Bitmine Immersion Technologies has reached a milestone by accumulating over 6 million ETH, bringing the total value of its holdings to approximately $16 billion. The company, which trades on the NYSE under the ticker BMNR, now controls nearly 5% of the total circulating supply of Ethereum, which is estimated at 120.7 million tokens.
The firm employs a treasury strategy similar to the Bitcoin accumulation model used by Strategy, but with a focus on staking. Currently, over 85% of Bitmine's ETH assets are staked via its proprietary MAVAN platform. This activity is expected to generate between $211 million and $357 million in annualized revenue.
The company's accumulation strategy began in mid-2025 under the leadership of chairman Thomas Lee. While the pace of acquisition has slowed from a peak of over 100,000 ETH per week to approximately 17,362 ETH in the most recent week, the firm remains the largest corporate holder of Ethereum globally.
Institutional investors, including ARK Invest and Founders Fund, have acquired positions in BMNR. The stock price shows a strong correlation with ETH market movements, as investors utilize the company to gain indirect exposure to Ethereum. Bitmine's current holdings are valued at roughly $2,700 per ETH.
