Bitwise Immersion Technologies (NYSE: BMNR) has solidified its position as the world’s most aggressive institutional Ethereum holder by announcing on Tuesday that it has acquired an additional 45,759 ETH for approximately $91.3 million. This brings the company’s total treasury holdings to a staggering 4.371 million ETH, valued at $8.734 billion.
The latest purchase pushes Bitmine closer to its ambitious “Alchemy of 5%” target – a strategic goal to own five percent of the total circulating supply of Ether. As of this week, the Bitcoin miner-turned-Ethereum-focused digital asset treasury firm controls 3.62% of all the ETH in existence.
Bitmine Adds 45,739 ETH to Treasury Amid Ethereum Price Pullback
The latest purchase comes during a period of significant price dislocation for the second-largest cryptocurrency by market capitalization. While ETH has faced a sharp pullback in early 2026, dropping to roughly $1,998 per token, on-chain fundamentals have told a different story. Daily Ethereum transactions recently hit an all-time high of 2.5 million, while daily active addresses have soared to over 1 million.
“For us at Bitmine, we cannot control the price of Ethereum, and the company is acquiring ETH regardless of price trend, as the long-term outlook for Ethereum remains outstanding,” said Thomas “Tom” Lee, Executive Chairman of Bitmine and co-founder of Fundstrat.
Speaking from Consensus Hong Kong, Lee noted that the current market weakness represents an “attractive risk/reward” for long-term holders.
Bitmine is no longer just a “HODL” play. The company is rapidly industrializing its treasury through massive staking operations. Of its 4.37 million ETH, the company has already staked 3.040 million coins, representing approximately 69% of its holdings. This staked position currently generates an annualized revenue of $176 million. Meanwhile, the firm is preparing to launch its proprietary Made-in-America Validator Network (MAVAN) in the first half of 2026.
MAVAN is designed to be a best-in-class institutional Ethereum staking infrastructure that will allow Bitmine to internalize its staking fees. At full scale, the DAT estimates its annual staking rewards could reach $252 million, assuming current network yields of approximately 3.3% APY based on network activity and staking incentives.
Bitmine’s Ethereum Strategy Lifts BMNR Trading Volume on Wall Street
The rapid expansion of Bitmine’s ETH treasury has transformed BMNR into one of the most liquid stocks on Wall Street. With a 5-day average trading volume of $900 million, BMNR now ranks as the 158th most-traded equity in the U.S., ahead of major S&P 500 stocks such as CBRE Group (CBRE) and KKR & Co. Inc. (KKR).
This liquidity has attracted a roster of blue-chip institutional backers, including digital asset investors such as Cathie Wood’s ARK Invest, Pantera Capital, Galaxy Digital, and Founders Fund.
While Ethereum makes up the core of Bitmine’s treasury assets, its $9.6 billion portfolio also includes strategic diversifications, including a $200 million stake in Beast Industries – the media empire of YouTube creator Mr. Beast, which the company views as a play on the attention economy and digital authentication. It also holds 193 BTC ($1.30 million) and equity in Eightco Holdings Inc.
However, Bitmine’s mission is singularly focused on the relentless accumulation of ETH.
“In our view, the price of ETH is not reflective of its role as the future of finance,” said Lee.
At the time of writing, Ethereum (ETH) is trading at $1,999 – up 1.05% in 24 hours. Meanwhile, Bitmine Immersion Technologies (BMNR) closed Tuesday’s session at $20.15 – down 1.30% for the day.
