--- title: "BitMine Holds 5.18M ETH as Staking Revenue Hits $297M" date: 2026-05-04 author: "Kathleen Kinder" featured_image: "https://coinlaw.io/wp-content/uploads/2026/05/bitmine-purchases-eth-with-holdings-reaching-5-18m-eth.jpg" categories: - name: "Cryptocurrency" url: "/crypto.md" tags: - name: "News" url: "/tag/news.md" --- # BitMine Holds 5.18M ETH as Staking Revenue Hits $297M BitMine has expanded its Ethereum holdings to over 5.18 million tokens while generating nearly $297 million in annualized staking revenue. ## Key Takeaways - BitMine now holds 5.18 million ETH, representing over 4.29 percent of total supply. - The company added 101,745 ETH in one week, continuing an aggressive buying streak. - Staking revenue has reached $297 million annually, with potential to rise to $352 million. - Total crypto, cash, and investments now stand at $13.1 billion. ## What Happened? BitMine Immersion Technologies has significantly increased its Ethereum holdings, reinforcing its position as the largest ETH treasury in the world. The company continues to accelerate purchases while expanding its staking operations to generate recurring income. > 🧵 > 1/ > BitMine provided its latest holdings update for May 4, 2026 $13.1 billion in total crypto + “moonshots”: > – 5,180,131 ETH at $2,336 per ETH ([@coinbase](https://twitter.com/coinbase?ref_src=twsrc%5Etfw)) > – 200 Bitcoin (BTC) > – $200 million stake in Beast Industries [@MrBeast](https://twitter.com/MrBeast?ref_src=twsrc%5Etfw) > – $83 million… > > — Bitmine (NYSE-BMNR) $ETH (@BitMNR) [May 4, 2026](https://twitter.com/BitMNR/status/2051327373983846710?ref_src=twsrc%5Etfw) ## BitMine Pushes Toward 5 Percent Ethereum Supply BitMine has confirmed that its Ethereum holdings have reached **5,180,131 ETH**, bringing it closer to its ambitious goal of controlling **5 percent of the total ETH supply**. The firm now holds more than **4.29 percent of Ethereum’s 120.7 million token supply**, meaning it has already achieved about **86 percent of its target**. The latest update shows that BitMine acquired **101,745 ETH over the past week**, maintaining a rapid accumulation pace that has continued for four consecutive weeks. Most of this purchase came through direct transactions with the Ethereum Foundation, highlighting the company’s strong positioning within the ecosystem. Alongside its ETH reserves, BitMine also holds **200 BTC**, **$700 million in cash**, a **$200 million stake in Beast Industries**, and an **$83 million investment in Eightco Holdings**. Altogether, its crypto, cash, and investment portfolio now totals approximately **$13.1 billion**. ## Staking Becomes a Major Revenue Engine Beyond accumulation, BitMine is increasingly focused on turning its ETH holdings into a steady income stream. The company revealed that **4,362,757 ETH is currently staked**, valued at around **$10.2 billion**. This [staking activity](https://coinlaw.io/eth-staking-statistics/) has already generated **$297 million in annualized revenue**, with projections suggesting it could rise to **$352 million annually** once all holdings are fully deployed through its infrastructure and partners. A key part of this strategy is **MAVAN**, the company’s Made in America Validator Network. Initially developed to support BitMine’s own treasury, MAVAN is now being positioned as an institutional grade platform for investors, custodians, and ecosystem partners seeking secure and scalable staking solutions. The shift toward staking highlights how BitMine is evolving from simple asset accumulation to a more complex model that combines treasury growth with recurring yield generation. ## Market Position and Institutional Backing BitMine continues to strengthen its position as the **largest Ethereum treasury globally** and the **second largest crypto treasury overall**, behind Michael Saylor’s Strategy. The company also emphasized its strong market presence, noting that its stock trades with high liquidity. BitMine ranks among the most actively traded stocks in the United States, with an [average daily trading volume](https://coinlaw.io/crypto-otc-trading-statistics/) of **$625 million**, placing it around **173rd among listed companies**. Its growth has been supported by a wide range of institutional investors, including firms linked to Cathie Wood, Founders Fund, Pantera, Kraken, and Galaxy Digital. This backing reflects strong confidence in BitMine’s long term Ethereum focused strategy. ## Ethereum Outlook and Crypto Market Sentiment BitMine Chairman Tom Lee remains optimistic about Ethereum’s future and the broader crypto market. He stated: “ Crypto Spring, in our view, has commenced and like past cycles, investor sentiment and conviction are muted and bearish even as crypto prices strengthen. Tom LeeChairman – Bitmine Lee also pointed to regulatory developments such as the CLARITY Act, suggesting that even uncertainty around legislation is reinforcing the transition into a new growth phase for crypto markets. He added: “ Ethereum remains the most widely used and reliable smart contract blockchains for tokenization and well suited for the upcoming rise of agentic commerce. Tom LeeChairman – Bitmine According to Lee, Ethereum is benefiting from two major trends, including **[Wall Street tokenization](https://coinlaw.io/asset-tokenization-statistics/)** and the increasing need for **neutral public blockchains in AI driven systems**. He believes ETH will continue to evolve as both a **store of value** and a **unit of exchange**. ## CoinLaw’s Takeaway In my experience, BitMine is not just buying Ethereum, it is building a powerful financial engine around it. The combination of aggressive accumulation and large scale staking is a smart move that many treasury players might struggle to replicate. I found the shift toward validator infrastructure especially important because it turns a passive asset into a steady income generator. If Ethereum continues to grow as expected, BitMine could become one of the most influential players shaping how institutions interact with crypto. Definition of Smart Contract. Link to full glossary entry follows the description.**Smart Contract**A smart contract is a self-executing program stored on a blockchain that automatically enforces agreement terms when predefined conditions are met, without intermediaries. [Read more](https://coinlaw.io/glossary/smart-contract/) Definition of Staking. Link to full glossary entry follows the description.**Staking**Staking is the process of locking cryptocurrency in a proof-of-stake network to help validate transactions and earn rewards, replacing energy-intensive mining. [Read more](https://coinlaw.io/glossary/staking/)