BitMine Immersion Technologies (BMNR) spiked 8% on March 2, 2026, as the company reported a massive expansion of its cryptocurrency treasury. This strong bullish momentum is also reflected in the broader crypto market recovery, especially in the price of Ethereum.
BitMine has declared that its total cryptocurrency and cash holdings have reached $9.9 billion through its weekly update. In a single week, the company increased its ETH holdings by 50,928 tokens, bringing the reserve to 4,473,587 ETH. This accounts for 3.71% of the total circulation supply of Ethereum (ETH).
With a stash of 3,040,483 ETH (valued approximately $6 billion) already existing in the company’s vault, around $172 million is being generated in annualized staking revenue.
The Alchemy of 5%: Leveraging the Crypto Optimism
BitMine is currently the number one global reserve of Ethereum (ETH) and the second global crypto treasury following MicroStrategy (MSTR), based on the total value.
This aggressive buying during periods of market volatility is an accumulation strategy part of a broader mission to control 5% of the Ethereum supply. Tom Lee, the Chairman of Bitmine and Head of Research at Fundstrat, calls this plan the “Alchemy of 5%.”
This strategy is heavily boosted by the rallying institutional support and high-profile financial leadership. The leadership team under Chi Tsang, the CEO of BitMine, and Young Kim, the CFO/COO of BitMine, has managed to bring the company up from a niche player in Bitcoin Mining to a multifarious digital asset treasury in 2025. The company is also backed by elite players like Cathie Wood’s ARK Invest, Founders Fund, and Pantera.
According to Tom Lee, the month of March is going to see a bullish momentum in the stock market. Amid this optimism, BitMine claims to have staked more ETH than any other entity in the world.
Investor sentiments are getting boosted with the updates regarding MAVAN (Made-in America Validator Network). Once it is deployed, the company expects a surge in the yield potential for the existing holdings while reducing dependence on third-party accumulation partners.
With this move of trading with its own MAVAN Network, the firm expects higher yields and increased asset security, with a full-scale financial target with an expected annual yield of over $253 million.
Mining Transition to Market Leader
From a micro-cap speculative play, BitMine has transformed into one of the most liquid stocks on the NYSE American. As a treasury firm, the company holds huge amounts of digital assets on its balance sheet, which is similar to the operation of MicroStrategy. This aspect has created the narrative that BMNR becomes the MicroStrategy for Ethereum.
Currently ranking as the 145th most traded stock in the US, the 5-day average trading volume of BitMine in daily dollar terms is $0.8 billion. BitMine remains a favorite for institutional fresh money in the ETH landscape, as its liquidity currently ranks alongside major firms in the S&P 500, such as Expedia and Datadog.
Since BMNR’s stock price shows high reliance on the price of ETH, traders see this strategic update as perfectly timed to leverage the crypto optimism wave with the current recovery. While the treasury is growing, BitMine’s shares remain high-beta assets, particularly related to the ETH price action, showing high volatility and risk.
At the same time, BitMine has now entered the major leagues of trading, transitioning from the speculative miner to a cornerstone of the Ethereum ecosystem. This methodical accumulation by the firm, along with the control of 3.71% of the global ETH supply, places BitMine as a premier proxy for institutional buyers.
