BitMine Immersion Technologies has gone from staking 0.41 million ETH to over 4.9 million, catapulting its annualized revenue from roughly $34 million to an estimated $244 million. For a company that used to be known primarily as a Bitcoin miner, that’s quite the career change.

The NYSE-listed firm (ticker: BMNR), co-founded by Fundstrat’s Tom Lee, now holds approximately 5.77 million ETH tokens. That’s about 4.8% of Ethereum’s entire circulating supply, making BitMine the largest corporate Ethereum treasury on the planet, valued at roughly $11.1 billion at recent prices.

From pickaxes to proof-of-stake

BitMine’s pivot began around June 30, 2025, when the company restructured its operations to focus almost entirely on ETH accumulation and staking.

The vehicle for this transformation is MAVAN, BitMine’s proprietary validator network built to handle large-scale staking operations. Over 85% of the company’s ETH holdings, more than 4.9 million tokens, are now actively staked through this infrastructure.

In the fiscal quarter ended May 31, 2026, BitMine reported total revenues of $46.5 million, a 22x increase year-over-year. Ethereum staking contributed $45.7 million of that total, representing 98% of all revenue.

Annualized projections for staking revenue land somewhere between $235 million and $284 million, depending on yield assumptions.

The Alchemy of 5%

BitMine has branded its accumulation strategy the “Alchemy of 5%,” targeting ownership of 5% of Ethereum’s total supply. At 4.8%, they’re essentially there already.

The institutional backing behind this bet is notable. ARK Invest, Founders Fund, and Pantera are all counted among BitMine’s investors.

BitMine’s approach mirrors what MicroStrategy (now Strategy) did with Bitcoin, but with a critical difference. Staked ETH generates yield. Bitcoin sitting in a corporate treasury does not.

The risks no one wants to talk about

Accumulating nearly 5% of any asset’s supply creates concentration risk that cuts both ways. BitMine’s position is large enough to influence staking yields across the Ethereum network, and any forced selling, whether due to regulatory pressure, operational issues, or liquidity needs, could move the market in ways that would hurt the company itself.

One specific concern worth flagging: BitMine has entered a decade-long partnership agreement with Ethereum Tower. The details of that arrangement raise questions about how easily BitMine could exit its staking positions if circumstances required it.

There’s also the yield compression issue. As more capital flows into Ethereum staking, rewards per validator trend downward. The difference between the low and high end of their annualized revenue estimate, $235 million versus $284 million, essentially reflects this uncertainty.

Slashing risk, while statistically rare for well-run validators, also scales with the size of the operation. Running thousands of validators through MAVAN means thousands of opportunities for something to go wrong, and at BitMine’s scale, penalties would translate into millions of dollars in losses.