Bitmine Immersion Technologies (BMNR) increased its Ethereum treasury to 4.47 million tokens as of March 1, giving the Las Vegas-based firm control of 3.71% of the total ether supply, the company said Monday.
At $1,976 per ETH, the company’s ether holdings are valued at approximately $8.8 billion, ranking it as the largest corporate Ethereum treasury globally and the second-largest corporate crypto treasury overall, trailing only Strategy’s $47 billion bitcoin position, according to a statement.
The latest figure marks an increase of 50,928 ETH in the past week and places the company within 27% of its stated goal of acquiring 5% of the total ether supply. The accumulation occurred during what Chairman Tom Lee termed a “mini crypto winter.”
“Bitmine has been buying Ethereum, as we view this pullback as attractive, given the strengthening fundamentals,” Lee said in the statement. “In our view, the price of ETH is not reflective of the high utility of ETH and its role as the future of finance.”
Lee warned that geopolitical uncertainty has risen in recent days, citing the commencement of U.S. combat operations against Iran, and said the impact on financial and digital asset markets will be felt in the coming weeks.
Ether traded at $1,935 on Monday, according to The Block’s price page. The token remains below its August 2025 all-time high of $4,946.
Staking scale and balance sheet expansion
Bitmine reported that 3,040,483 ETH, or approximately 68% of its total holdings, is currently staked, generating $172 million in annualized revenue based on a 2.86% 7-day yield from its staking operations. The Composite Ethereum Staking Rate, administered by Quatrefoil, stood at 2.83%, Lee noted.
The company projects that staking revenue could reach $253 million annually once its entire ether position is staked through the Made in America Validator Network, or MAVAN, a dedicated infrastructure platform the company plans to launch this quarter. Lee said Bitmine is currently working with three staking providers as it moves toward unveiling MAVAN in early 2026.
Beyond its ether holdings, Bitmine reported closing on an initial $200 million investment into Beast Industries. The company also holds a $14 million stake in Eightco Holdings.
Bitmine shares traded around $18.98 in pre-market activity, according to The Block’s BMNR price page.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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