Bitmine lifts ether treasury to 5.28 million ETH as total holdings top $12 billion

Bitmine Immersion Technologies expanded its corporate Ethereum treasury to 5.28 million ETH tokens as of May 17, giving it control of 4.37% of the total circulating ether supply, the company announced Monday.

At  $2,191 per ETH, the Tom Lee-chaired company's ether holdings are valued at approximately $11.6 billion, ranking it as the largest corporate ETH treasury globally and the second-largest corporate crypto treasury overall behind Strategy's 818,869 BTC position valued at $64.1 billion, according to a statement.

The latest figure includes 71,672 ETH acquired in the past week. Bitmine is now 87% of the way to its stated goal of acquiring 5% of the total ether supply, or roughly 6.035 million tokens, a target Lee said the company expects to reach sometime in 2026.

Ether traded at above $2,300 early Monday, according to The Block's ETH price page.

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Staking scale and total balance sheet 

Bitmine said that 4,712,917 ETH, or approximately 89% of its total holdings, is currently staked, generating $289 million in annualized revenue based on a 2.80% seven-day yield from its staking operations.

The company projects staking revenue could reach $324 million annually once its entire ether position is fully staked through the Made in America Validator Network, or MAVAN, according to Lee.

MAVAN, an institutional-grade staking platform the company recently launched, was originally developed to support Bitmine's own Ethereum treasury. A portion of Bitmine's ETH is already staked on the platform.

Beyond its core ether allocation, Bitmine disclosed a total cash reserve of $685 million. Its non-core corporate investments, categorized as "moonshots," include 202 Bitcoin, a $200 million position in Beast Industries, and an $83 million equity stake in Eightco Holdings.

Bitmine Immersion shares (BMNR) closed at $19.87 on Friday, down 9.68% from the prior session, according to The Block's BMNR price page.