Bitmine Immersion Technologies (BMNR) has significantly expanded its Ethereum treasury, confirming total holdings of 4,371,497 ETH, representing approximately 3.62% of global ETH supply.
The update underscores an aggressive accumulation strategy that has continued despite broader market volatility.
The company added roughly 45,759 ETH over the past week, extending a steady buildout of its Ethereum position.
At an assumed price of $1,998 per ETH, Bitmine’s Ethereum holdings are valued at approximately $8.7 billion. Combined with cash and strategic investments, the firm reports total assets of $9.6 billion, including:
Of the total Ethereum held, 3,040,483 ETH, around 69% of the treasury, is actively staked, equivalent to roughly $6.1 billion deployed in yield-generating infrastructure.
Current annualized staking revenue is running at approximately $176 million, based on prevailing yield levels.
Bitmine expects staking income to scale further once its Made-in-America Validator Network (MAVAN) is fully deployed. Under that model, management projects annual staking rewards could reach $252 million if the entire ETH treasury is brought online.
The expansion signals a shift from passive treasury accumulation toward vertically integrated validator infrastructure. By controlling validator operations internally, Bitmine aims to capture full staking economics rather than outsourcing to third-party providers.
The update follows last week’s disclosure that Bitmine’s ETH holdings had surpassed 4.33 million tokens, indicating continued accumulation during a period of broader crypto market weakness.
Rather than trimming exposure amid volatility, the company appears to be doubling down on Ethereum as a core balance sheet asset. With over 3.6% of global supply under custody, Bitmine now stands among the largest corporate ETH holders globally.
If fully staked under MAVAN, the treasury would transform from a passive reserve into a high-yield digital asset engine generating hundreds of millions in recurring annual revenue.
