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Bitmine said Monday that its Ethereum (CRYPTO: $ETH) holdings have reached 4,874,858 tokens,

a position it values at roughly $10.8 billion, giving the company control of just over 4% of ETH’s circulating supply and pushing its combined crypto, cash and “moonshot” holdings to about $11.8 billion. 

The company said the total includes roughly $719 million in cash, 198 bitcoin, an $85 million stake in Eightco (NASDAQ: $ORBS), and a $200 million stake in Beast Industries.  

The scale of the update says a lot about how quickly crypto treasury companies are moving beyond simple balance-sheet accumulation. In Bitmine’s case, the strategy is increasingly being built around Ethereum as both a reserve asset and a yield-bearing one. The company said 3,334,637 ETH, or about 68% of its holdings, are already staked, representing roughly $7.4 billion at its stated reference price of $2,206 per token.  

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What gives the announcement more shape is the infrastructure being built around it. Bitmine said it has officially launched MAVAN, its Made in America Validator Network, as an institutional-grade staking platform originally developed for its own treasury but intended to expand to outside investors, custodians and ecosystem partners. 

Chairman Tom Lee said Ethereum is benefiting from “the dual tailwinds of Wall Street tokenizing on the blockchain and from agentic AI systems increasingly needing public and neutral blockchains,” while also arguing that Bitmine has maintained an accelerated pace of ETH purchases in recent weeks.  

Lee also said Bitmine’s current staking activity implies annualized staking revenue of about $212 million, with projected rewards reaching $310 million if the company’s full ETH position is eventually staked through MAVAN and its partners. 

That is a company projection, but it helps explain where the Bitmine story is moving. This is no longer just about owning more ETH than peers. It is also about turning a treasury strategy into a larger public-market business built around staking income, validator infrastructure and long-duration Ethereum exposure.  

BitMine Immersion Technologies Inc. (NYSE: $BMNR) stock is currently trading at $21.50 U.S. per share.