Bitmine Immersion Reaches 5.81M $ETH

Bitmine Immersion Technologies (NYSE: BMNR) has disclosed that its Ethereum holdings have grown to 5.81 million $ETH, representing 4.8% of the token's total circulating supply. The milestone cements the firm as the number one Ethereum treasury and the second-largest global digital asset treasury, behind Strategy Inc.

The company, backed by @fundstrat chairman Tom Lee, has branded its $11.6 billion treasury deployment the "Alchemy of 5%," a reference to its long-stated goal of controlling 5% of all $ETH in circulation. Backers named in the company's disclosures include ARK's Cathie Wood, Founders Fund, Pantera, Kraken, DCG, and Galaxy Digital, all aligned behind that target.

MAVAN: Staking at Institutional Scale

The bulk of Bitmine's holdings are now actively generating yield. The firm is staking 5.06 million $ETH through its proprietary Made in America Validator Network (MAVAN), projecting $294 million in annualized rewards at a 2.63% yield.

Bitmine officially launched MAVAN, its proprietary institutional-grade Ethereum staking platform, in March 2026. The platform combines U.S.-based infrastructure for institutions requiring domestic validation with a flexible, globally distributed architecture, and was originally developed to support Bitmine's own Ethereum treasury before being opened to external clients.

MAVAN intends to expand to serve institutional investors, custodians, and ecosystem partners seeking best-in-class staking infrastructure. The company has also indicated plans to extend staking services to other proof-of-stake blockchains beyond Ethereum over time.

A Growing Lead Over Peers

Bitmine Immersion holds 5,797,813 ETH worth over $10.8 billion, making it the largest public corporate Ethereum holder with 4.804% of the total supply. The staking operation is central to the firm's revenue model. As Tom Lee noted in a prior update, "Bitmine has staked more ETH than other entities in the world."

The MAVAN platform is also being positioned as a commercial product in its own right. It was initially developed to support Bitmine's existing Ethereum treasury and is now being opened to institutional clients and custodians. Should it reach full deployment, the platform could become one of the largest Ethereum staking operations globally by volume.

Sources:
Bitmine Press Release: ETH Holdings Reach 5.77M Tokens (PR Newswire)
Tom Lee's BitMine Ether Holdings Rise to 5.77 Million Tokens (CoinDesk)
Bitmine Announces Launch of MAVAN Validator Network (PR Newswire)