BitMine Immersion Technologies, the Ethereum-focused treasury company linked to Fundstrat's Tom Lee, has disclosed that it holds 3,040,483 staked Ethereum valued at approximately $6.0 billion at a price of $1,976 per token.
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The holding represents 3.71% of Ethereum's total circulating supply of 120.7 million ETH, making BitMine one of the largest known institutional holders of the asset.
The disclosure, reported by CoinGape, confirmed that BitMine added 50,928 ETH to its position as part of an ongoing accumulation strategy. The company is also advancing development of its MAVAN staking network, which it targets for launch in Q1 2026.
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A Growing Institutional Staking Footprint
BitMine's position stands out not only for its size but for the fact that the entirety of its ETH holdings are staked — meaning the tokens are actively securing the Ethereum network and generating yield. With nearly 3.71% of total supply locked under a single entity, the disclosure underscores a broader trend of large holders committing capital to Ethereum's proof-of-stake infrastructure rather than simply holding spot positions.
The MAVAN staking network, which BitMine is building toward its Q1 2026 launch, appears designed to expand the company's staking operations further. Specific technical details about MAVAN remain limited, but its development signals that BitMine views institutional-grade staking infrastructure as a core part of its business model going forward.
Tom Lee's Market Outlook
Alongside the treasury disclosure, Fundstrat co-founder Tom Lee offered a broader market view, predicting that March could mark a bottom for crypto prices. Lee, who has long been one of Wall Street's more prominent crypto-friendly voices, has previously made directional calls on Bitcoin and Ethereum that have drawn both praise and scrutiny.
BitMine's 3,040,483 staked ETH at $1,976 per token represents $6.0 billion in value and 3.71% of Ethereum's 120.7 million circulating supply.
It is worth noting that Lee's price predictions are separate from BitMine's operational disclosures. The company's accumulation of an additional 50,928 ETH reflects a continued conviction in Ethereum at current price levels, regardless of short-term market direction.
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What to Watch
The concentration of such a significant share of Ethereum's supply under a single staking entity raises questions about network centralization — a topic that Ethereum's community has debated as staking participation grows. Lido, the largest liquid staking protocol, has faced similar scrutiny for its outsized share of staked ETH.
Key developments to monitor include further details on the MAVAN staking network as it approaches its Q1 2026 target, whether BitMine continues to accumulate ETH at this pace, and how the broader market responds to Lee's March bottom thesis in the weeks ahead.
