Key Highlights
- The company has secured over 3.5% of the global Ethereum supply and is targeting 5%.
- Annualized staking revenue has reached $202 million, with projections suggesting daily earnings could exceed $1 million upon full network deployment.
- Bitmine is transitioning into a primary infrastructure provider with the upcoming first-quarter launch of its proprietary American-based validator network.
Bitmine Immersion Technologies (BMNR), the Ethereum (ETH) treasury firm, announced today that its total cryptocurrency and cash holdings have reached $10 billion. The company achieved this by aggressively purchasing Ethereum, now holding 4,325,738 ETH. This makes up about 3.58% of the total global supply.
According to the announcement, Bitmine’s portfolio includes over 4.3 million ETH, valued at $2,125 per token, 193 Bitcoin, and $595 million in cash. Bitmine also had a number of investments in numerous projects, including $200 million in Beast Industries and $19 million in Eightco Holdings.
Purchases during market pullback
Executive Chairman Thomas Lee said the firm acquired 40,613 ETH during a market drop in early February, seeing the current prices as a good entry point despite recent volatility.
“Bitmine has been steadily buying Ethereum, as we view this pullback as attractive, given the strengthening fundamentals. In our view, the price of ETH is not reflective of the high utility of ETH and its role as the future of finance,” Lee said.
This acquisition strategy has enabled Bitmine to become the largest Ethereum treasury globally. It is also the second-largest crypto corporate treasury, next only to Strategy, which possesses over 700K Bitcoins. The firm has achieved 72% of its goal to own 5% of the total Ethereum supply, a target they call the “Alchemy of 5%.”
MAVAN staking solution launch
To support this position, Bitmine plans to launch its Made in America Validator Network (MAVAN) in the first quarter of 2026. This staking solution aims to maximize rewards from its holdings, which currently generate about $202 million in annual revenue.
The broader market context shows a period of major price fluctuation. Since the beginning of 2026, Ethereum prices have dropped 62% from the highs of 2025, marking the eighth instance since 2018 that the asset has experienced a decline of 50% or more.
V-shaped recovery trends
Despite these drops, network activity has reached record levels, with daily transactions reaching 2.5 million and active addresses exceeding 1 million. Lee pointed out that historical data indicate V-shaped recoveries typically follow such declines, referring to the recovery in 2025 when prices rose from $1,600 to $5,000 in a single year.
ETH tends to recover sharply after major lows. This pattern has occurred after each of the eight previous declines of 50% or more. “A similar recovery is expected in 2026. The best investment opportunities in crypto have presented themselves after declines. Think back to 2025, the single best entry points in crypto occurred after markets fell sharply due to tariff concerns,” stated Lee.
Maximizing yield via staking
Bitmine is focused on expanding its staking operations to increase yield. Currently, 2.9 million of its 4.3 million ETH are staked, yielding a 7-day annualized rate of 3.3234%. Once the MAVAN solution is fully implemented with its partners, the company projects annual staking rewards may surpass $374 million, or over $1 million per day.
The firm also mentioned changes in the legislative landscape, drawing comparisons between the impacts the GENIUS Act and the SEC’s Project Crypto would have to end the gold standard in 1971, and viewed the regulatory changes as revolutionizing financial systems.
Current market update
At the time of writing, Ethereum is trading at $2,038, reflecting a decline of approximately 3.78% over 24 hours. The total market capitalization for ETH stands at approximately $246.21 billion, amid a sharp decline in network activity, with daily volume decreasing by 34.02% to $21.64B. The circulating supply is recorded at 120.69 million ETH, with no fixed maximum supply.
Stock performance
Bitmine’s stock has risen on high volume, enough to place it as the 107th most traded in the United States over the last five days, with its average daily trading volume reaching $1.3 billion. The firm continues to attract support from institutional investors, like ARK’s Cathie Wood, Founders Fund, and Galaxy Digital.
As the firm moves into the second half of 2026, investors are watching the transition of Ethereum into a key institutional treasury asset when the crypto market volatility is managed, while simultaneously building out its validator infrastructure.
Also Read: ENS Abandons Namechain, Returns to Ethereum as Gas Fees Drop 99%
