Bitmine Immersion Technologies said it now holds 6,028,946 ETH, placing one corporate treasury in control of an amount equal to 4.9% of Ethereum’s reported circulating supply, according to the company’s Monday statement. The firm added 12,532 ETH during the previous week and valued its total Ether position at about $15.3 billion using an ETH price of $2,544.
The disclosure places Bitmine among the largest disclosed holders of Ether and shows that its strategy is increasingly centered on staking rather than simply holding cryptocurrency on its balance sheet. Bitmine said 5,067,309 ETH, or 84% of its Ether holdings, has been staked through its MAVAN platform and external staking partners.
At the company’s stated valuation, the staked Ether was worth roughly $12.9 billion. Staking involves locking ETH into Ethereum’s proof-of-stake network to help validate transactions in return for protocol rewards. While staked assets can generally be withdrawn, they are less immediately available for trading than tokens held in a liquid wallet, particularly when validator exit queues lengthen.
Bitmine targets staking income from $15.3 billion Ether treasury
Bitmine projected that its currently staked Ether could generate annualized revenue of $336 million, based on a seven-day annualized staking yield of 2.61%. The company said annualized revenue could rise to about $400 million once its entire Ether balance is staked.
Those projections frame the Ether treasury as an income-producing asset rather than a passive reserve. At a 2.61% annualized yield, the company’s returns would depend heavily on Ethereum’s validator reward environment, which can change with network activity, the total amount of ETH staked, validator performance and protocol-level reward dynamics.
The difference between Bitmine’s $336 million current projection and its $400 million estimate for fully staked holdings suggests the company has about 961,637 ETH remaining outside its disclosed staking arrangements. That portion includes the 12,532 ETH acquired during the latest week, though the company did not break down how quickly newly acquired tokens would be committed to validators.
Bitmine calculated its 6.03 million ETH position against an Ethereum circulating supply of 122.1 million tokens. The scale is large enough that changes in the company’s treasury policy—whether further accumulation, additional staking, sales, or a shift in counterparties—could be closely watched by Ether traders and Ethereum market participants.
A large corporate holder does not permanently remove Ether from the market. Bitmine could sell assets, unstake tokens, or move them between custodians and staking providers. Yet the stated allocation toward staking means a substantial part of its balance is being positioned to earn network rewards, reducing the share held as immediately deployable treasury liquidity.
Treasury extends beyond Ether
Ether accounts for the overwhelming majority of Bitmine’s reported holdings, but the company also disclosed 214 BTC, a $180 million stake in Beast Industries, an $85 million investment in Eightco Holdings, and $612 million in cash and marketable securities.
Bitmine put the combined value of its cryptocurrency, cash, marketable securities and other investments at $16.2 billion as of Oct. 11. Based on the company’s own Ether valuation of $15.3 billion, non-Ether assets represented less than $1 billion of the reported total.
That concentration gives Bitmine’s balance sheet a direct relationship with Ether’s market price. A rise in ETH would increase the reported value of the treasury, while a decline would reduce it. The company’s staking strategy adds a recurring-revenue component, but reward income at a yield near 2.61% would not offset a large short-term move in the value of a multibillion-dollar Ether position.
Bitmine shares last closed at $24.03 on Friday, according to the company’s update. The company did not link that share price to its latest Ether purchases or staking activity.
Tom Lee links Ether performance to third-quarter conditions
Tom Lee, Bitmine’s chairman, said Ether outperformed the S&P 500 by 6,832 basis points during the third quarter. A basis point equals one-hundredth of a percentage point, meaning the company’s cited gap equals 68.32 percentage points.
Lee attributed the period’s market backdrop to macroeconomic tightening, elevated bond yields and Federal Reserve policy. His comments place Bitmine’s accumulation strategy against a setting in which higher borrowing costs can pressure assets that traders view as sensitive to liquidity conditions.
The company’s statement did not provide a detailed explanation of how it expects monetary policy to affect its Ether holdings or staking yields. Ethereum validator rewards are primarily driven by network mechanics rather than Federal Reserve rates, although broader financial conditions can influence cryptocurrency prices and corporate appetite for digital-asset exposure.
Bitmine’s latest update also illustrates a distinction emerging among crypto treasury companies. Holding a token can provide exposure to its market price, while staking turns part of that holding into a source of protocol-denominated rewards. In Bitmine’s case, the company is seeking both: appreciation in the value of a large ETH reserve and recurring yield paid in Ether.
With more than five million ETH already staked, Bitmine’s future disclosures will likely be measured less by the size of each weekly purchase than by whether it can sustain staking operations, maintain access to liquidity, and manage the concentration risk created by a treasury dominated by a single digital asset.
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