Bitmine Immersion Technologies has cemented its position as the largest corporate holder of ether in the world. As of May 17, the Tom Lee-chaired company holds 5,278,462 ETH — equivalent to 4.37% of the total circulating supply of 120.7 million tokens. At $2,191 per coin, the position is valued at approximately $11.6 billion.

In the global corporate crypto treasury rankings, Bitmine sits second overall, behind only Strategy and its 818,869 BTC position worth $64.1 billion. The latest tally includes 71,672 ETH acquired over the past week alone.

The company has set a clear target: accumulate 5% of the total ether supply, or roughly 6.035 million tokens. At current levels, Bitmine is 87% of the way there, with Lee expecting to hit the milestone sometime in 2026.

A large portion of those holdings is already generating income. Some 4,712,917 ETH — around 89% of the total position — is currently staked, producing $289 million in annualized revenue at a seven-day yield of 2.80%. Once the full portfolio is staked, projected annual staking income rises to $324 million. The staking operations run through MAVAN, the company's own institutional-grade validator platform, which Bitmine recently launched initially to support its own treasury activity.

Beyond its core ETH allocation, Bitmine's total balance sheet — spanning crypto, cash, and what the company calls "moonshot" investments — stands at $12.6 billion. Cash reserves total $685 million, while non-core holdings include 202 bitcoin, a $200 million position in Beast Industries, and an $83 million equity stake in Eightco Holdings.