Bitmine Immersion Technologies (BMNR), the largest Ethereum treasury led by Thomas “Tom” Lee, reported today that its Ethereum holdings have reached 4.4 million coins, valued at approximately $8.5 billion.
With a current stake of about 3.7% of Ethereum’s circulating supply, Bitmine is steadily progressing toward its 5% target, completing 74% of its intended accumulation.
Lee said in a statement that Bitmine would stay focused on a disciplined accumulation of Ethereum despite a pullback in prices. He noted that the current market is an opportunity given ETH’s growing utility and adoption.
“In the midst of this ‘mini crypto winter,’ our focus continues to be on methodically executing our treasury strategy and steadily acquiring ETH and, in turn, optimizing the yield on our ETH holdings,” Lee stated. “In our view, the price of ETH is not reflective of the high utility of ETH and its role as the future of finance.”
Of the total ETH stash, over 3 million ETH, valued at roughly $6 billion, are currently staked, producing $171 million in annualized staking revenue, the team highlighted. The company’s staking solution, MAVAN, is scheduled for launch in Q1 2026.
The company trails only Strategy in global crypto treasury size and leads peers in crypto NAV growth velocity and trading liquidity. Strategy’s Bitcoin stash has grown to 717,722 BTC following its latest purchase.
In addition to ETH holdings, Bitmine maintains 193 BTC, $691 million in cash, and strategic investments, including a recently closed $200 million stake in Beast Industries and $17 million in Eightco Holdings.
