Bitmine stakes 3.04M ETH, generating $172M annualized

Bitmine Immersion Technologies increased its Ethereum holdings to 4.47 million ETH as of March 1, the Las Vegas-based miner reported. That total represents roughly 3.71% of the circulating ether supply and was valued at about $8.8 billion using a price of $1,976 per ETH. The balance rose by 50,928 ETH over the prior week and places the company within 27% of its stated target to hold 5% of the total ether supply.

Chairman Tom Lee described the market as a ‘mini crypto winter’ and characterized the purchases as opportunistic given what he called strengthening fundamentals. He wrote that the price of ETH ‘is not reflective of the high utility of ETH and its role as the future of finance.’ Lee also warned that rising geopolitical tensions, including recent U.S. combat operations against Iran, could influence financial and digital asset markets in the coming weeks.

Bitmine reported that 3,040,483 ETH, or about 68% of its holdings, are currently staked and are generating annualized revenue of $172 million based on a seven‑day staking yield of 2.86%. A composite Ethereum staking rate stood at 2.83%. The company projects staking revenue could reach $253 million annually if it stakes its entire ether position through its planned Made in America Validator Network, or MAVAN.

The company said it expects to launch MAVAN this quarter and is working with three staking providers as it prepares for an unveiling in early 2026. Bitmine described MAVAN as a dedicated platform for staking its full ether position and expanding validator capacity.

Bitmine also reported strategic investments, including an initial $200 million investment in Beast Industries and a $14 million stake in Eightco Holdings. The company’s shares traded near $18.98 in pre-market activity.

With 4.47 million ETH, Bitmine is the largest corporate Ethereum treasury globally and the second-largest corporate crypto treasury overall, behind a reported $47 billion bitcoin holding held by another company.