Bitmine accumulates 4,535,000 ETH, dominating the global Ethereum treasury rankings

Publicly traded company Bitmine Immersion Technologies (BMNR) announced that as of March 8, the company’s total Ethereum (ETH) holdings reached 4,534,563 coins. Valued at $1,965 per coin, the combined holdings of cryptocurrencies, cash, and the “Moonshot Plan” total approximately $10.3 billion. Bitmine has thus established itself as the world’s largest institutional Ethereum treasury.

Full Portfolio Breakdown: $10.3 Billion with 4.535 Million ETH

Bitmine’s total $10.3 billion holdings consist of several components:

ETH Holdings: 4,534,563 ETH × $1,965 ≈ $8.9 billion (core asset)

BTC Holdings: 195 Bitcoin

Beast Industries Shares: Market value around $200 million (Bitmine’s latest $200 million strategic investment)

“Potential Stock” Shares: Market value approximately $14 million

Cash Reserves: $1.2 billion

Currently, Bitmine holds ETH accounting for 3.76% of the total ETH supply (120.7 million). This achievement surpasses 75% of its “5% Alchemy” goal within just 8 months. CEO Thomas Lee stated that last week, the company accelerated ETH accumulation, purchasing 60,976 ETH in one week, higher than the previous few weeks’ weekly average of 45,000 to 50,000 coins.

Staking Scale: $174 Million Annualized Yield, Approaching $260 Million Target

Bitmine’s Ethereum holdings are not only large but also increasingly benefiting from scale effects in its staking model. As of March 8, the company has staked 3,040,483 ETH (67% of total holdings). Valued at $1,965 per ETH, the staked portion is worth about $6 billion. The 7-day annualized staking yield is 2.91%, with this year’s staking income reaching $174 million.

Lee said that once all 4.535 million ETH are staked through MAVAN (Made in America Validator Network) and its staking partners, the annualized staking income will rise to approximately $259 million. MAVAN is scheduled to launch in Q1 2026 and is a core strategic deployment for Bitmine to build efficient staking infrastructure.

Market Position and Investor Lineup

Bitmine also demonstrates strong market influence. According to Fundstrat data, its average daily trading volume reached $1 billion (as of the five-day average ending March 6, 2026), ranking 125th among 5,704 listed stocks in the U.S., just behind Eaton (124th) and ahead of United Airlines (126th).

Key investors include ARK Invest’s Cathie Wood, Founders Fund, Pantera Capital, Kraken, DCG, Galaxy Digital, Bill Miller III, and Thomas Lee himself. Lee also cited technical analysis from DeMark Analytics indicating that Ethereum’s price trend in 2026 correlates 89% with the S&P 500 in fall 2011 and 93% with fall 1987. Both scenarios predict ETH will bottom between March 8 and 14, slightly below $1,740, providing technical support for Bitmine’s accelerated accumulation strategy.

Frequently Asked Questions

What is Bitmine’s “5% Alchemy” goal?

“5% Alchemy” is Bitmine’s long-term target: to acquire 5% of the total circulating supply of Ethereum (about 6 million ETH). Currently holding 3.76%, the company has completed over 75% of this goal within 8 months. Based on current purchase rates, it is expected to further approach the target in the coming months.

What is MAVAN (Made in America Validator Network)?

MAVAN is Bitmine’s proprietary Ethereum staking infrastructure, scheduled to launch in Q1 2026. Through MAVAN, all 4.535 million ETH can be staked in a controlled environment. Once operational, the annualized staking income is expected to increase from the current $174 million to about $259 million, further strengthening Bitmine’s position as an institutional Ethereum treasury.

How does Bitmine’s ETH strategy differ from Strategy’s Bitcoin strategy?

Both share a similar core logic: continuously accumulating specific crypto assets as key reserves on the company’s balance sheet, providing indirect crypto exposure to the stock market. The main difference is that Strategy chooses Bitcoin (holding 720,737 BTC worth about $48 billion) as its reserve core, while Bitmine opts for Ethereum, adding staking income strategies on top of its holdings to generate additional cash flow.