BitMine Amasses 4.28 Million ETH, Cementing Its Lead as World's Top Corporate Holder

In a bold move that underscores institutional confidence in Ethereum's long-term future, BitMine Immersion Technologies (NASDAQ: BMNR) has disclosed a staggering $10.7 billion treasury, anchored by one of the largest corporate holdings of ETH on the planet.

The firm's latest update, dated February 2, 2026, reveals holdings of 4,285,125 Ethereum (ETH), valued at approximately $2,317 per token at the time of reporting. This position, worth nearly $10 billion alone, represents about 3.55% of Ethereum's total circulating supply. The company's remaining assets include 193 Bitcoin (BTC), $586 million in cash, and strategic equity investments such as a $200 million stake in Beast Industries.

BitMine's aggressive accumulation strategy has placed it more than 70% of the way toward its publicly stated—and debated—objective of controlling 5% of all ETH, an initiative it internally calls the "Alchemy of 5%". This goal, if achieved, would grant the firm unprecedented influence over the network's staking landscape and governance dynamics.

Simultaneously, BitMine is rapidly scaling its staking operations. As of February 1, the company had 2,897,459 ETH actively staked, worth roughly $6.7 billion—a weekly increase of nearly 888,000 ETH. Executive Chairman Tom Lee claims this makes BitMine the single largest staking entity globally, eclipsing even major staking pools and exchanges.

"At full scale, based on a composite staking rate of 2.81%, we estimate these staked assets could generate upwards of $374 million in annual rewards," Lee stated. "That's over a million dollars flowing back into the treasury every single day."

This staking expansion is a precursor to the launch of BitMine's "Made in America Validator Network" (MAVAN), a proprietary staking infrastructure initiative slated for early 2026. The project has already enlisted several established staking providers as partners.

Lee was also keen to address Ethereum's recent price weakness, which saw ETH fall from around $3,000 to current levels. He argued the decline is disconnected from robust on-chain activity, citing record-high daily transactions of 2.5 million and approximately 1 million active addresses per day.

"Non-fundamental factors are driving the price pressure," Lee suggested, pointing to subdued leverage in crypto markets and a rotation of capital into traditional safe-havens like precious metals. BitMine itself treated the dip as a buying opportunity, adding 41,788 ETH to its treasury in the past week.

The company's stock (BMNR) has shown remarkable liquidity, ranking as the 105th most-traded security in the U.S. with a recent five-day average daily volume of $1.1 billion. Its shareholder roster reads as a who's who of crypto finance, including ARK Invest's Cathie Wood, Founders Fund, Pantera Capital, and Galaxy Digital, alongside Lee's personal investment.

Market Voices: A Divided Reaction

Eleanor Vance, Portfolio Manager at Sterling Capital: "BitMine is executing a textbook strategic treasury play. Their scale allows them to weather volatility and compound returns through staking in a way few others can. This isn't just speculation; it's a fundamental reshaping of corporate asset management."

Marcus Thorne, Crypto Economist at Decentralized Insights: "While the financial engineering is impressive, the 'Alchemy of 5%' target should ring alarm bells. No single corporate entity should aim to control such a significant portion of a foundational layer-1 network. It introduces centralization risks that contradict the very ethos of Ethereum."

David Chen, Independent Blockchain Developer: "The staking rewards are eye-watering, but I'm more interested in the MAVAN initiative. If they can build a robust, compliant U.S.-based staking infrastructure, it could attract more institutional capital that's been on the sidelines due to regulatory concerns."

Rebecca Frost, Editor at 'The Crypto Skeptic' Newsletter: "This is a dangerous concentration of power dressed up as financial innovation. Tom Lee is building a digital-age rentier empire on Ethereum. Controlling 5% of the supply and running the largest validator set? That's not investment; that's an attempted capture. The community should be deeply concerned."