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Following
ETH Bitmine Immersive Technology Company's Ethereum holdings exceeded 5.8 million, accounting for 4.8% of total circulation.
Bitmine Immersive Technology Company (NYSE: BMNR) disclosed that its Ethereum holdings have increased to 5.81 million ETH, accounting for 4.8% of the total circulation of the token. This milestone consolidates the company's position as the world's largest holder of Ethereum assets and becomes the world's second-largest digital asset vault after Strategy Inc.
The company, backed by Fundstrat Chairman Tom Lee, has named its $11.6 billion treasury deployment strategy "The Alchemy of 5%", referring to its long-term goal of controlling 5% of all ETH in circulation. The company's disclosed list of investors includes ARK's Cathie Wood, Founders Fund, Pantera, Kraken, DCG and Galaxy Digital, all of which support this goal.
MAVAN: Institutional pledge service
Most of Bitmine's positions are currently actively generating revenue. The company pledged 5.06 million ETH through its independently developed "Made in America Verifier Network"(MAVAN) and is expected to receive an annual reward of US$294 million at an annualized rate of return of 2.63%. Bitmine officially launched MAVAN, an institutional Ethereum pledge platform, in March 2026.
The platform combines U.S. local infrastructure for institutions requiring domestic verification with a flexible, globally distributed architecture. MAVAN was originally developed to support Bitmine's own Ethereum vault and is now open to external customers. MAVAN plans to expand its services to support institutional investors, custodians and ecosystem partners seeking top-notch pledge infrastructure. The company also stated that it will gradually expand pledge services to other proof of stake blockchains other than Ethereum in the future.
The lead continues to expand
Bitmine Immersive Technologies holds 5,797,813 ETH units worth more than US$10.8 billion, making it the largest publicly held Ethereum holder, accounting for 4.804% of the total Ethereum supply. Pledge business is the core of the company's revenue model. As Tom Lee said in a previous update: "Bitmine has pledged more ETH than any other entity in the world."
The MAVAN platform itself is also positioned as an independent commercial product. The platform was originally developed to support Bitmine's existing Ethereum vault and is now open to institutional customers and custodians. If fully deployed, the platform is expected to become one of the largest Ethereum pledge operators in the world.
