Bitmine Builds 4.37M ETH Treasury (~$8.7B), Now Holds 3.6% of Supply

Bitmine Immersion Technologies has quietly bulged its Ethereum treasury to 4.37 million ETH, the company disclosed in a press release on 17 February — a stash that now represents roughly 3.62% of ETH’s circulating supply. At the current price near $1,998 per ETH, that position is worth about $8.7 billion and makes up the lion’s share of Bitmine’s reported $9.6 billion in combined crypto and cash holdings.

Key facts
– Total ETH holdings: 4.37 million ETH (3.62% of supply)
– Valuation (at ~$1,998/ETH): ~ $8.7 billion
– Staked ETH: 3.04 million ETH, generating an estimated $176 million/year at current yields
– Potential staking revenue after MAVAN launch: up to ~$252 million/year
– Cash reserves: $670 million, plus smaller BTC and private equity positions
– Recent buys: 45,759 ETH in the past week, per chairman Thomas “Tom” Lee
– Target: more than 70% of Bitmine’s goal to control 5% of ETH supply reached in seven months

Staking and MAVAN
Bitmine reports that 3.04 million of its ETH are already staked, producing an estimated $176 million in annualized staking revenue. The company anticipates boosting that yield once it rolls out its Made in America Validator Network (MAVAN), slated for early 2026; full deployment could lift annualized staking revenue toward $252 million.

A dominant corporate holder
On-chain and treasury trackers show roughly 6.3 million ETH held collectively by 28 large entities — about 5.2% of supply. Bitmine’s 4.37 million ETH accounts for well over half of that corporate total, making it the single largest corporate holder by a wide margin. While the dollar value of these treasuries has dropped (roughly a 39% decline) amid ETH’s price pullback, the actual ETH balances have remained steady — signaling that large holders aren’t abandoning positions despite the drawdown.

Accumulation beneath weak price action
Bitmine’s accumulation has been fast and deliberate: chairman Tom Lee said the firm bought 45,759 ETH in the last week and is buying “regardless of short-term price movements.” That behavior mirrors a broader, quieter trend of institutional accumulation that on-chain data suggests is occurring beneath lackluster spot prices.

Market context: price, flows, and indicators
Ethereum’s market has been soft — ETH plunged from late‑2024 highs and has recently traded around the $2,000 mark after briefly dipping below $1,900 earlier in February. Technicals offer only tentative signs of recovery, and spot ETH ETF data points to muted institutional flows: monthly net inflows have recently turned negative compared with stronger accumulation phases in mid‑2025. The split between ETF flows and corporate treasuries implies some big buyers, Bitmine among them, are accumulating outside traditional ETF channels.

Strategic rationale and optionality
Bitmine frames its ETH accumulation around longer-term bets on tokenization, AI-driven payments, and identity infrastructure. With $670 million cash on hand and smaller positions in Bitcoin and private equity “moonshot” investments, the company retains optionality to keep buying into market pullbacks.

Disclaimer
This content is informational and not investment advice. Cryptocurrency trading involves high risk; readers should do their own research before making decisions.

Source: Bitmine press release (17 Feb) and AMBCrypto © 2026

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