Bitmine Immersion Technologies has quietly become one of the largest single holders of Ethereum, with 5.28 million ETH — exactly 4.37% of the total circulating supply of 120.7 million coins. The company's latest weekly disclosure shows it added 71,672 ETH in the past seven days, putting it 87% of the way toward its stated goal of owning 5% of all Ethereum by the end of 2026.
The balance sheet behind the stash
As of May 17, Bitmine's total holdings — crypto, cash, and what it calls 'moonshot' assets — amounted to $12.6 billion. The vast majority of that is its ETH position. The firm also holds 202 Bitcoin, $685 million in cash, a $200 million stake in Beast Industries, and an $83 million position in Eightco Holdings. But the Ethereum bet dominates: 89% of its ETH treasury is staked, with 4,712,917 ETH locked across various validators. At current prices around $2,191 per ETH, that staked chunk is worth roughly $10.3 billion.
Staking yield and the MAVAN launch
That staking activity is producing real revenue. Bitmine says its staked Ethereum generates $289 million in annualized staking income, with a 7-day yield of 2.80%. The company recently launched MAVAN, an institutional-grade staking platform, and has already moved a portion of its ETH there. It's a play that turns passive holdings into an income stream — and one that could attract other large holders looking for professional-grade infrastructure.
Why ETH is struggling — and what Tom Lee thinks
The timing of Bitmine's accumulation comes as Ethereum's price has softened. The asset dipped to $2,097 on May 23, its lowest since April 7, and was trading around $2,132 at the time of the disclosure — down 3% on the day. Tom Lee, head of research at Fundstrat, attributed the weakness to rising oil prices, pointing to what he called an unprecedented inverse correlation between ETH and crude. If that relationship holds, further energy price increases could keep pressure on ETH, even as a whale-like buyer keeps stacking coins.
Bitmine is now 87% of the way to its 5% supply target. With roughly seven months left in 2026, the question isn't whether it can get there — at the current pace, it likely can. The real question is what happens once it does. The company has not disclosed any plans beyond that threshold, nor whether it intends to hold, stake, or gradually distribute its position. For now, the accumulation continues.
