Bitmine Immersion Technologies (NYSE AMERICAN: BMNR) has dramatically increased its Ethereum holdings to 4,243,338 ETH as of January 25, 2026. This represents approximately 3.52% of ETH’s total circulating supply and makes Bitmine the single largest known holder of Ethereum globally. The move reflects a deliberate corporate strategy to accumulate and generate yield from ETH rather than rely solely on traditional immersion-cooling hardware revenue.
Bitmine has already staked more than 2 million ETH through various validators and partners. At current estimated staking yields of 2.81% (Consensus Layer + Execution Layer rewards), the company projects annual staking income exceeding $374 million, equivalent to more than $1 million per day once fully deployed. Chairman Lee emphasized:
Bitmine has staked more ETH than any other entity in the world. At scale… the ETH staking fee is $374 million annually… or greater than $1 million per day.”
The company plans to further expand staking through its upcoming MAVAN staking solution, expected to launch in early 2026.
MAVAN is positioned as Bitmine’s proprietary staking infrastructure designed to offer institutional-grade staking services. While detailed technical specs remain limited, the platform is expected to:
The launch of MAVAN is viewed as the next major catalyst that could convert Bitmine’s large ETH balance into a consistent, high-margin yield.
Bitmine’s aggressive staking activity contributes to the ongoing centralization debate in Ethereum staking:
Despite these concerns, Bitmine’s actions also demonstrate strong institutional confidence in Ethereum’s long-term value and staking economics.
Bitmine’s transformation from a niche immersion-cooling hardware company into one of the world’s largest ETH treasury and staking operations has attracted significant attention. The stock remains highly volatile and speculative, but the ETH yield narrative provides a clearer path to profitability than many previous crypto-treasury pivots.
Key levels to watch:
For now, Bitmine stands out as one of the most aggressive corporate adopters of Ethereum staking economics in 2026.
