| Key Points: – BitMine holds 4.42M ETH, about 3.66% of circulating supply. – Staking generated roughly $171M revenue, positioning BitMine among largest corporate holders. – Aiming for 5% ETH share could tighten liquidity, depending on flows. |
As reported by The Block, BitMine Immersion Technologies has lifted its Ethereum treasury to approximately 4.42 million ETH, equating to around 3.66% of circulating supply and generating about $171 million in staking revenue. The scale places the company among the largest single corporate holders, with potential to influence liquidity conditions as tokens are held in treasury and committed to validators.
CoinCentral has separately noted BitMine’s broader asset base at roughly $9.6 billion and stated the firm’s ambition to acquire 5% of Ethereum’s supply. If execution continues, the step-up from roughly 3.66% to the 5% threshold would further reduce freely circulating ETH at the margin, though the market impact will depend on opposing flows and staking dynamics.
BitMine Immersion Technologies Ethereum holdings: 4.42 million ETH snapshot
The 4.42 million ETH headline figure has been cited alongside differing dollar tallies ($8.7 billion to $9.6 billion) that move with price, underscoring mark-to-market volatility for a balance sheet concentrated in one digital asset. A significant portion of the holdings is staked, linking treasury management to validator performance, uptime, and slashing risk.
Leadership has characterized the strategy as long-horizon and infrastructure-driven, with staking central to the operating model. “Ethereum is severely undervalued,” said Thomas Lee, chairman of BitMine and co-founder of Fundstrat Global Advisors.
At the time of this writing, Ethereum traded near $1,827.69 with a bearish near-term read and elevated volatility. Short-term technicals showed a subdued RSI and recent weakness relative to longer-dated moving averages, consistent with a choppy backdrop for treasury valuation.
What to watch next for BitMine and Ethereum
MAVAN rollout, staking revenue signals, and validator performance
Investors will track how quickly BitMine activates additional validator capacity through its MAVAN infrastructure and whether realized staking income scales in line with treasury growth. The cadence of rewards, net of operating costs and any slashing or downtime, will be a key signal for the sustainability of staking-derived revenue.
Operational resilience also matters. Validator uptime, client diversity, geographic distribution, and custody/keys governance are practical factors that can affect realized yield and risk over time. On February 23, 2026, BitMine shared a company update, as per TipRanks’ announcements page, signaling continued focus on its crypto portfolio and staking footprint.
ETH supply share, liquidity shifts, and regulatory developments
Progress toward a 5% ETH supply share, as reported by CoinCentral, will be watched against on-chain liquidity, staking lockups, and withdrawal queues. If holdings grow and remain staked, circulating float could tighten at the margin, but demand, exchange inventories, and LST/LRT flows may offset.
Market structure and rulemaking will shape outcomes. As institutions such as Fundstrat Global Advisors analyze ETH’s medium-term setup, any changes in staking frameworks, disclosures, or prudential guidance could influence BitMine’s treasury accounting, capital access, and validator operations.
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