Bitmine Immersion Technologies has expanded its Ethereum holdings to 5.28 million ETH as of May 17, giving the company control of 4.37% of the cryptocurrency’s circulating supply and cementing its position as the largest corporate holder of ether.
Massive ether war chest
At an estimated $2,191 per token, Bitmine Immersion’s ether portfolio is valued at roughly $11.6 billion. That makes it the largest corporate Ethereum reserve globally and the second-largest corporate crypto treasury overall, behind Strategy’s 818,869 BTC, worth about $64.1 billion.
Including crypto, cash, and high-risk assets, Bitmine Immersion’s total treasury now stands at $12.6 billion.
The company acquired 71,672 ETH in the past week alone and is now about 87% of the way toward its stated target of owning 5% of the Ethereum supply, or roughly 6.03 million ETH. Chairman Lee said the firm expects to reach that milestone in 2026.
This accumulation strategy removes a significant volume of ether from circulation, tightening the available supply for other market participants. Lee has publicly indicated a deceleration in the weekly acquisition pace, hinting at a more measured approach that may be aimed at managing market impact or consolidating the firm’s position.
Heavy focus on staking and yield
Around 4.71 million ETH, or 89% of Bitmine Immersion’s ether holdings, is currently staked on the network. Based on a 2.80% seven-day yield, that stake is generating approximately $289 million in annualized revenue.
The company expects annual staking revenue to rise to about $324 million once it stakes its full ether holdings through its in-house made in america validator network (MAVAN). MAVAN is designed to support internal staking operations, and a portion of the ether is already deployed on this infrastructure.
Committing nearly 90% of its digital assets to staking locks those tokens into the protocol for an extended period. This further reduces market liquidity and underscores the firm’s long-term conviction in Ethereum. The concentration of staked ETH in a single entity also has implications for the network’s validator queue, which has been reported at over 60 days, delaying entry for new participants seeking to stake.
The staking income provides a steady revenue stream that diversifies the company’s earnings beyond simple price appreciation of its holdings, aligning with a broader institutional trend of using large crypto positions to generate yield.
Cash buffer and “moonshot” portfolio
Bitmine Immersion holds $685 million in cash reserves, offering a substantial buffer for operations and future acquisitions amid market volatility. This liquidity gives the firm room to continue buying, including during market dips, without needing to sell core crypto holdings.
Alongside its ether trove, the company classifies several smaller positions as “moonshots,” or high-risk, high-reward bets. These include:
- 202 BTC
- A $200 million stake in Beast Industries
- $83 million in equity in Eightco
These positions, while modest compared with the ether portfolio, extend the company’s exposure into other growth areas, including artificial intelligence via an indirect connection to OpenAI through its holdings.
Market reaction and stock performance
Despite the rapid expansion of its digital asset base, Bitmine Immersion’s equity has struggled. Shares trading under ticker BMNR closed at $19.87 on Friday, down 9.68% from the previous session and 29.04% year-to-date as of May 19, 2026.
The divergence between the firm’s growing crypto balance sheet and its falling share price suggests the equity market is cautious about the risks tied to such a concentrated strategy and the underlying volatility of Ethereum. Traders appear to be weighing the benefits of strong on-chain income and asset accumulation against concerns over concentration, market liquidity, and long-term execution.
To better understand ETH dynamics behind such large holdings, explore our guide on what Ethereum is and how it works.
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