BitMine Immersion Technologies has gone from staking 0.41 million ETH to over 4.9 million, catapulting its annualized revenue from roughly $34 million to an estimated $244 million. For a company that used to be known primarily as a Bitcoin miner, that’s quite the career change.
The NYSE-listed firm (ticker: BMNR), co-founded by Fundstrat’s Tom Lee, now holds approximately 5.77 million ETH tokens. That’s about 4.8% of Ethereum’s entire circulating supply, making BitMine the largest corporate Ethereum treasury on the planet, valued at roughly $11.1 billion at recent prices.
From pickaxes to proof-of-stake
BitMine’s pivot began around June 30, 2025, when the company restructured its operations to focus almost entirely on ETH accumulation and staking.
The vehicle for this transformation is MAVAN, BitMine’s proprietary validator network built to handle large-scale staking operations. Over 85% of the company’s ETH holdings, more than 4.9 million tokens, are now actively staked through this infrastructure.
