)
– $200 million stake in Beast Industries@MrBeast
– $14 million stake in Eightco…
Bitmine Accelerates Ethereum Accumulation
According to the company’s latest announcement, Bitmine acquired 60,976 ETH in the past week, above its recent pace of around 45,000 to 50,000 ETH per week. That steady buildup has turned Ethereum into the clear centerpiece of Bitmine’s treasury strategy.
The company now controls about 3.76% of Ethereum’s circulating supply, which stands near 120.7 million ETH. That is a remarkable concentration for a public company and places Bitmine far ahead of other known ETH treasury players.
Chairman Thomas “Tom” Lee said:
Staking Adds a Revenue Layer
Bitmine is not simply holding Ethereum on its balance sheet. It is also putting a large share of that treasury to work through staking. The company said 3,040,483 ETH, or about 67% of its total ETH reserves, is currently staked.
That staking activity is generating about $174 million in annualized revenue, showing that Bitmine views Ethereum as both a treasury reserve and an income producing digital asset. Bitmine added that staking revenue could rise further as more of its ETH is deployed and as its Made in America VAlidator Network, or MAVAN, moves toward launch in early 2026.
Lee said:
A Broader $10.3 Billion Balance Sheet
Beyond Ethereum, Bitmine said its total holdings now reach $10.3 billion when including $1.2 billion in cash, 195 Bitcoin, a $200 million investment in Beast Industries, and a $14 million stake in Eightco Holdings.
The company also said BMNR remains one of the most actively traded stocks in the United States, with an average daily dollar trading volume of about $1.0 billion over five days. Even so, BMNR shares remain far below their previous high near $150, though the stock recently climbed back toward the $20 level as Ethereum showed signs of stabilizing.
Lee also pointed to market resilience, saying, “Ethereum prices showed resilience this week, in the face of rising war concerns and surging oil prices.”
Why Bitmine’s Ethereum Bet Matters?
Bitmine’s strategy comes at a time when the Ethereum market is seeing continued interest in staking. One of the source reports noted that more than 3.2 million ETH are waiting to join the validator set, while less than 60,000 ETH are queued for withdrawal. That imbalance suggests ongoing confidence in Ethereum’s yield structure even during a softer market phase.
Bitmine is clearly positioning itself to benefit from both a recovery in ETH price and the long term economics of staking at scale.
CoinLaw’s Takeaway
In my experience, this is one of the boldest public company treasury strategies in crypto right now. I found Bitmine’s approach notable because it is not just buying Ethereum for exposure. It is building a massive position, staking a large part of it, and treating ETH like a long term productive asset. That gives the story more depth than a simple treasury headline. If Ethereum regains momentum, Bitmine could become one of the clearest corporate proxies for that move.
