Bitmine Accumulates 4.47 Million ETH, Representing 3.71% of Circulating Supply

Bitmine Immersion Technologies (NASDAQ: BMNR) announced on March 2, 2026, that its cryptocurrency holdings have reached 4,473,587 ETH, valued at approximately $9 billion based on current prices, representing 3.71% of Ethereum’s total circulating supply of 120.7 million tokens.

The company’s total assets, including cash and strategic investments, now stand at $9.9 billion, with 3,040,483 ETH currently staked generating an estimated $172 million in annualized staking revenue. Chairman Thomas “Tom” Lee confirmed the acquisition of 50,928 ETH during the past week, describing the current market pullback as an attractive entry point given what he termed “strengthening fundamentals” for the Ethereum network.

Bitmine Expands Ethereum Treasury Amid Market Decline

Bitmine added approximately 50,928 ETH to its corporate treasury during the final week of February 2026, valued at roughly $103 million at prevailing market prices. The acquisition brings the company’s total Ethereum position to 4,473,587 tokens, making Bitmine the largest corporate holder of ETH globally and the second-largest cryptocurrency treasury overall behind Strategy’s Bitcoin holdings.

The company’s Ethereum holdings represent a significant concentration of the network’s total supply. With 120.7 million ETH in circulation, Bitmine controls approximately one out of every 27 tokens currently available. This concentration positions the company as a major stakeholder in the Ethereum ecosystem, with corresponding influence on network governance and staking dynamics.

Despite the ongoing accumulation, Bitmine faces substantial unrealized losses on its Ethereum position. According to analytics data, the company’s paper losses currently approach $7.7 billion, reflecting the 59% decline in ETH price from its August 2025 all-time high of approximately $4,800 to current levels near $2,037.

Staking Operations Generate Significant Annual Revenue

Bitmine currently has 3,040,483 ETH staked, representing approximately 68% of its total Ethereum holdings. At current prices, the staked position is valued at approximately $6 billion. The company reported annualized staking revenue of $172 million based on current yields.

Lee indicated that when Bitmine’s Ethereum is fully staked through the company’s forthcoming Made in America Validator Network (MAVAN), annual staking rewards could reach $253 million. This projection assumes a 2.86% annualized yield, which represents the company’s self-reported 7-day staking performance. By comparison, the Composite Ethereum Staking Rate administered by Quatrefoil currently stands at 2.83%.

The company is developing MAVAN as a proprietary staking infrastructure solution positioned for “best-in-class” security and performance. Bitmine is currently collaborating with three staking providers as it works toward unveiling MAVAN in early 2026. The platform is intended to optimize yields on the company’s substantial ETH holdings while reducing reliance on third-party staking services.

Total Asset Position and Market Performance

Bitmine reported total assets of $9.9 billion as of March 1, 2026, comprising cryptocurrency holdings, cash reserves, and strategic investments. Beyond its Ethereum position, the company holds 195 Bitcoin valued at approximately $13 million based on current prices. Cash reserves total $868 million, providing liquidity for continued accumulation and operational expenses.

The company’s investment portfolio includes a $200 million stake in Beast Industries and a $14 million position in Eightco Holdings, which the company categorizes as “moonshots” alongside its core cryptocurrency treasury strategy.

Despite the scale of its asset base, Bitmine’s stock has experienced significant volatility in recent months. BMNR shares have declined 51% over the past six months, correlating with Ethereum’s 59% decline from all-time highs. However, the stock posted an 8.4% gain on March 2, trading at approximately $20.61, as cryptocurrency markets showed signs of stabilization.

According to Fundstrat data, Bitmine ranks as one of the most actively traded U.S. stocks, with average daily dollar volume of $0.8 billion over the five trading days ending February 27. This volume places the company at #145 among 5,704 U.S.-listed securities, trailing Datadog and ahead of Expedia Group in trading activity.

Regulatory Framework and Strategic Outlook

Lee framed the current regulatory environment as potentially transformational for digital assets, comparing the GENIUS Act and the Securities and Exchange Commission’s “Project Crypto” initiative to the 1971 Nixon shock that ended the Bretton Woods gold standard. He characterized that historical event as the catalyst for modernizing Wall Street and creating the financial infrastructure that exists today.

The GENIUS Act, formally titled the Guiding and Establishing National Innovation for U.S. Stablecoins Act, represents proposed legislation to create a federal regulatory framework for payment stablecoins. The SEC’s Project Crypto initiative aims to provide regulatory clarity for digital asset markets. Lee suggested these developments could prove as consequential for financial services as the transition away from the gold standard was for traditional finance.

FAQ: Bitmine Ethereum Holdings

How much Ethereum does Bitmine Immersion Technologies currently hold?

Bitmine holds 4,473,587 ETH as of March 1, 2026, representing approximately 3.71% of Ethereum’s total circulating supply of 120.7 million tokens. The position is valued at approximately $9 billion based on current prices near $2,037 per ETH.

What is Bitmine’s staking strategy and current revenue?

Bitmine currently has 3,040,483 ETH staked, approximately 68% of its total holdings, generating $172 million in annualized staking revenue. The company is developing its proprietary Made in America Validator Network (MAVAN) staking platform, targeted for launch in early 2026, which it projects could increase annual staking rewards to $253 million at full scale.

Who is Thomas Lee and what is his role at Bitmine?

Thomas “Tom” Lee is the Chairman of Bitmine Immersion Technologies. He is a well-known Wall Street strategist and co-founder of Fundstrat Global Advisors. Lee has been publicly bullish on Ethereum and directs the company’s treasury strategy of accumulating and staking ETH for long-term investment.