Photo: PJ McDonnell
Key takeaways
– On-chain trackers reported BitMine acquired 41,946 ETH (about $131 million at the time).
– BitMine says it holds more than 3.7 million ETH and plans to launch the MAVAN staking solution in early 2026.
BitMine Immersion — the Ethereum-focused treasury led by Fundstrat’s Tom Lee — appears to have increased its ETH holdings after wallets tied to the firm were flagged on Thursday by on-chain trackers cited by Lookonchain. The trackers reported a transfer of 41,946 ETH, roughly $131 million at prevailing prices.
This addition follows a run of recent on-chain activity linked to BitMine. Earlier in the week, reports connected the treasury to an ETH purchase of about $55 million, and a separate wallet associated with the firm reportedly withdrew roughly $91 million in ETH from Kraken ahead of Ethereum’s Fusaka upgrade.
In its latest disclosure, BitMine said it holds over 3.7 million ETH. Continued accumulation would move the company closer to its stated aim of owning roughly 5% of the total ETH supply. Tom Lee has repeatedly highlighted Ether’s importance to future financial infrastructure because of its smart-contract functionality and the range of financial products built on the network.
BitMine also plans to introduce MAVAN, a staking product, in early 2026. The firm says MAVAN will support its strategy as a major crypto treasury by enabling staking exposure alongside its sizable ETH holdings.
