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BTC 
ETH Bitmine Immersion Technologies holds more than 5.77 million ETH units, accounting for 4.8% of the total circulation.
According to the latest disclosure of Bitmine Immersion Technologies (NYSE: BMNR), the company's corporate treasury holdings have exceeded 5.77 million Ethereum units, equivalent to controlling approximately 4.8% of the total circulation of Ethereum units of 120.7 million Ethereum units. The milestone puts Chairman Tom Lee (@fundstrat) just one step away from what the company calls its "5% alchemy" goal-a goal Bitmine has publicly committed to completing by the end of 2026.
Treasury Size and Pledge Income
As of July 12, 2026, Bitmine held 5,770,038 Ethereum units, with a value of approximately US$11.3 billion (including crypto assets and cash) based on approximately US$1820 per unit. Among them, Ethereum positions alone accounted for 4.8% of the circulating supply. Of this position, 4,917,189 Ethereum (worth approximately US$9 billion) have been actively pledged through the company's own MAVAN (American Manufacturing Verifier Network) platform.
Bitmine's holdings make it the world's largest holder of Ethereum treasury and the world's second-largest holder of cryptocurrency treasury, behind Strategy Inc., which holds approximately 843,775 bitcoins (worth approximately US$54 billion).
If all Ethereum is deployed through MAVAN and its pledge partners, the company expects an annualized pledge reward of US$284 million based on a yield of 2.70%. According to the company's latest data, the current annualized pledge revenue is approximately US$242 million.
MAVAN: From internal tools to institutional platforms
Launched as an institutional-level pledge platform in early 2026, MAVAN was initially built to support Bitmine's own Ethereum treasury and was later opened to external institutional investors, custodians and ecosystem partners. This infrastructure layer distinguishes Bitmine's model from passively holding a balance sheet. With nearly 4.9 million pledged Ethereum, Bitmine runs tens of thousands of active validators through MAVAN, becoming an active participant rather than a passive holder of the Ethereum consensus infrastructure.
The company's aggressive increase in holdings is supported by institutional giants including ARK Invest's Cathie Wood, Peter Thiel's Founders Fund, Pantera, Galaxy Digital and DCG. These institutions all agree with the company's stated goal of holding 5% of all circulating Ethereum.
