Bitmine ETH Holdings Reach 4.47 Million as Reserves Hit $9.9B

Bitmine Immersion Technologies has increased its Ethereum holdings to 4.47 million tokens as total crypto and cash reserves climbed to $9.9 billion.

Key Takeaways

• Bitmine now holds 4,473,587 ETH, representing 3.71% of total Ethereum supply.
• Total crypto, cash, and moonshot holdings reached $9.9 billion as of March 1, 2026.
• 3,040,483 ETH are staked, generating $172 million in annualized staking revenue.
• The company acquired 50,928 ETH in the past week and plans to launch MAVAN in early 2026.

What Happened?

Bitmine Immersion Technologies, listed on NYSE American under BMNR, announced that its combined crypto, cash, and moonshot investments totaled $9.9 billion as of March 1, 2026. The company now owns 4,473,587 ETH valued at $1,976 per token.

Management said the company continues to aggressively accumulate Ethereum during what it described as a mini crypto winter, while expanding its staking operations to enhance yield generation.

Ethereum Treasury Expands to 3.71% of Total Supply

As of March 1, Bitmine’s 4.47 million ETH holdings represent 3.71% of Ethereum’s total 120.7 million token supply. The company stated it has progressed more than 74% toward its internal goal known as the Alchemy of 5%, which aims to accumulate 5% of the total ETH supply.

In addition to Ethereum, Bitmine holds:

• 195 BTC
• $868 million in cash
• $200 million stake in Beast Industries
• $14 million stake in Eightco Holdings

These assets form what the company describes as its crypto, total cash, and moonshots portfolio.

Chairman Thomas “Tom” Lee said:

“

Bitmine continues to methodically execute our Ethereum treasury strategy as we move our way through the later stages of this ‘mini crypto winter.’ Geopolitical uncertainty has risen in the past few days, as the US has commenced combat operations against Iran, and the impact on financial and digital asset markets will be felt in the coming weeks. We continue to steadily acquire ETH and optimize the yield on our ETH holdings.

Thomas “Tom” LeeChairman – Bitmine Immersion Technology

Continued Lee:

“

In the past week, we acquired 50,928 ETH. Bitmine has been buying Ethereum, as we view this pullback as attractive, given the strengthening fundamentals. In our view, the price of ETH is not reflective of the high utility of ETH and its role as the future of finance.

Thomas “Tom” LeeChairman – Bitmine Immersion Technology

Staking Strategy Targets $253 Million Annual Yield

Bitmine currently has 3,040,483 ETH staked, valued at approximately $6.0 billion at the reference price of $1,976 per token. That represents about 68% of its total ETH holdings.

According to the company, annualized staking revenues currently stand at $172 million. Once fully deployed across its infrastructure and partner networks, staking rewards could reach $253 million annually, based on a 2.86% seven day yield.

The Composite Ethereum Staking Rate administered by Quatrefoil stands at 2.83%, slightly below Bitmine’s reported annualized seven day yield of 2.86%.

The company is preparing to launch its staking solution known as the Made in America Validator Network, or MAVAN, in early calendar 2026. Management described MAVAN as a best in class secure staking infrastructure and confirmed it is working with three external staking providers ahead of the rollout.

Market Position and Trading Activity

Bitmine positions itself as the largest Ethereum treasury globally and the second largest digital asset treasury worldwide, behind Strategy Inc., which holds 717,722 BTC valued at $47 billion.

According to Fundstrat data, BMNR ranks as the 145th most traded stock in the United States, with an average daily dollar volume of $0.8 billion over the five trading days ending February 27, 2026. Following the announcement, shares rose 8.61% to $20.62, adding approximately $743 million to the company’s valuation.

Image Credit – Google Finance

The stock is backed by institutional investors including ARK’s Cathie Wood, Founders Fund, Pantera, Kraken, DCG, Galaxy Digital, Bill Miller III, and Thomas “Tom” Lee.

Policy Backdrop and Long Term Strategy

Bitmine linked its strategy to broader US policy developments such as the GENIUS Act and the Securities and Exchange Commission’s Project Crypto. The company compared these regulatory shifts to the historic policy move in August 1971 when the US ended the Bretton Woods system, suggesting that digital assets may play a transformative role in financial markets over time.

Bitmine operates Bitcoin mining facilities in the United States while channeling excess capital into building what it describes as the world’s leading Ethereum treasury platform.

CoinLaw’s Takeaway

In my experience, very few public companies move this aggressively in accumulating a single digital asset. Owning 3.71% of Ethereum’s total supply is not a small bet. It is a conviction play. I found the staking numbers particularly notable because recurring yield gives the treasury model more sustainability compared to simply holding tokens.

That said, concentration risk is real. Bitmine’s balance sheet is heavily exposed to Ethereum price swings and broader geopolitical uncertainty. Still, if Ethereum strengthens over the next cycle, Bitmine could be positioned as one of the biggest corporate winners in the space.

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