Bitmine Adds 71,672 ETH, Ethereum Treasury Swells to About $11.6 Billion
Bitmine Immersion Technologies said it purchased 71,672 ETH over the past week, lifting its Ethereum holdings to 5,278,462 ETH after the token briefly dipped below $2,200.
In a treasury update dated May 17, the company valued its Ethereum position at roughly $11.6 billion, using an ETH price of $2,191 per token.
Chairman Tom Lee said the firm used the pullback to increase exposure to Ethereum, calling sub-$2,200 levels an attractive entry point. The latest buy follows a May 11 disclosure in which Bitmine added 26,659 ETH.
Bitmine said its Ethereum reserves now represent about 4.37% of the circulating ETH supply, which it placed at around 120.7 million ETH. The company described itself as the largest publicly disclosed Ethereum treasury holder.
Alongside Ethereum, Bitmine reported holdings of 202 Bitcoin and $685 million in cash. It also disclosed a $200 million position in Beast Industries and an $83 million stake in Eightco Holdings. In total, Bitmine said its crypto, cash and investment portfolio stands at approximately $12.6 billion.
Staking remains central to the strategy. Bitmine said it is staking 4,712,917 ETH across its validator infrastructure and partner platforms, about 89% of total ETH holdings. Based on a seven-day annualized staking yield of 2.80%, the company estimated annualized staking revenue of about $289 million, with potential rewards rising toward $324 million after full deployment.
The firm also recently launched MAVAN (Made in American VAlidator Network), initially built to support internal treasury operations and now positioned to expand into institutional staking services.
On policy, Bitmine cited developments around the Digital Asset Market CLARITY Act. Lee said clearer U.S. crypto rules could encourage broader participation from traditional financial institutions. The company noted the bill still needs additional congressional approval to become law and pointed to Polymarket data indicating a reported 61% probability of passage in 2026.
