Tom Lee’s Bitmine Increases Ethereum Treasury to 4.73M ETH After MAVAN Launch

TLDR

• Bitmine increased its Ethereum treasury to 4,732,082 ETH.
• The company has 3,142,643 staked ETH worth about $6.3 billion.
• MAVAN launched on March 25 as Bitmine’s institutional staking platform.
• Bitmine now owns 3.92% of Ethereum’s circulating token supply.
• Bitmine’s total crypto, cash, and strategic assets stand at $10.7 billion.

Bitmine Immersion Technologies has again raised its Ethereum treasury, extending one of the largest corporate accumulation programs in the digital asset market. The company said it purchased another 71,179 ETH over the past week, bringing total holdings to 4,732,082 ETH. At an ETH price of $2,005, that position is worth about $9.49 billion.

The latest update places Bitmine at 3.92% of Ethereum’s circulating supply of about 120.7 million coins. The company said that puts it more than 78% of the way toward its stated “Alchemy of 5%” target, which centers on building a treasury equal to 5% of total ETH supply. The purchase pace also increased from Bitmine’s earlier weekly average of 45,000 to 50,000 ETH.

Bitmine said its broader crypto, cash, and strategic investment assets now total about $10.7 billion. That figure includes 4.73 million ETH, 197 Bitcoin, $961 million in cash, a $200 million stake in Beast Industries, and a $102 million position in ORBS. The company described ORBS as one of the few publicly listed equities offering direct exposure tied to OpenAI-related positioning.

MAVAN Launch Expands Bitmine’s Ethereum Staking Model

A major part of Bitmine’s latest update is staking. The company said 3,142,643 ETH is now staked, representing about $6.3 billion at current prices. That equals roughly 66% of its total Ethereum holdings. Based on a seven-day annualized staking yield of 2.80%, Bitmine said the current staked position is generating about $177 million in annualized rewards.

The company added that annual staking rewards could rise to around $266 million if all of its Ethereum holdings were placed into staking. That projection links directly to MAVAN, the company’s new staking platform. MAVAN, short for Made in America Validator Network, officially launched on March 25, 2026, after being previewed in late 2025 earnings materials.

Bitmine described MAVAN as its institutional Ethereum staking destination, built with security, performance, and resilience in mind. Some of the company’s ETH is already being staked through the new validator network. The launch gives Bitmine a second layer to its strategy, combining treasury accumulation with direct participation in Ethereum’s validator infrastructure.

Treasury Growth and Market Position Remain in Focus

Bitmine has presented itself as more than a passive holder of digital assets. The company said it leads crypto treasury peers in the pace of raising crypto NAV per share and in the trading liquidity of BMNR stock. It also said BMNR ranks as the 100th-most-traded stock in the United States, with a five-day average daily trading value of about $920 million.

The firm’s latest treasury update arrives amid ongoing attention to institutional Ethereum positioning. By holding nearly 4% of the total ETH supply and staking most of that balance, Bitmine has become one of the more closely watched public companies tied to the Ethereum market structure. Its buying has also continued for four straight weeks, showing a steady expansion of the position.

This accumulation strategy has unfolded while Ethereum trades near the $2,000 level. Market commentary tied to the update said that downside support remains near $2,050, with further support at $1,950 and resistance at $2,150 and $2,300. Those levels remain part of the short-term outlook as traders assess the effect of Bitmine’s buying and staking activity on available supply.

Tom Lee Links Crypto Performance to the Macro Backdrop

Thomas Lee, chairman of Bitmine, connected the company’s strategy to broader market conditions. He said ETH and cryptocurrencies have outperformed equities by 1,160 basis points as the Iran war entered its fifth week, while gold has underperformed by more than 750 basis points. He said cryptocurrencies are functioning as a store of value during wartime.

Lee also said the inverse correlation between oil prices and crypto and equities has reached its highest level in the past year.

According to his remarks, rising oil prices have weighed on risk assets, but if the risk from higher oil prices passes its peak, the crypto winter may also move closer to an end.

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