Bitmine Immersion Technologies, an Ethereum-focused treasury firm, today said it purchased 71,672 Ethereum (ETH) over the past week, taking advantage of a market pullback that briefly pushed Ethereum below $2,200.
According to the company’s weekly treasury update, the latest purchases increased Bitmine’s total Ethereum holdings to 5,278,462 ETH as of May 17. Based on Bitmine’s reported valuation of $2,191 per ETH, the position was worth about $11.6 billion at the time of disclosure.
Chairman Tom Lee said the decline in Ethereum’s price created what the company viewed as an attractive entry point. “Over the past week, we acquired 71,672 ETH,” Lee said. “We view the recent pullback of ETH to below $2,200 as an attractive opportunity.”
At the time of this writing, Ethereum (ETH) is trading at $2,123.12, down approximately 2.91% over the past 24 hours, according to CoinMarketCap. The asset has seen a daily range between $2,097.02 and $2,193.97, with trading volume reaching roughly $507.7 billion. Despite the short-term pullback, ETH remains well below its all-time high of $4,953.73 recorded in August 2025, reflecting ongoing market consolidation in 2026.
Bitmine’s Ethereum treasury continues to expand
Bitmine said its 5.28 million ETH holdings represent about 4.37% of Ethereum’s circulating supply of roughly 120.7 million ETH.
In addition to its Ether reserves, the company reported holding 202 BTC, $685 million in cash, a $200 million stake in Beast Industries, and an $83 million stake in Eightco Holdings Inc. Combined, Bitmine said its crypto, cash, and other investments totaled $12.6 billion. The company describes itself as the largest publicly disclosed Ethereum treasury.
More than 4.7 million ETH is now staked
Bitmine said 4,712,917 ETH, or roughly 89% of its Ethereum holdings, is currently staked. At the company’s stated 7-day annualized yield of 2.80%, Bitmine estimated that its staked Ether could generate approximately $289 million in annualized staking revenue.
At the current scale, the company said annual staking rewards could rise to around $324 million once all of its ETH is fully deployed across its validator infrastructure and partner platforms.
MAVAN platform supports institutional staking
The company recently launched MAVAN, short for Made in American VAlidator Network, an institutional-grade Ethereum staking platform.
MAVAN was initially built to support Bitmine’s internal treasury strategy, but the company said it plans to offer the platform to institutional investors, custodians, and ecosystem partners seeking staking infrastructure.
CLARITY Act seen as a positive development
Bitmine also pointed to progress on the Digital Asset Market Clarity Act, which recently advanced out of the Senate Banking Committee.
Lee said clearer U.S. rules for digital assets could help traditional financial institutions expand their involvement in the sector. However, the bill still faces further votes in Congress before it could become law.
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