BitMine Immersion Technologies, the digital asset treasury company chaired by Fundstrat’s Tom Lee, has surpassed $10 billion in staked ETH holdings, according to a May 4 report from The Block. The position now represents roughly 4.3% of the circulating Ethereum supply, making BitMine the second-largest staking entity on the network behind only Lido.
The DAT company has rapidly amassed its position to become Ethereum’s second-largest staking entity, with the latest tranche financed by a $240 million weekly ETH purchase that marked the firm’s third consecutive week of acquisitions above 100,000 ETH. Lee has publicly framed the buying as the early phase of what he calls a “crypto spring”.
The accumulation comes against a constructive macro backdrop for Ethereum. BTC sits near $81,000 following five consecutive weeks of spot-ETF inflows, and ETH is trading around $2,370 — still roughly 51% below its 2025 peak but rising as institutional vehicles broaden their staking exposure. Per Coinbase data, ETH‘s market capitalization has climbed back above $285 billion.
The structural shift behind BitMine’s move is the launch of staked ETH ETFs in the U.S. earlier this year. BlackRock‘s ETHB, the first major U.S. staked Ethereum ETF, went live on Nasdaq in March 2026 and currently distributes roughly 1.9–2.2% net annual yield to shareholders after fees, paid monthly. That changed the buyer pool: traditional investors who previously avoided ETH for its lack of yield are now able to access staking rewards through a wrapped product.
Approximately 30% of total ETH supply is now locked in staking, and the validator entry queue has lengthened materially over the past month. With Glamsterdam — Ethereum’s next major hard fork featuring Enshrined Proposer-Builder Separation and a planned gas-limit floor of 200 million — targeted for H1 2026, the convergence of treasury accumulation, ETF-driven yield demand, and execution-layer scaling sets up Ethereum’s most concentrated catalyst window since the Merge.
