BitMine Immersion Technologies (BMNR) said Tuesday that its ether holdings have climbed to 4,371,497 ETH, up approximately 45,759 ETH from the previous week. The company projects up to $252 million in annual staking revenue once its Made in America Validator Network, or MAVAN, is fully deployed.
The firm said its combined crypto, cash, and strategic investments now total $9.6 billion, including roughly $8.7 billion worth of ETH at $1,998 per token and $670 million in cash. In addition to ether, BitMine holds 193 bitcoin, a $200 million stake in Beast Industries, and a $17 million stake in Eightco Holdings.
Of the total ether held, 3,040,483 ETH are currently staked, equivalent to about $6.1 billion. BitMine said annualized staking revenue is running at $176 million and could rise to $252 million at scale, based on recent yield levels, according to the statement.
The update follows last week's announcement that the company's ETH treasury had surpassed 4.33 million tokens, and extends an accumulation push despite a broad market downturn.
Ether is down about 33% year-to-date, according to The Block's price page, while BitMine shares have fallen more than 22% over the same period. Several corporate ETH holders remain underwater relative to recent highs, The Block's data on Ethereum treasury companies shows.
In this week's disclosure, Chairman Tom Lee reiterated that BitMine will continue accumulating regardless of short-term price swings. Previously, Lee asserted that balance sheet volatility tied to changes in ETH proces are a feature, rather than a bug, as he liked the corporate Ethereum strategy to traditional index exchange-traded funds.