Tom Lee's Bitmine Accumulates More Ethereum

Bitmine Immersion Technologies (@BitMNR), the NYSE-listed Ethereum treasury firm chaired by @fundstrat's Tom Lee, has added another 35,138 $ETH to its balance sheet, valued at approximately $58.6 million at the time of transfer. The tokens arrived via on-chain transfers from custodians BitGo and Kraken.

Closing In on 5% of Supply

The latest purchase brings Bitmine's total holdings to roughly 5.67 million ETH. According to CoinGecko, Bitmine Immersion holds 5,672,956 ETH worth $9.43 billion, making it the largest public corporate Ethereum holder with 4.701% of the total supply. The company's stated goal is to accumulate 5% of Ethereum's total supply, set at 120.7 million tokens, and it has already completed 94% of that target.

Bitmine has been building its ETH position at a steady clip throughout 2026. Chairman Tom Lee has stated that the firm maintains "a steady pace of accumulation throughout 2026" and has reaffirmed his long-term conviction that the best years for crypto still lie ahead. Lee has cited asset tokenization and the growth of artificial intelligence as key drivers of future blockchain demand, and described the current environment as the early stages of a "crypto spring."

Staking as a Revenue Engine

Beyond simple accumulation, Bitmine deploys a significant portion of its holdings through its proprietary validator platform. More than 83% of its holdings, equivalent to 4.72 million ETH, is currently staked. The firm's validator infrastructure, called MAVAN, generates a weekly yield of 2.73% and projects annualized staking revenues of $223 million, with the potential to scale to $268 million.

To fund continued accumulation, Bitmine has tapped capital markets. The firm diversified its financing structure by issuing Series A perpetual preferred shares at 9.50%, raising approximately $274 million through the sale of 3.5 million shares listed on the NYSE under the ticker BMNP.

Bitmine's strategy mirrors, in some respects, the playbook used by Strategy (NASDAQ: MSTR) in Bitcoin. Bitmine's crypto holdings rank as the number one Ethereum treasury and the number two global corporate crypto treasury, behind Strategy, which reportedly owns 845,256 BTC valued at $54 billion.

Sources:
Crypto Economy: Bitmine Lifts Its Ethereum Treasury to 5.67M ETH
CoinGecko: BitMine Immersion Crypto Treasury Tracker
PR Newswire: Bitmine Official ETH Holdings Announcement