Bitmine Ramps Up Ethereum Buying, Holdings Rise to 4.66M ETH

Bitmine Immersion Technologies said its Ethereum stash has climbed to 4,660,903 ETH after stepping up purchases to more than 65,000 ETH per week, lifting its holdings to roughly 3.86% of Ethereum's 120.7 million total supply. In an update dated March 22, 2026, the company disclosed $11 billion in total crypto, cash, and strategic holdings and reiterated its push to expand what it calls a large-scale Ethereum treasury. The release included remarks from Chairman Tom Lee, who said the faster buying pace has held steady for the past three weeks. Bitmine reported acquiring 65,341 ETH over the last week, above its earlier weekly run rate of 45,000 to 50,000 ETH. Using an ETH price of $2,072, the position represents a substantial portfolio value. Alongside Ethereum, the company holds 196 Bitcoin. It also reported $200 million invested in Beast Industries and $95 million in Eightco Holdings. Cash stands at $1.1 billion, which the company said supports continued acquisitions. Staking is expanding in parallel with accumulation. As of March 23, 2026, Bitmine said it had 3,142,643 ETH staked, representing about 67% of its total ETH holdings. Lee said Bitmine now stakes more Ethereum than any other entity globally. Annualized staking revenue is currently $184 million, with the company projecting potential growth to $272 million as scale increases. The estimate is based on a 2.83% seven-day BMNR yield. By comparison, the Composite Ethereum Staking Rate is 2.75%, according to Quatrefoil. On infrastructure, Bitmine said it is developing its Made in America Validator Network (MAVAN) and working with three staking providers ahead of a deployment planned for early 2026, aimed at supporting large-scale Ethereum validation. The company described itself as the largest Ethereum treasury and second among global crypto treasuries. It trails Strategy, led by Michael Saylor, which holds 762,099 Bitcoin acquired for about $57.69 billion.