Bitmine Accumulates 4.8% of Total Ethereum Supply

Bitmine Immersion Technologies (NYSE: BMNR) has crossed 5.78 million $ETH in corporate treasury holdings, giving the company control of roughly 4.8% of Ethereum's total circulating supply of 120.7 million tokens, according to the firm's most recent disclosure.

The milestone puts Chairman Tom Lee (@fundstrat) within striking distance of what the company calls the "alchemy of 5%," a target Bitmine has publicly committed to reaching before the end of 2026.

Treasury Scale and Staking Income

As of July 12, 2026, Bitmine's holdings stood at 5,770,038 $ETH, valued at roughly $1,820 per token, with total crypto and cash assets of $11.3 billion. The ETH position alone represents 4.8% of the circulating supply. Of that total, 4,917,189 ETH, worth approximately $9.0 billion, is actively staked through the company's proprietary MAVAN (Made in America Validator Network) platform.

Bitmine's holdings rank it as the number one Ethereum treasury and the number two global crypto treasury overall, sitting behind Strategy Inc., which holds approximately 843,775 BTC valued at around $54 billion.

At full deployment, with all ETH staked via MAVAN and its staking partners, the company projects annualized staking rewards of $284 million at a 2.70% yield. Annualized staking revenues are currently running at $242 million, according to the company's latest figures.

MAVAN: From Internal Tool to Institutional Platform

MAVAN was launched earlier in 2026 as an institutional-grade staking platform, originally built to support Bitmine's own Ethereum treasury before being opened to external institutional investors, custodians, and ecosystem partners.

The infrastructure layer distinguishes Bitmine's model from a passive balance sheet. At nearly 4.9 million staked ETH, Bitmine is operating tens of thousands of active validators through MAVAN, making it an active participant in Ethereum's consensus infrastructure rather than a passive holder.

The company's aggressive accumulation has been backed by institutional heavyweights including ARK Invest's Cathie Wood, Peter Thiel's Founders Fund, Pantera, Galaxy Digital, and DCG, all aligned behind the firm's stated goal of owning 5% of all ETH in circulation.

Sources:
Bitmine Press Release: ETH Holdings Reach 5.77 Million Tokens (PR Newswire, July 2026)
Bitmine's Largest Weekly ETH Haul of 2026 (CoinDesk)
Bitmine Launches MAVAN Ethereum Validator Network (The Defiant)