Bitmine Immersion Technologies, led by Thomas “Tom” Lee, announced today that its Ethereum holdings have grown to around 4.2 million units valued at over $12 billion following last week’s 40,302 ETH acquisition.
The company has deposited over 2 million ETH worth $5.7 billion into staking and is well on track to release its MAVAN, or Made in America VAlidator Network, this quarter.
Described as a “best-in-class” staking solution, MAVAN is currently in its pilot phase. The network plays a key role in Bitmine’s transformation from a passive ETH holder to a major infrastructure player.
Since setting out on the ‘Alchemy of 5%,’ the largest Ethereum treasury firm hasn’t gone a single week without adding to its holdings. At this steady pace, it’s already nearly 70% of the way to its goal.
Lee said in a statement that 2026 is shaping up to be the moment policymakers embrace digital assets as foundational to the financial system, which he believes will favor established, resilient blockchains like Ethereum.
“Ethereum remains the most widely used by Wall Street today and most reliable blockchain with zero downtime since inception,” Lee stated.
“Ethereum’s price ratio to Bitcoin, or ETHBTC, has been steadily climbing since mid-October,” he added. “In our view, this reflects investors recognizing that tokenization and other use cases being developed by Wall Street are being built on Ethereum.”
In addition to ETH, Bitmine’s portfolio includes 193 Bitcoin, a $200 million stake in Beast Industries, and $682 million in cash.
Bitmine has staked more ETH than any other entity globally, according to Lee. At full deployment, the company projects annual staking fees of $374 million based on the current CESR rate.
