New York, March 2, 2026 – Bitmine Immersion Technologies (BMNR), the publicly traded Bitcoin and Ethereum network company chaired by prominent crypto analyst Tom Lee of Fundstrat, has continued its aggressive Ethereum accumulation strategy, purchasing an additional 50,928 ETH valued at approximately $98.6 million over the past week.
As of March 1, 2026, the company now holds 4,473,587 ETH, representing roughly 3.71% of the total Ethereum supply (out of approximately 120.7 million tokens). At current market prices around $1,936–$1,976 per ETH, the holdings are valued between $8.66 billion and $8.84 billion.
The announcement, detailed in a press release and highlighted by on-chain analytics firm Lookonchain, underscores Bitmine’s position as one of the largest institutional Ethereum holders globally. The company has steadily built its position since mid-2025, with weekly purchases ramping up significantly—buying tens of thousands of ETH nearly every week for the past eight months.
“This represents over 74% progress toward Bitmine’s ‘Alchemy of 5%’ goal in just eight months,” the company noted.
Staking Yields Generate $172M Annually
Bitmine has staked 3,040,483 ETH—approximately 68% of its total holdings—generating annualized staking revenues of $172 million based on a 2.83% Composite Ethereum Staking Rate. The company’s proprietary staking operations achieved a 7-day yield of 2.86% (annualized), with projections reaching $253 million annually once fully scaled through its upcoming Made in America VAlidator Network (MAVAN), slated for launch in Q1 2026.
$9.9 Billion Treasury Positions Bitmine as Major Crypto Whale
The firm’s total treasury—comprising crypto assets, cash, and strategic “moonshots”—stands at $9.9 billion. This includes:
- $868 million in cash reserves
- 195 Bitcoin (BTC)
- A $200 million stake in Beast Industries
- A $14 million position in Eightco Holdings (NASDAQ: ORBS)
Bitmine ranks as the #1 Ethereum treasury company and the #2 global crypto treasury overall, trailing only Strategy Inc. (formerly MicroStrategy), which holds 717,722 BTC valued at $47 billion.
Tom Lee: “We View This Pullback as Attractive”
In quotes from the press release, Chairman Tom Lee emphasized the long-term conviction behind the buys amid recent market volatility and geopolitical tensions:
“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… We continue to steadily acquire ETH and optimize the yield on our ETH holdings.”
Lee added: “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.”
Institutional Backing and Market Momentum
Bitmine’s strategy is supported by major investors including ARK’s Cathie Wood, Founders Fund, Pantera Capital, Kraken, DCG, Galaxy Digital, and Bill Miller III. The company’s stock (BMNR) ranks among the most liquid in the U.S., with $0.8 billion in average daily dollar volume.
On-chain data shared by Lookonchain illustrates the disciplined accumulation:
Table showing weekly ETH buys from June 30, 2025, through March 1, 2026, with balances climbing from 163,142 ETH to 4,473,587 ETH.
Analysts see the move as a strong signal of institutional confidence in Ethereum’s long-term role in decentralized finance, staking infrastructure, and as a treasury reserve asset—especially as Bitmine prepares to deploy its proprietary MAVAN staking solution.
As Ethereum navigates current market conditions, Bitmine’s rapid rise to holding nearly 4% of all ETH in circulation positions it as a bellwether for corporate adoption of the world’s second-largest cryptocurrency.
Source: Bitmine Immersion Technologies press release via PR Newswire, Lookonchain on-chain data, March 2, 2026.
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