Bitmine Immersion Technologies, led by Tom Lee of Fundstrat, has increased its stake in Ethereum (ETH) by $142 million worth of ETH, bringing the total value of its holdings to $7.88 billion. They now have a total of 3.39 million ETH staked.
Key Takeaways:
- Bitmine staked 61,232 ETH ($142M) in its latest transaction, bringing total staked ETH to $7.88 billion.
- The company holds 4.12% of ETH’s total supply and targets 5%, a goal Tom Lee calls the “Alchemy of 5%.
- Bitmine’s staking platform MAVAN is on pace to become the largest Ethereum validator network globally.
Aggressive Accumulation Continues
Bitmine Immersion Technologies (BMNR) has made the acquisition and staking of ether the centerpiece of its corporate treasury strategy. The company has accumulated approximately 4.976 million ETH (equal to 4.12% of the total ether supply) with a stated target of reaching 5% of all ETH in circulation, a goal Lee calls the “Alchemy of 5%.”
Of Bitmine’s total ETH holdings, 68.24% are now staked, generating annualized staking revenue of approximately $212 million at a current 7-day yield of 2.89%. The annualized yield figure may appear modest in isolation, but at Bitmine’s scale, the absolute returns are material, i.e., $212 million per annum.
The scale of the company’s validator deployments has had measurable effects on the Ethereum network because when Bitmine ramped up staking activity in early 2026, it pushed the Ethereum validator queue into an $8 billion backlog, with new validators waiting more than 44 days to be activated.
Beyond this, Bitmine recently launched MAVAN, the Made in America Validator Network, an institutional Ethereum staking platform designed for external participants. The platform gives institutional participants direct access to Ethereum’s proof-of- stake consensus mechanism.
Lee’s Ethereum Thesis
Lee has called ETH “the wartime store of value,” arguing that ether’s utility across decentralized applications, staking infrastructure, and institutional treasury functions makes it structurally different from bitcoin. He has set a price target of $7,000 to $9,000 for ETH by the end of 2026, and $62,500 by 2030.
The strategy mirrors what Bitcoin treasury firm Strategy has executed with bitcoin, targeting 1 million BTC by late 2026. Bitmine is pursuing a comparable thesis on Ethereum, with staking yield adding a cash-flow dimension that a pure accumulation strategy does not provide.
With 4.12% of ETH supply already held, Bitmine is within striking range of its 5% goal. Each additional stake moves the needle on one of the most closely watched corporate crypto treasury positions in the market.
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2026-04-22 17:59