Journalist
Tanzeel Akhtar
Journalist
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BitMine Immersion Technologies, a publicly traded digital asset treasury firm linked to investor Tom Lee, has reported total crypto, cash, and “moonshots” holdings of $10.7 billion, anchored by one of the largest Ethereum treasury positions in the market.
In a February 2 announcement, the company said it now holds 4,285,125 ETH, valued at roughly $2,317 per token, alongside 193 BTC, $586 million in cash, and strategic equity stakes including a $200 million investment in Beast Industries.
BitMine’s ETH holdings represent approximately 3.55% of Ethereum’s total supply, putting the firm more than 70% of the way toward its stated goal of acquiring 5% of ETH — what it calls the “Alchemy of 5%” — in just six months.
Staked ETH Position Nears $6.7B With MAVAN Launch Ahead
BitMine also continues to expand its staking footprint. As of February 1, the company reported total staked ETH of 2,897,459, worth about $6.7 billion, an increase of nearly 888,000 ETH over the past week.
Executive Chairman Tom Lee said BitMine has now staked more ETH than any other entity globally. At full scale, the company estimates staking rewards could reach $374 million annually, or more than $1 million per day, based on a composite Ethereum staking rate of 2.81% CESR.
The firm is preparing to launch its staking infrastructure initiative — the Made in America Validator Network (MAVAN) — in early 2026, with multiple staking providers currently involved as partners ahead of deployment.
Tom Lee: ETH Price Weakness Not Reflecting Fundamentals
Lee argued that Ethereum’s recent price decline from around $3,000 to $2,300 has occurred despite strong network fundamentals.
He pointed to Ethereum daily transactions hitting an all-time high of 2.5 million, while active addresses climbed to roughly 1 million per day in 2026.
“Non-fundamental factors are arguably more the factors explaining the weakness in ETH prices,” Lee said, citing subdued leverage conditions and rising precious metals prices pulling risk appetite away from crypto.
BitMine acquired 41,788 ETH over the past week, viewing the pullback as an attractive entry point.
Liquidity and Institutional Backing Support Treasury Strategy
BitMine said it leads crypto treasury peers in both the velocity of raising crypto NAV per share and the liquidity of its public stock. BMNR ranks as the 105th most traded stock in the U.S., averaging $1.1 billion in daily trading volumeover the past five days.
The company remains backed by major institutional investors, including ARK’s Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital, and personal investor Thomas “Tom” Lee.
BitMine’s growing ETH treasury positions it as the world’s largest corporate Ethereum holder, as it accelerates toward its long-term 5% supply target.
