BitMine Immersion Technologies has completed its third consecutive weekly purchase of over 100,000 ETH, adding 101,745 coins—worth about $240 million at current prices—to reach a total treasury of 5.18 million ETH valued at $12.2 billion. This accumulation drive positions the company as one of the largest public holders of Ethereum, targeting 5% of the network’s total supply.

The firm has staked 4.36 million ETH, generating annualized staking revenues of $297 million, and projects potential income of $352 million by fully deploying holdings through its Made in America Validator Network (MAVAN). MAVAN is being scaled beyond internal use to offer institutional staking services, aiming to convert token holdings into sustainable operating cash flows.

Alongside Ethereum, BitMine holds 200 BTC and $700 million in cash, plus equity stakes valued at $283 million, bringing total assets to $13.1 billion. Shares have rallied over 4% on the day, reflecting investor optimism, though they remain down 15% year-to-date amid broader crypto volatility.