Bitmine ups Ethereum treasury stake to 4.42 million ETH, now holds 3.66% of supply

Bitmine Immersion Technologies (BMNR) increased its Ethereum treasury to 4.42 million tokens as of Feb. 22, giving the company control of 3.66% of the total ether supply, the Las Vegas-based firm said Monday.

At $1,958 per ETH, the treasury is worth roughly $8.7 billion, positioning Bitmine as the largest corporate ether holder globally and the second-largest corporate crypto treasury overall, trailing only Strategy's $49 billion bitcoin position, according to a statement.

The latest figure marks an increase of 51,162 ETH in the past week and places the company about 27% away from achieving its stated goal of acquiring 5% of the total ETH supply. Notably, the accumulation occurred during what Chairman Tom Lee termed a "mini crypto winter."

"Bitmine has been steadily buying Ethereum, as we view this pullback as attractive, given the strengthening fundamentals. 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 said in the statement.

Lee cited three fundamental drivers for Ethereum that he said continue gaining traction despite the market downturn: Wall Street tokenization efforts, artificial intelligence applications using smart blockchains for execution and payments, and the creator economy's move toward blockchain-based verification.

Ether traded at $1,923 on Monday, 60% below its all-time high of $4,946 reached in August 2025, according to The Block's ether price page.

Staking scale and balance sheet metrics

Bitmine reported that 3,040,483 ETH, or approximately 68.7% of its total holdings, is currently staked, generating $171 million in annualized revenue based on a 2.89% 7-day yield from its staking operations.

The company projects staking revenue could reach $249 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. Bitmine is currently working with three staking providers as it prepares to unveil MAVAN, Lee said.

Beyond ether, Bitmine reported 193 BTC, $691 million in cash, a $200 million stake in Beast Industries and a $17 million stake in Eightco Holdings, bringing total crypto, cash and strategic investments to $9.6 billion as of Feb. 22.

Bitmine shares traded around $19.27 Monday morning, down over 4% from Friday’s close of $20.13, according to The Block’s BMNR price page. Fundstrat data cited by the company show average daily dollar trading volume of $0.7 billion over the five days ended Feb. 20, ranking the stock No. 165 among 5,704 U.S.-listed equities.