Bitmine Stacks 5.39M ETH, Stakes 87% via MAVAN
Bitmine holds 5,390,404 ETH (about 4.47% of supply) and has staked 4,712,917 ETH-87%—through its MAVAN validator network as it nears a 5% treasury target.
Bitmine Immersion Technologies holds 5,390,404 ETH, equal to about 4.47% of Ethereum’s 120.7 million supply, and has staked 4,712,917 ETH-87% of its holdings-through the MAVAN validator network as it advances toward a 5% treasury target.
As of May 25, Bitmine valued ether at $2,134 per token and reported total crypto, cash and strategic “moonshot” holdings of $12.3 billion. The company’s balance sheet also includes 203 bitcoin and $444 million in cash. The staked portion of Bitmine’s ether is currently worth about $10.1 billion.
MAVAN, the Made in America Validator Network, is an institutional-grade staking platform built for security, performance and resilience. Bitmine developed MAVAN to service its own treasury and plans to expand access to institutional investors, custodians and ecosystem partners to scale staking operations.
Bitmine reported annualized staking revenue of $276 million, based on a seven-day annualized BMNR yield of 2.75%. The company noted staking revenue could rise if a larger share of its ether is routed through MAVAN and partner channels.
Chairman Tom Lee called the 5% objective the “Alchemy of 5%” and reported the company added 111,942 ETH over the prior week, placing Bitmine about 89% of the way to that threshold. He forecast reaching the target sometime in 2026 and described expectations for a “supercycle” in crypto and ethereum, citing Wall Street tokenization and agentic AI as long-term demand drivers.
Beyond its core ether position, Bitmine reported a $200 million investment in Beast Industries and a $95 million stake in Eightco Holdings (Nasdaq: ORBS), which the company described as offering public-market investors indirect exposure to OpenAI-related assets. Bitmine completed an uplisting to the New York Stock Exchange from NYSE American on April 9, 2026 and continues to trade under the ticker BMNR. Citing Fundstrat data, the company reported average daily trading of $572 million over five sessions through May 22, ranking 193rd by liquidity among 5,704 U.S.-listed stocks.
Staking on Ethereum requires locking tokens to help secure the network and earn rewards, rather than running proof-of-work mining. Bitmine’s large staked position places a portion of its treasury into network participation and yield generation while the firm continues to accumulate ether for its public treasury.
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