Bitmine Immersion Technologies has made its largest Ethereum acquisition so far in 2026, purchasing 111,942 ETH in the past week as Chairman Tom Lee doubles down on his prediction of an impending crypto supercycle.
The company disclosed that its total crypto, cash, and strategic holdings have climbed to $12.3 billion, led by 5,390,404 ether tokens representing 4.47% of Ethereum’s total supply of 120.7 million coins.
Closing in on the 5% Target
Lee has long targeted what he calls the “Alchemy of 5%” — a 5% stake in Ethereum’s total supply. With the latest purchases, Bitmine is now approximately 89% of the way toward that goal. The chairman expects the company to reach the 5% threshold sometime in 2026.
“We continue to expect a supercycle ahead for crypto and Ethereum,” Lee said in a statement. He pointed to Wall Street tokenization and agentic AI as the long-term drivers for demand on public, neutral blockchains.
MAVAN Staking Network Generates $276M Annualized Yield
Bitmine is leaning heavily into staking through MAVAN (Made in America Validator Network), its institutional-grade staking platform. The company now has 4,712,917 ETH staked — more than 87% of its total ETH holdings — worth approximately $10.1 billion.
Lee said that Bitmine’s annualized staking revenue has reached $276 million, based on a 2.75% seven-day annualized BMNR yield. He added that the figure could scale further as more of the company’s ETH is staked through MAVAN and its partners.
MAVAN was initially developed for Bitmine’s own treasury management, but the company plans to expand access to institutional investors, custodians, and ecosystem partners.
Bitmine’s $12.3 Billion Asset Base
Alongside its massive ETH position, Bitmine holds 203 bitcoin and $444 million in cash. The company also reported strategic stakes outside its core crypto holdings, including:
- A $200 million position in Beast Industries
- A $95 million stake in Eightco Holdings (Nasdaq: ORBS), which offers public-market investors indirect exposure to OpenAI
NYSE Listing and Institutional Momentum
The company recently uplisted to the New York Stock Exchange from NYSE American, effective April 9, 2026, trading under the ticker BMNR. Citing Fundstrat data, Bitmine said BMNR traded an average of $572 million per day over five sessions through May 22, ranking 193rd among 5,704 U.S.-listed stocks.
Lee has previously suggested that Bitmine could be considered for inclusion in the Russell 1000 index, which would trigger additional buying from active and passive fund managers.
A Contrarian Bet on Ethereum
The aggressive accumulation comes despite Ethereum trading near recent lows around $2,134 per token. Bitmine’s latest purchase represents a significant bet on Ethereum’s long-term value proposition, even as the broader market has shown caution toward the asset.
“Institutional accumulation during periods of market uncertainty has historically been a hallmark of successful investment strategies,” noted one analyst. “Bitmine is essentially front-running the institutional adoption wave that many predict will define the next phase of crypto markets.”
The company’s approach combines mining operations, treasury accumulation, and staking infrastructure — a vertically integrated model that Lee argues gives Bitmine a unique position in the crypto ecosystem.
FAQ
**Q: What percentage of Ethereum’s supply does Bitmine control?**?
Bitmine currently holds 5,390,404 ETH, representing 4.47% of Ethereum’s total supply of 120.7 million coins.
**Q: What is MAVAN?**?
MAVAN (Made in America Validator Network) is Bitmine’s institutional-grade Ethereum staking platform. It currently handles staking for over 87% of Bitmine’s ETH holdings.
**Q: What is Tom Lee’s “Alchemy of 5%” target?**?
It’s Tom Lee’s goal for Bitmine to acquire 5% of all Ethereum in circulation. The company is currently about 89% of the way there.
*Sources: News.Bitcoin.com, CoinTelegraph, Yahoo Finance, CryptoNews*
Disclaimer: Information provided is for informational purposes only.
