Bitmine Immersion Technologies Nears 5% of Ethereum Supply With $10B ETH Bet

• Bitmine holds 4,803,334 ETH, valued at approximately US$10.2 billion at US$2,123 per token, with 71,252 tokens acquired in the past week alone.
• The company’s MAVAN staking platform deploys 3.33 million ETH at a 2.78% annualised yield, generating US$196 million per year and projecting US$282 million at full deployment.
• BMNR transfers from NYSE American to the New York Stock Exchange on April 9, marking a milestone for a company positioning itself as the world’s largest yield-bearing public Ethereum treasury.

Bitmine Immersion Technologies has expanded its Ethereum (ETH) treasury to 4,803,334 ETH, giving it control of about 3.98% of the token’s circulating supply and bringing it closer to its public target of holding 5% of all ETH.

The company’s ETH position is valued at about US$10.2 billion (AU$14.79 billion). Over the past seven days alone, Bitmine added 71,252 ETH, its fastest accumulation pace since December 22, 2025. 

Chairman Tom Lee said the buying came during what he described as the final phase of a recent crypto downturn.

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Bitmine Turns Treasury Into Revenue Engine Through Staking

Bitmine is using staking to turn most of its ETH reserve into a revenue-producing operation. It has deployed 3,334,637 ETH, worth roughly US$7.1 billion (AU$10.30 billion), through MAVAN, its Made in America Validator Network, which the company launched publicly this week as an institutional staking platform.

Bitmine said MAVAN is generating an annualised yield of 2.78%, slightly above the 2.74% CESR benchmark. At that rate, the staked ETH is producing about US$196 million (AU$284 million) in yearly revenue. 

If all of Bitmine’s current holdings are committed to staking, the company estimates annual staking income could rise to about US$282 million (AU$409 million).

The company’s broader balance sheet includes its ETH holdings, 198 bitcoin and US$864 million (AU$1.25 billion) in cash, for a total value of about US$11.4 billion (AU$16.53 billion). Bitmine has described its 5% supply goal internally as the “alchemy of 5%,” and its current position places it about 79% of the way there. 

With ETH’s circulating supply at around 120.7 million tokens, Bitmine needs roughly another 200,000 ETH to reach that threshold.

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