Bitmine Raises Ethereum Treasury to 4.42 Million ETH Controls 3.66% Supply

TLDR

Table of Contents

Bitmine holds 4.42 million ETH, equal to 3.66% of total supply.
The company added 51,162 ETH during the past week.
About 3.04 million ETH is staked, generating $171 million annualized revenue.
Total crypto, cash, and investments reached $9.6 billion as of Feb. 22.

Bitmine Immersion Technologies has expanded its Ethereum treasury to 4.42 million ETH, securing control of 3.66% of the total 120.7 million ether supply. The company added 51,162 ETH in the past week during a market downturn, strengthening its position as the largest corporate holder of ether. The move brings Bitmine closer to its stated goal of acquiring 5% of Ethereum’s total circulating supply.

Bitmine Expands Ethereum Treasury Holdings

Bitmine Immersion Technologies increased its Ethereum treasury to 4.42 million ETH as of Feb. 22. The company added 51,162 ETH over the past week.

The new total gives Bitmine control of 3.66% of Ethereum’s 120.7 million token supply. The company stated that it is about 27% away from its goal of acquiring 5% of total supply.

At an ether price of $1,958, the treasury is valued at about $8.7 billion. This makes Bitmine the largest corporate holder of ether globally. It is also the second-largest corporate crypto treasury after Strategy’s bitcoin holdings.

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Chairman Tom Lee said the company continued buying during a market slowdown. He described the period as a “mini crypto winter.”

“Bitmine has been steadily buying Ethereum, as we view this pullback as attractive,” Lee said. He added that the company sees long-term value in Ethereum’s role in finance.

Staking Operations and Revenue Growth

Bitmine reported that 3,040,483 ETH is currently staked. This equals about 68.7% of its total ether holdings.

The staked assets generate annualized revenue of about $171 million. This estimate is based on a 2.89% seven-day staking yield. The company uses multiple staking providers at present.

Bitmine plans to stake its full ether position through the Made in America Validator Network. The platform, known as MAVAN, is expected to launch this quarter.

Once fully deployed, the company projects annual staking revenue could reach $249 million. Lee said Bitmine is working with three providers before the launch of MAVAN.

The staking strategy forms a central part of its balance sheet approach. The company aims to generate recurring revenue while holding long-term assets.

Broader Balance Sheet and Assets

Beyond Ethereum, Bitmine also holds 193 bitcoin. The company reported $691 million in cash as of Feb. 22. It also disclosed a $200 million stake in Beast Industries. In addition, it holds a $17 million stake in Eightco Holdings.

Combined crypto assets, cash, and strategic investments total about $9.6 billion. The company continues to report its treasury metrics on a weekly basis. Ether traded at $1,923 on Monday.

The price remains about 60% below its all-time high of $4,946 reached in August 2025. Bitmine shares traded at $19.27 on Monday morning. The stock was down more than 4% from Friday’s close of $20.13.

Fundstrat data cited by the company show average daily dollar trading volume of $0.7 billion over five days ended Feb. 20. The stock ranked No. 165 among 5,704 U.S.-listed equities during that period. Bitmine’s latest purchase increases its exposure to Ethereum while expanding its share of total supply. The company continues to build its treasury as it works toward its 5% target.

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