Bitmine Immersion Technologies has added another large amount of Ethereum to its corporate treasury.
The company said its Ethereum holdings reached 5,278,462 ETH as of May 17 at 4:00 p.m. ET. Bitmine valued the position at $2,191 per ETH, bringing its total ETH stash to around 4.37% of Ethereum’s total supply.
The latest update shows that Bitmine bought 71,672 ETH in just one week. Chairman Thomas “Tom” Lee said the recent pullback below the $2,200 level made Ethereum attractive for the company’s long-term treasury strategy.
Bitmine Moves Closer to Its 5% ETH Target
Bitmine is working toward a major goal called the “Alchemy of 5%” plan. Under this strategy, the company wants to acquire 5% of Ethereum’s total supply over time.
With its holdings now at 5.28 million ETH, Bitmine says it is about 87% of the way toward that target. This makes the company one of the most aggressive public buyers of Ethereum.
The Bitmine Ethereum treasury strategy shows how some companies are treating ETH as a long-term reserve asset, similar to how Strategy built its treasury around Bitcoin.
How Much ETH Has Bitmine Staked?
Bitmine is not only holding Ethereum. It is also staking most of its ETH.
The company said it has staked 4,712,917 ETH, worth about $10.3 billion using the same $2,191 ETH price. That means more than 89% of its total Ethereum position is now earning staking rewards.
According to Lee, Bitmine’s annualized staking revenue has reached around $289 million. He also said that if the company fully stakes its ETH through MAVAN and partner platforms, annual staking rewards could rise to about $324 million, based on a 2.80% seven-day annualized yield.
MAVAN Supports Bitmine’s Staking Plan
Bitmine recently launched MAVAN, short for Made in America Validator Network.
The platform was originally built to support Bitmine’s own Ethereum treasury. However, the company said MAVAN may later serve institutions, custodians, and Ethereum ecosystem partners.
This gives Bitmine a more direct role in Ethereum staking infrastructure. Instead of simply holding ETH, the company is trying to build a system around its treasury that can generate yield and potentially support other large market participants.
Bitmine Becomes a Major Ethereum Holder
Bitmine says it is now the largest Ethereum treasury and the second-largest global crypto treasury after Strategy.
Alongside its ETH position, the company also holds 202 Bitcoin, $685 million in cash, a $200 million stake in Beast Industries, and an $83 million stake in Eightco.
This makes Bitmine’s balance sheet heavily tied to Ethereum, but not entirely dependent on it.
Ethereum Market Faces Pressure
Bitmine’s latest purchase came during a weaker period for Ethereum.
ETH recently traded near $2,100, with pressure coming from ETF outflows, whale deposits, higher exchange reserves, and broader market uncertainty. Lee also linked some selling pressure to rising oil prices.
Still, Bitmine appears to be using price weakness as a buying opportunity. The company’s latest ETH purchase suggests it remains confident in Ethereum’s long-term role as a treasury asset and staking yield source.
For now, the Bitmine Ethereum treasury continues to grow quickly. If the company keeps buying at this pace, its 5% Ethereum supply target could move even closer within the coming months.
