Bitmine scans an additional 51,000 ETH, with total holdings soaring to 4.42 million coins! Tom Lee: The three main fundamentals support Ethereum

Bitmine increased its holdings of Ethereum by over 51,000 coins last week, bringing its total to 4.42 million ETH, accounting for approximately 3.66% of the global supply. Chairman Tom Lee highlighted three major fundamental drivers supporting Ethereum’s long-term value.
(Background: Bitmine spent $120 million to buy 40,000 ETH, pushing total holdings to 4.24 million ETH, with an unrealized loss of $4 billion.)
(Additional context: Uncovering Tom Lee’s background—from Wall Street influencer to Ethereum MicroStrategy leader.)

Bitmine Immersion Technologies (NASDAQ: BMNR) made another move this week, adding 51,162 ETH last week, increasing its total holdings to 4.42 million ETH. At the current price of about $1,958 per ETH, the total value is approximately $87 billion, making it the second-largest crypto reserve company globally, after Strategy, which mainly holds Bitcoin. Currently, Bitmine’s ETH holdings represent 3.66% of the total Ethereum supply, further approaching its long-term goal of holding 5%.

Tom Lee Highlights Three Major Fundamental Drivers

Chairman Tom Lee states that despite short-term market pressures, the company remains committed to its accumulation strategy. He believes the current market price of ETH does not fully reflect its true utility value and identifies three long-term fundamental drivers:

• Wall Street Tokenization Wave: As traditional financial institutions accelerate bringing stocks, bonds, and funds onto the blockchain, Ethereum’s role as the main settlement layer will continue to strengthen.
• AI Applications Relying on Smart Contracts: AI agents executing on-chain transactions and managing funds are exploding, with Ethereum being the most mature smart contract platform today.
• Creator Economy Moving to Blockchain Verification: Content creation and digital identity verification needs will drive more applications built on the Ethereum ecosystem.

Tom Lee emphasizes that these three trends converging will create unprecedented demand for Ethereum, making now the best time to position oneself.

Staking Yields as a New Engine, MAVAN Infrastructure Coming Soon

Bitmine has staked about 3.04 million ETH, representing 68.7% of its total holdings, with an annualized staking yield of 2.89%, generating approximately $171 million in passive income annually.

The company plans to launch the “Made-in-America Validator Network” (MAVAN) this quarter, a dedicated validator infrastructure deployed across the U.S. Once all 4.42 million ETH are staked through MAVAN, the annualized yield is expected to rise further to $249 million.

In addition to its core ETH holdings, Bitmine’s portfolio includes 193 Bitcoin, approximately $200 million in Beast Industries shares, $19 million in Eightco Holdings investments, and $691 million in cash. This diversified allocation allows Bitmine to continue increasing ETH holdings while maintaining ample liquidity buffers.