Stock Climbs 9% as ETH Treasury Tops $10 Billion
Shares of Bitmine Immersion Technologies (BMNR) climbed 9% after the company executed its largest Ethereum acquisition of 2026, purchasing 60,999 tokens in the week prior to March 16. The transaction pushed Bitmine's total holdings to 4,595,562 ETH, valuing its corporate treasury at more than $10 billion and solidifying its position as the world's largest public holder of Ethereum. The accelerated buying pace, up from a recent weekly average of 45,000 to 50,000 ETH, signals strong institutional conviction in the asset.
Strategy Yields $180 Million in Annual Staking Revenue
Bitmine's strategy extends beyond simple accumulation, with the company actively generating yield from its holdings. As of March 15, Bitmine has 3.04 million ETH staked—approximately 66% of its total—producing $180 million in annualized revenue. The company's staking operations generated a 7-day annualized yield of 2.81%, slightly ahead of the composite rate. Bitmine plans to launch its proprietary staking solution, the Made in America Validator Network (MAVAN), in Q1 2026 to further scale its revenue-generating capabilities.
Bitmine has slightly increased the pace of ETH buys in each of the past two weeks, as our base case is ETH is in the final stages of the 'mini-crypto winter.'
— Thomas "Tom" Lee, Chairman
Bitmine Bets on AI and Ecosystem Support
In addition to its core crypto treasury, Bitmine is making strategic venture investments. The company recently injected an additional $80 million into Eightco ($ORBS), which holds a $50 million equity stake in OpenAI. This positions ORBS as the only publicly listed equity providing investors with direct exposure to OpenAI before its anticipated 2026 IPO. Separately, Bitmine acquired 5,000 ETH directly from the Ethereum Foundation in an over-the-counter deal, providing the organization with operational funding without applying sell pressure on the open market and demonstrating support for the network's core development.
Edgen Stock·Mar 16 2026, 17:14
