Tom Lee’s Bitmine stakes $3.9 billion in Ethereum, hits nearly 70% of accumulation goal

Key Takeaways

• Bitmine Immersion Technologies sent $3.9 billion worth of Ethereum into staking.
• The company’s total crypto and cash holdings have reached $14 billion.

The total Ethereum staked by Bitmine Immersion Technologies, the digital asset treasury led by Tom Lee, has surpassed 1.2 million ETH, worth approximately $3.9 billion, the company disclosed Monday.

The company will soon roll out its MAVAN staking solution, which Lee said would be the largest staking provider in the crypto ecosystem. At scale, ETH staking fees could generate $374 million annually based on the current 2.81% composite Ethereum staking rate.

Bitmine also reported increasing its ETH holdings by 24,266 units over the past week. The company now holds $14 billion in crypto and cash, including over 4 million ETH, or 3.4% of the total supply, and has reached almost 70% of its goal to acquire 5% of all Ethereum.

BMNR stock trades an average of $1.3 billion daily, ranking 67th among US-listed stocks. Institutional backers include ARK’s Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital.