Bitmine Immersion Technologies (BMNR) is expanding beyond its origins as a Bitcoin miner to consolidate as the world's largest corporate holder of Ether (ETH).
Ethereum's Top Corporate Whale Fattens Up with $10bn Treasury Holding
10 March 2026 - 11:50 CET
By Stu Clelland
Total treasury holdings have reached $10.3bn, underpinned by a 4.54mn ETH position, the company announced on 9 Mar. By securing close to 3.8% of the total supply of the Ethereum blockchain's token, Bitmine has established a dominant reserve that now exceeds the holdings of global exchange operator Binance and asset manager BlackRock.
The scale of Bitmine's accumulation is most evident when compared with the network's own creators. The firm now holds nearly 19 times more ETH than the largest accessible individual holder, Ethereum co-founder Vitalik Buterin, who holds approximately 240,000 ETH. Unlike Bitcoin-centric treasuries such as Strategy, Bitmine is focusing on native protocol-level yields. The firm has currently staked 3.04mn ETH, representing 67% of its holdings, generating an estimated $174mn in annual revenue.
Infrastructure and domestic leadership
The strategy hinges on the MAVAN (Made-in America Validator Network) infrastructure, which it says it will introduce before the end of this month and will seek to convert its ETH holdings into a US-leading position among network validators. By running its own staking nodes within the US, the firm intends to provide a regulated, secure alternative to offshore or decentralized staking pools. This shift aims to institutionalize the 'plumbing' of the Ethereum network for a US audience.
Institutional support and market timing
The company remains supported by a group of prominent institutional investors, including ARK Invest's Cathie Wood and Pantera, blockchain-focused asset manager. Bitmine Chairman Tom Lee has suggested that while the market has faced volatility, the firm views current prices as the final stages of a 'mini-crypto winter.' Reflecting this confidence, the firm increased its pace of accumulation over the last week, acquiring more than 60,000 ETH.
Liquidity and public interest
The heavy trading volume of the company's stock (BMNR) reflects the scale of public interest in this strategy. According to Fundstrat, of which Tom Lee is the Head of Research, it is currently the 125th most-traded stock in the US, ahead of United Airlines, with a 5-day average daily dollar volume reaching $1bn. A look at current volume flows on barchart.com would seem to bear out this bullishness, with BMNR the 22nd most-traded stock on all US exchanges at 17:00UTC on 9 Mar, just shy of Amazon and Bank of America, and ahead of Netflix and Pfizer.
As investors look for liquid exposure to the Ethereum ecosystem, Bitmine is positioning itself as a primary gateway for institutional capital looking to capture both price appreciation and staking rewards. In comparison, the company ranks 87th among Bitcoin treasuries, according to the aggregator bitcointreasuries.net.
