Bitmine Immersion Technologies (BMNR) now holds 5,278,462 ETH — 4.37% of the total supply — making it the world's largest Ethereum treasury and the second-largest corporate crypto stash behind only Strategy Inc. The company uplisted to the New York Stock Exchange from the NYSE American on April 9, and its stock currently trades about $857 million in daily volume, ranking 133rd among U.S. listed stocks.
Inside the $12.6 billion war chest
Bitmine's total crypto, cash, and what the firm calls 'moonshots' hit $12.6 billion as of May 17. The overwhelming bulk is ETH, but the company also owns 202 Bitcoin, a $200 million stake in Beast Industries, $83 million in Eightco Holdings (NASDAQ: ORBS), and $685 million in cash. Of its ETH, 4,712,917 tokens — roughly $10.3 billion at recent prices — are staked. That's 89% of its ETH pile. Based on a 2.80% seven-day yield, annualized staking revenue is projected at $324 million once fully deployed.
MAVAN: Made in America validator network
Bitmine launched its own institutional-grade staking platform called the Made in America Validator Network, or MAVAN. The push aligns with the company's broader strategy: hold the asset, earn yield on it, and offer the service to other institutions. Chairman Thomas Lee is betting that regulatory clarity is coming — he estimates the CLARITY Act has a better than 61% chance of passing the Senate after clearing the Banking Committee. A full Senate vote is the next concrete hurdle.
Who's backing this thing
The list of institutional investors reads like a who's who of crypto finance. ARK's Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital, and MOZAYYX are all in. The concentration of big names suggests the market is taking Bitmine's treasury strategy seriously — even if some critics might question putting nearly 90% of ETH into staking. But with $10.3 billion earning yield, the timing couldn't be better ahead of a potential regulatory green light.
What happens next is simple: the CLARITY Act heads to a full Senate vote. Bitmine's chairman is already talking odds above 61%. If it passes, the legal footing for staking and holding large crypto treasuries gets a lot firmer.
