Bitmine Immersion Technologies is nearing 80% of its target to control 5% of all Ethereum.
Led by Fundstrat Global Advisors co-founder Thomas “Tom” Lee and backed by institutional investors including ARK’s Cathie Wood, Founders Fund’s Peter Thiel, and Pantera, Bitmine’s Ethereum holdings have surpassed 4.7 million coins, roughly 3.9% of the total supply.
With ETH trading near $2,076, that position is valued at about $9.8 billion.
Via the MAVAN staking platform, which debuted on March 25, Bitmine has staked 3.1 million ETH, generating approximately $177 million in annualized yield at about 2.8%. The firm also holds 197 Bitcoin, $102 million in Eightco Holdings (ORBS) stock, and $200 million in Beast Industries.
Bitmine said ETH accumulation has accelerated, with weekly purchases above prior averages, and the company has continued building its position despite recent market volatility. Last week, the second-largest crypto fell amid a broader market slump tied to geopolitical uncertainty.
Lee noted crypto assets, particularly ETH, have held up comparatively well amid geopolitical tensions versus traditional stores of value such as gold. “The inverse correlation of crypto (and equities) to oil has been increasing and is at the highest levels in the past year. This is logical. Until equity markets become comfortable with the future trajectory of oil prices, rising oil is a headwind for equities and crypto. And in a sense, the crypto winter likely ends when the upside risk to oil prices peaks,” he said.
Bitmine’s base case is that “ETH is in the final stages of the mini-crypto winter.” At the current pace, the firm could reach its 5% threshold well before mid-2026.
Ethereum remains down roughly 30% year-to-date and looks set to finish the first quarter of 2026 in losses, even as corporate and whale wallets have been net buyers.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
