Bitmine Immersion Technologies just staked another 167,578 ETH worth $340 million, on-chain data confirmed. The firm now holds more than 3.31 million ETH in active stake, valued at approximately $6.72 billion.

According to BSCNews on X, citing Lookonchain, the additional ETH stake was confirmed on-chain, with the company’s total staked position growing beyond 3.1 million tokens in the same reporting window.

From $10.7B Chest, Bitmine Keeps Buying

The staking push sits inside a broader treasury strategy. As of March 29, 2026, Bitmine’s total crypto and cash holdings reached $10.7 billion, covering 4,732,082 ETH at $2,005 per token, 197 BTC, $961 million cash, a $200 million stake in Beast Industries, and $102 million in Eightco Holdings (NASDAQ: ORBS). The ORBS stake gives BMNR investors rare direct exposure to OpenAI through a publicly listed equity.

Tom Lee, Bitmine’s Chairman and founder of Fundstrat, noted the firm bought 71,179 ETH in the most recent week alone. That compares to a prior weekly average of 45,000 to 50,000 tokens. He said the base case is ETH sitting in the final stretch of what he called a “mini-crypto winter,” with accumulation picking up.

“Bitmine has maintained the increased pace of ETH buys in each of the past four weeks, as our base case is ETH is in the final stages of the ‘mini-crypto winter.'”

The Arkham Explorer dashboard for Bitmine’s entity shows the holdings and staking activity in real time.

War, Oil, and Why Crypto Keeps Outperforming

Lee tied the accumulation timing to macro conditions, pointing to crypto’s performance relative to equities since the Iran conflict entered its fifth week. ETH outperformed stocks by 1,160 basis points during that stretch. Gold, by contrast, trailed equities by more than 750 basis points over the same period.

“Crypto is demonstrating itself to be a good ‘war time’ store of value.”

He went further on oil. The inverse relationship between crude prices and crypto has been climbing, now at its highest point in a year. His argument is straightforward: equity markets won’t stabilize until they get comfortable with where oil is headed, and the crypto winter likely ends when that upside risk in oil peaks.

MAVAN Goes Live, Staking Revenues Hit $177M Annualized

Bitmine launched MAVAN on March 25, 2026. Short for Made in America VAlidator Network, MAVAN is the firm’s institutional staking infrastructure built originally for its own Ethereum treasury but now open to custodians and external institutional partners.

As of March 29, 2026, 3,142,643 ETH worth $6.3 billion at $2,005 per token sits staked. That’s roughly 66% of Bitmine’s total ETH holdings actively earning yield. Annualized staking revenues stand at $177 million, with a 7-day yield of 2.80% annualized, slightly ahead of the Composite Ethereum Staking Rate of 2.79% administered by Quatrefoil.

“Bitmine has staked more ETH than any other entity in the world. At scale, the ETH staking reward is $266 million annually.”

At 4.73 million ETH, Bitmine controls 3.92% of the total ETH supply, which stands at 120.7 million tokens. That puts the firm over 78% of the way to what Lee calls the “Alchemy of 5%,” a milestone the company set as its primary treasury goal. Eight months in.

BMNR stock now ranks 100th by average daily dollar volume among all US-listed equities, per Fundstrat data, trading $920 million per day on a 5-day average. That places it behind Freeport McMoRan at rank 99 and ahead of Delta Airlines at 101 out of 5,704 US-listed stocks.

Backers include ARK’s Cathie Wood, Founders Fund, Pantera, Kraken, DCG, Galaxy Digital, Bill Miller III, and MOZAYYX, all supporting the path toward 5%.