- Bitmine now controls roughly 4.2 million ETH, the largest Ethereum treasury globally
- Over $5.7 billion in ETH is already staked ahead of the MAVAN launch
- The strategy shifts ETH from passive holding into revenue-generating infrastructure
Bitmine Immersion Technologies has expanded its Ethereum holdings to approximately 4.2 million ETH, valued at more than $12 billion, following another major weekly acquisition. The company has not skipped a single week of ETH accumulation since outlining its long-term strategy, signaling a deliberate and disciplined approach rather than opportunistic buying.
This accumulation pace positions Bitmine as more than a passive holder. It reflects a conviction that Ethereum will serve as core financial infrastructure rather than a speculative asset cycle trade.
MAVAN Signals a Shift Toward Infrastructure
More than 2 million ETH, worth roughly $5.7 billion, has already been deposited into staking as Bitmine prepares to commercially launch its Made in America Validator Network, or MAVAN, in Q1 2026. The system is currently in pilot mode and is designed to operate as an institutional-grade validator and staking platform.
At full deployment, Bitmine estimates annual staking revenue of approximately $374 million based on current network rates, turning ETH into a recurring yield engine rather than dormant balance sheet exposure.
Why Ethereum Anchors the Strategy
Tom Lee has emphasized Ethereum’s reliability and real-world usage as the foundation of Bitmine’s thesis. Ethereum’s zero-downtime record and growing adoption across tokenization, settlement, and Wall Street-backed applications place it ahead of competitors when institutions prioritize stability over experimentation.
The rising ETH-to-Bitcoin ratio since late 2025 reinforces this positioning, suggesting that markets are beginning to price in Ethereum’s utility rather than treating it purely as a beta asset.
Institutional Implications Going Forward
Alongside ETH, Bitmine holds Bitcoin, significant cash reserves, and strategic equity investments, but Ethereum remains the centerpiece. By combining accumulation, staking, and validator infrastructure, Bitmine is building a vertically integrated crypto operation.
This approach reflects a broader institutional shift where crypto exposure is evolving from ownership into active participation in the networks themselves.
