Bitmine Immersion Technologies is approaching 80% of its goal of controlling 5% of all Ethereum.
Led by Thomas “Tom” Lee, co-founder of Fundstrat Global Advisors and backed by top institutional investors such as ARK’s Cathie Wood, Peter Thiel’s Founders Fund, and Pantera, the leading digital asset treasury firm’s Ethereum holdings have surpassed 4.7 million coins, or 3.9% of the total supply.
With ETH now trading at $2,076, the stock is worth around $9.8 billion.
Through the MAVAN staking platform, which For the first time On March 25, Bitmine held 3.1 million ETH, producing $177 million in annualized returns of 2.8%.
Bitmine also owns 197 bitcoins, $102 million in Eightco Holdings (ORBS) stock, and $200 million in Beast Industries.
The company noted that Ethereum accumulation continues at an accelerated pace, with weekly purchases exceeding previous averages.
Bitmine has consistently grown its ETH holdings despite market volatility. Last week, the second largest digital asset fell amid a market-wide decline due to geopolitical uncertainty.
However, Lee said in a statement that crypto assets, especially Ethereum, have held up well amid ongoing geopolitical tensions, in contrast to traditional stores of value like gold.
“The inverse correlation between cryptocurrencies (and stocks) and oil is increasing and is at its highest levels in the past year. This makes sense. Until stock markets become comfortable with the future path of oil prices, rising oil represents a headwind for stocks and cryptocurrencies. In a sense, the crypto winter will likely end when the upside risks to oil prices peak,” Lee stressed.
He added that the base case for Bitmine is that “ETH is in the final stages of the mini-crypto winter.”
At this pace, the company could reach the 5% threshold before mid-2026.
Ethereum is still down roughly 30% year to date, and is expected to end Q1 2026 with losses even as corporate wallets and whales have been net buyers.
