TL;DR:
- Bitmine bought 60,976 ETH in the first week of March and holds around 4.53 million tokens, equivalent to 3.76% of the total supply.
- 67% of its holdings are in active staking, generating $174 million per year. The company projects reaching $259 million at full operational scale.
- Bitmine targets 5% of ETH supply and will launch its MAVAN validator network in the first quarter of 2026.
Bitmine Immersion Technologies accelerated its Ethereum accumulation pace during the first week of March 2026, adding 60,976 ETH to its treasury. The acquisition brings its total holdings to 4,534,563 tokens, valued at approximately $8.9 billion at current prices. The company continues to reinforce its status as the world’s largest corporate Ethereum treasury and controls 3.76% of the network’s total supply.
The announcement was made by Thomas “Tom” Lee, chairman of the company, who justified the operation with a technical analysis placing the market in the final phase of a “crypto mini-winter“. Lee cited models from analyst Tom DeMark showing 89% and 93% correlations between the price of ETH in 2026 and the behavior of the S&P 500 during the autumns of 2011 and 1987, respectively. According to that forecast, ETH’s bottom would fall between March 8 and 14, around the $1,740 level.
Bitmine Eyes 5% and Prepares for the MAVAN Network
The company’s long-term strategy, internally referred to as the “Alchemy of 5%“, aims to accumulate 5% of ETH’s circulating supply. Eight months after its launch, Bitmine has surpassed 75% of that target. To enhance yields, the company is developing its own validator infrastructure, the Made in America Validator Network (MAVAN), with its deployment scheduled for the first quarter of 2026.
Of the 4.53 million ETH in its treasury, 3,040,483 tokens — approximately 67% — are currently in active staking. That volume generates $174 million in annualized revenue at a rate of 2.91%, above the CESR composite index of 2.84%. At full scale, Bitmine projects that staking revenue could reach $259 million annually. The company’s total balance, including 195 Bitcoin, $1.2 billion in cash, and stakes in Beast Industries and Eightco Holdings, exceeds $10.3 billion.
Not Everyone Is Optimistic
Not all major market players share the optimism. Culper Research maintains short positions in both BMNR and ETH, arguing that the Fusaka upgrade from late 2025 structurally compressed staking profitability and could trigger a progressive deterioration of the model.
Adding to that, the firm’s shares trade at a significant premium over their net asset value, and the company carries unrealized losses of several billion dollars on purchases made at higher prices.
