BitMine Pushes ETH Holdings Toward 6 Million Tokens Bitmine Immersion Technologies (NYSE: $BMNR), chaired by Fundstrat's @fundstrat Tom Lee, acquired 27,562 $ETH over the past week, lifting i
Bitmine Immersion Technologies (NYSE: $BMNR), chaired by Fundstrat's @fundstrat Tom Lee, acquired 27,562 $ETH over the past week, lifting its total Ethereum balance to approximately 5.98 million tokens. That position now represents 4.9% of the total ETH supply.
The accumulation follows a strategy that has seen Bitmine buy ETH every week since the inception of its ETH Treasury Strategy on June 30, 2025.Lee was appointed Chairman of the Board of Bitmine Immersion Technologies in June 2025, alongside a $250 million private placement to implement a buying strategy around Ether, which the company aims to make its primary treasury reserve asset.
The majority of the company's holdings are already put to work. Of the 5.98 million $ETH held, 5.07 million tokens are staked to generate yield. As of late August 2026, Bitmine's total staked ETH stood at 5,067,309 tokens. Lee has stated that Bitmine has staked more ETH than any other entity in the world, with projected annualized staking rewards of $390 million based on a 2.63% seven-day yield.
Earlier in 2026, Bitmine launched MAVAN, the Made in America Validator Network, an institutional-grade staking platform. While MAVAN was originally developed to support Bitmine's own Ethereum treasury, it intends to expand to serve institutional investors, custodians, and ecosystem partners.
The company continues to convert liquidity into staked assets as it seeks to entrench its leading position on the Ethereum network. Lee has called ETH "the wartime store of value," arguing that Ether's utility across decentralized applications, staking infrastructure, and institutional treasury functions makes it structurally different from Bitcoin.He has set a price target of $7,000 to $9,000 for ETH by the end of 2026.
Sources:Bitmine press release: ETH holdings reach 5.90 million tokens (PR Newswire)Bitmine Immersion Technologies Ethereum Holdings (The Block)Tom Lee aims to create the MicroStrategy of Ethereum (CNBC)
