Bitmine Immersion Technologies, a former bitcoin miner, has acquired 30,567 Ethereum tokens over the past week, raising its total holdings to 5.77 million coins. The company now controls 4.8% of Ethereum’s circulating supply of 120.7 million tokens, cementing its position as the world’s largest corporate Ethereum holder. Chairman Tom Lee pointed to tokenization, AI-driven demand, and regulatory progress as key drivers. The firm stakes over 4.9 million ETH via its MAVAN platform, projecting $235 million in annualized staking revenue, with plans to stake its entire stash for an estimated $277 million.
Bitmine Immersion Technologies continued its aggressive accumulation of Ethereum, purchasing 30,567 tokens in the past week and bringing its total to 5.77 million coins. The acquisition solidifies the company’s status as the world’s largest corporate holder of the cryptocurrency.
The firm has long stated its goal to control 5% of Ethereum’s total supply. With the latest purchase, it now holds approximately 4.8% of the circulating supply of 120.7 million tokens.
Chairman Tom Lee remains highly bullish on Ethereum’s long-term outlook. He added that two structural trends support the asset: growing tokenization of traditional financial assets and increasing demand for blockchain infrastructure from AI-powered applications.
Lee noted that regulatory developments such as the CLARITY Act could further accelerate institutional adoption of smart contract platforms. He also pointed to the launch of the Robinhood Chain L2 mainnet on July 1, built on Arbitrum.
“One of the biggest crypto success stories in 2026 is the breakaway success of the Robinhood Chain L2 mainnet on July 1, built on Arbitrum. Already, dollar volumes have exceeded $1 billion, and Robinhood Chain now has more trading volume than any other decentralized exchange (DEX), demonstrating the outstanding utility and product market fit for Ethereum, which is the underlying chain,” noted Lee.
Robinhood Chain uses ETH as its native gas token, with all transaction fees denominated in Ethereum before being settled on the underlying chain. This means the platform’s 27 million users now pay crypto fees in ETH, and as Lee stated, “everyday users are starting to see ETH as money.”
Bitmine continues to deploy its Ethereum holdings for staking through its institutional platform MAVAN. The company has staked over 4.9 million coins, becoming one of the largest Ethereum validators globally and projecting approximately $235 million in annualized staking revenue.
The firm plans to stake all of its holdings, which would increase that expected revenue to roughly $277 million.
