Bitmine Immersion Technologies is closing in on 80% of its target to control 5% of all Ethereum.
Led by Fundstrat Global Advisors’ co-founder Thomas “Tom” Lee with backing from top institutional investors such as ARK’s Cathie Wood, Peter Thiel’s Founders Fund, and Pantera, the leading digital asset treasury firm’s Ethereum holdings have exceeded 4.7 million coins, or 3.9% of the total supply.
With ETH now trading at $2,076, the stash is valued at about $9.8 billion.
Through the MAVAN staking platform, which debuted on March 25, Bitmine has staked 3.1 million ETH, producing $177 million in annualized yield at 2.8%.
Bitmine also holds 197 Bitcoin, $102 million in Eightco Holdings (ORBS) shares, and $200 million in Beast Industries.
ETH accumulation continues at an accelerated pace, with weekly purchases exceeding prior averages, the company noted.
Bitmine has consistently grown its ETH holdings despite market fluctuations. Last week, the second-largest digital asset plummeted amid a market-wide slump driven by geopolitical uncertainty.
However, Lee said in a statement that crypto assets, especially ETH, have held up well amid ongoing geopolitical tensions, contrasting with traditional stores of value such as gold.
“The inverse correlation of crypto (and equities) to oil has been increasing and is at the highest levels in the past year. This is logical. Until equity markets become comfortable with the future trajectory of oil prices, rising oil is a headwind for equities and crypto. And in a sense, the crypto winter likely ends when the upside risk to oil prices peaks,” Lee emphasized.
Bitmine’s base case is that “ETH is in the final stages of the mini-crypto winter,” he added.
At this pace, the company could hit its 5% threshold well ahead of mid-2026.
Ethereum remains down roughly 30% year-to-date and is poised to wrap up the first quarter of 2026 in losses even as corporate and whale wallets have been net buyers.