Tom Lee Backs Ethereum Supercycle as Bitmine ETH Holdings Reach 5.39M

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Bitmine said its crypto, cash, and strategic holdings now total $12.3 billion, led by 5.39 million ether tokens. The company is also expanding its staking strategy through MAVAN, its institutional ethereum validator network. Tom Lee Backs Ethereum Supercycle as Bitmine ETH Holdings Reach 5.39M Key Takeaways - Bitmine holds 5.39M ETH and $12.3B in assets, nearing Tom Lee’s 5% ETH target. - MAVAN staking now covers 87% of Bitmine’s ETH, generating $276M annualized yield. - Bitmine plans institutional MAVAN expansion as ethereum tokenization demand grows. BitMine Controls 4.47% of Ethereum Supply With $12.3B Asset Base Bitmine Immersion Technologies disclosed that its total crypto, cash and “moonshot” holdings have climbed to $12.3 billion, as the company continues to build one of the largest public-market ethereum treasuries. As of May 25, BitMine held 5,390,404 ETH, valued at $2,134 per token, along with 203 bitcoin and $444 million in cash. The company said its ether position represents 4.47% of ethereum’s total supply of 120.7 million coins. That puts Bitmine about 89% of the way toward what Chairman Tom Lee has called the company’s “Alchemy of 5%” target. Lee said Bitmine added 111,942 ETH over the past week and expects to reach the 5% threshold sometime in 2026. “We continue to expect a supercycle ahead for crypto and ethereum,” Lee remarked, pointing to Wall Street tokenization and agentic AI as long-term drivers for demand on public, neutral blockchains. The company recently moved its listing to the New York Stock Exchange from NYSE American. The uplisting took effect on April 9, 2026, with Bitmine continuing to trade under the ticker BMNR. Bitmine is also leaning harder into staking with 4,712,917 ETH, worth about $10.1 billion currently staked. That represents more than 87% of its total ETH holdings. The company’s staking push is tied to MAVAN, the Made in America Validator Network. BitMine describes MAVAN as an institutional-grade staking platform built for security, performance, and resilience. It was first developed for the company’s own treasury, but Bitmine plans to expand access to institutional investors, custodians, and ecosystem partners. Lee said Bitmine’s annualized staking revenue has reached $276 million, based on a 2.75% seven-day annualized BMNR yield. He added that the figure could scale as more of the company’s ETH is staked through MAVAN and its partners. Bitmine also reported strategic stakes outside its core crypto holdings. These include a $200 million position in Beast Industries and a $95 million stake in Eightco Holdings, which trades on Nasdaq under the ticker ORBS. Bitmine said Eightco offers public-market investors indirect exposure to OpenAI. BitMine shares have also become highly liquid. Citing Fundstrat data, the company said BMNR traded an average of $572 million per day over five sessions through May 22, ranking 193rd among 5,704 U.S.-listed stocks.

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