Bitmine Holds 5.54M ETH; Lee Predicts AI Will Boost Demand

Bitmine Immersion Technologies reported a holding of 5,543,872 ETH, equal to 4.59% of the estimated 120.7 million-token Ethereum supply. The company valued ether at $1,630 per token, placing the stake at roughly $9.04 billion, and said total crypto, cash and “moonshot” assets stood at $9.6 billion as of June 7, 2026.

The accumulation began about 11 months ago and accelerated during a recent market pullback, when Bitmine added 126,971 ETH in a single week. The firm outlined a plan to hold 5% of circulating ETH, a target it calls the “Alchemy of 5%,” and said it is 92% of the way to that goal with an expected completion sometime in 2026.

Of the 5.54 million ETH on Bitmine’s balance sheet, 4,718,677 tokens are staked through MAVAN, the company’s Made in America Validator Network. Bitmine reported a seven-day annualized staking yield of 2.99% on roughly $7.7 billion in staked assets and projected annualized staking revenue of $230 million. The company said full deployment of its treasury through MAVAN would raise the staking projection to $270 million.

Bitmine said MAVAN, initially built to manage its own treasury, will be opened to institutional investors, custodians and ecosystem partners. The company’s disclosed non-ETH assets include 204 bitcoin, $180 million staked in Beast Industries, $88 million in shares of Eightco Holdings (Nasdaq: ORBS) and $247 million in cash. Bitmine described Eightco as one of the few publicly traded companies providing indirect exposure to OpenAI.

Tom Lee linked recent buying to a gap he sees between market prices and Ethereum’s fundamentals, noting the firm increased purchases during the price pullback. He argued that advances in artificial intelligence will expose weaknesses in centralized financial rails and in weaker decentralized protocols, and that such findings should increase demand for more secure blockchains.

Bitmine ranks as the largest public ethereum treasury and the second-largest global crypto treasury behind Strategy Inc. (Nasdaq: MSTR), which holds roughly 845,256 BTC. Bitmine’s stock, BMNR, averaged $829 million in daily trading volume over a recent five-day span. Investors in the company include Ark Investment Management, Founders Fund, Pantera Capital, Kraken, Digital Currency Group, Galaxy Digital and Tom Lee as a personal investor.

Management highlighted upcoming regulatory developments, including the GENIUS Act and the SEC’s Project Crypto, as important to the industry’s future and compared their potential effects to major historical shifts in global finance. Public disclosures indicate the company is concentrating on acquiring and staking ether while expanding institutional access to its staking infrastructure.