Bitmine Immersion Technologies Inc., led by Chairman Tom Lee, announced on March 23, 2026, that it now holds 4,660,903 ETH. This brings its total crypto, cash, and "moonshot" investments to $11 billion. This is the latest milestone in the company's aggressive strategy of adopting Ethereum as its primary treasury asset, making it the largest institutional ETH holder in the market.

Bitmine (BMNR) Ethereum Treasury Reaches 4.66 Million Tokens: Total Assets Exceed $11 Billion!

Bitmine Immersion Technologies, one of Ethereum's largest institutional backers, purchased an additional 65,341 ETH last week, bringing its total holdings to 4,660,903 ETH. This purchase was worth approximately $138 million, bringing the company's total crypto, cash, and strategic investments to $11 billion.

This holding represents 3.86% of Ethereum's total circulating supply (based on a supply of 120.7 million ETH). Bitmine currently holds the world's largest publicly traded Ethereum treasury, a position more than five times larger than its closest competitor.

The company has 3,142,643 ETH staked (worth approximately $6.5 billion). This translates to an annual staking revenue of $184 million. Bitmine will launch its self-developed MAVAN staking infrastructure in the first quarter of 2026, further increasing annual returns when fully staked.

“Alchemy of 5%”
Tom Lee stated that the company is 77% close to its goal of reaching 5% of the Ethereum supply. Lee, stating that "Ethereum is in the final stages of the mini-crypto winter," continues his aggressive buying strategy and sees the market dips as an opportunity.

Bitmine's move reduces the "off-the-market" supply of Ethereum, much like Michael Saylor's MicroStrategy did with Bitcoin. Analysts note that removing such a large institutional player's staked ETH from circulation will support the price in the long term.

The company's stock, BMNR, rose nearly 3% after the announcement, and investors are closely following Tom Lee's famous Ethereum bull thesis on Fundstrat. Bitmine's official investor relations page and weekly announcements keep all figures transparently public.

Bitmine has earned the title of "Ethereum's MicroStrategy" by building a massive treasury in Ethereum in just 8-9 months. It remains one of the most important institutional stories that could change Ethereum's fate in 2026.
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