- Bitmine expanded its Ethereum treasury to 5.28 million ETH worth roughly $11.6 billion
- The company now controls more than 4% of Ethereum’s circulating supply
- Nearly 90% of its ETH holdings are actively staked to generate yield revenue
Bitmine Immersion Technologies has officially become the world’s largest corporate Ethereum holder after expanding its treasury to 5.28 million ETH as of May 17. At current market prices near $2,191 per ETH, the company’s Ethereum position is now valued at approximately $11.6 billion.
The latest acquisition pushes Bitmine’s holdings to roughly 4.37% of Ethereum’s entire circulating supply, bringing the company significantly closer to its long-term goal of controlling 5% of all ETH in existence.
Bitmine Is Building an Ethereum Empire
The company added another 71,672 ETH over the past week alone as it continues aggressively accumulating Ethereum under the leadership of Fundstrat’s Tom Lee, who currently chairs the company.
Bitmine is now considered the second-largest corporate crypto treasury overall behind Strategy’s massive Bitcoin position. While Strategy dominates Bitcoin accumulation, Bitmine is rapidly becoming Ethereum’s equivalent on the institutional side.
According to Lee, the company expects to eventually reach its target of acquiring roughly 6 million ETH sometime in 2026.
Staking Revenue Is Becoming Massive
A major part of Bitmine’s strategy revolves around staking. The company disclosed that approximately 4.71 million ETH, nearly 89% of its total holdings, is currently staked through its validator operations.
Based on recent staking yields near 2.8%, Bitmine estimates its current staking operations generate roughly $289 million in annualized revenue. Once the full ETH treasury becomes fully staked through its Made in America Validator Network, or MAVAN, the company projects annual staking revenue could climb toward $324 million.
The MAVAN platform was originally developed internally to support Bitmine’s own treasury operations but could eventually evolve into a broader institutional staking infrastructure platform as well.
Ethereum Treasury Competition Is Growing
Bitmine’s rapid expansion reflects a larger trend of corporations increasingly treating Ethereum as a strategic treasury asset rather than purely a speculative investment. The combination of staking yield, blockchain infrastructure exposure, and long-term ecosystem growth has made ETH particularly attractive for firms seeking recurring revenue generation tied to crypto assets.
Beyond Ethereum, Bitmine also disclosed additional holdings including Bitcoin positions, equity investments, and a large cash reserve totaling roughly $685 million.
For now, the company’s aggressive ETH accumulation strategy is making it one of the most closely watched institutional players across the broader crypto market.
