Bitmine Immersion Technologies, the publicly traded crypto asset management firm, has significantly accelerated its Ethereum accumulation, purchasing 71,179 ETH in the past week. This brings its total holdings to approximately 4.73 million ETH, valued at roughly $9.48 billion based on a price of $2,005 per coin. This represents nearly 4% (3.92%) of Ethereum's circulating supply, putting the company more than 78% toward its stated goal of controlling 5% of the total ETH supply.
The company's total holdings, which include 197 BTC, $961 million in cash, and strategic equity positions in ORBS and Beast Industries, now stand at $10.7 billion. Bitmine Chairman Thomas "Tom" Lee framed the aggressive accumulation strategy within the context of rising geopolitical tensions, describing cryptocurrency as a "wartime store of value." He highlighted that Ethereum has outperformed traditional stocks by 11.6% during recent market volatility.
A core component of Bitmine's strategy is staking its massive ETH treasury. The company has staked 3.14 million ETH (worth about $6.3 billion) through its newly launched MAVAN (Made in America VAlidator Network) platform. This staking activity is currently generating an estimated $177 million in annualized revenue. Lee stated that full deployment of all ETH through MAVAN and partner validators could potentially raise yearly staking rewards to $266 million.
The recent purchase marks an increase from Bitmine's previous weekly average of 45,000 to 50,000 ETH and represents the fourth consecutive week of accelerated buying. The move is notable as it occurred during a period when Ethereum faced significant price pressure, closing Q1 2026 down 32.8% despite record network activity.
Bitmine is backed by major institutional investors including Cathie Wood's ARK Invest, Founders Fund, Pantera Capital, Kraken, Digital Currency Group (DCG), and Galaxy Digital. The company's stock (BMNR) trades about $920 million daily on a five-day average, ranking it among the most active U.S. equities.
