Ether sees BitMine treasury hit 4.37M after $90.8M buy

BitMine’s 4.37M ETH and $252M staking claim, explained

According to The Block (https://www.theblock.co/post/390193/bitmine-grows-ethereum-treasury-to-4-37-million-eth-sees-252-million-annual-staking-revenue-via-mavan?utmsource=markets.xml&utmmedium=rss), BitMine’s Ethereum treasury has reached 4.37 million ETH as the firm continues to accumulate, and the company “sees” approximately $252 million in annualized staking revenue tied to its Made in America Validator Network, or MAVAN. The figures position BitMine as a large ETH treasurer preparing to scale validator operations as part of its broader staking strategy.

That $252 million appears to be a forward-looking, annualized estimate rather than a realized trailing figure. The run-rate depends on how much of the treasury is actively staked, the composite Ethereum staking rate (reward yield), and the USD reference price used for conversion at the time calculations are made.

Why MAVAN staking scale matters for BitMine’s revenue

MAVAN is BitMine’s proposed validator infrastructure designed to convert a larger share of its ETH holdings into staking income. In practical terms, annual staking revenue is a product of three inputs: the amount of ETH actually staked, the network reward rate (often discussed as a composite Ethereum staking rate), and the USD price used for translation.

As the firm scales, incremental accumulation also increases the base on which staking revenue can be earned. As reported by CoinGape (https://coingape.com/tom-lees-bitmine-buys-45759-eth-as-cryptoquant-flags-potential-bottom-for-ethereum/), BitMine recently added 45,759 ETH while outlining expanded staking plans into 2026, contextualizing how treasury growth and validator rollout work in tandem.

Before citing company statements, it is important to note that validator yields and uptime drive realized returns, and deployment timelines can shift with market and operational conditions. “Best-in-class” staking infrastructure with “secure uptime” and deployment expected in early 2026, said Tom Lee, Chairman at BitMine, in a prior statement reported by 2News (https://www.2news.com/onlinefeatures/pressreleases/bitmine-immersion-bmnr-announces-eth-holdings-reach-4-11-million-tokens-and-total-crypto-and/article295a4fdc-2901-511d-9284-ad9ca81fce40.html?utmsource=openai).

Immediate impacts: treasury growth, staking mix, uncertainty

A recent company disclosure reported by PR Newswire (https://www.prnewswire.com/news-releases/bitmine-immersion-technologies-bmnr-announces-eth-holdings-reach-4-371-million-tokens-and-total-crypto-and-total-cash-holdings-of-9-6-billion-302689296.html) cited 3,040,483 ETH already staked, noted a MAVAN launch target in Q1 2026, and valued the staked tranche at approximately $6.1 billion using $1,998 per ETH. At the time of this writing, that pricing reference provides context for how USD translations in disclosures can drive big differences in annualized revenue figures.

In the near term, the mix of staked versus unstaked ETH will likely determine how quickly BitMine’s stated revenue expectations converge toward the $252 million run-rate. Reward rates can change with validator participation and network conditions, and realized outcomes also depend on operational factors such as validator uptime and avoidance of slashing.

Uncertainty remains around deployment pacing, provider diversification, and regulatory developments that could affect staking economics or custodial practices. Given those variables, the $252 million figure should be viewed as conditional on staking scale, reward variability, and the USD price at measurement, rather than a guaranteed outcome.

How we’ll verify revenue math and reconcile figures

The verification starts by separating total ETH holdings from actively staked ETH at identifiable points in time, using company disclosures and named publication reports to fix the base figures. The next step is to identify the applicable staking reward rate for those periods and the USD reference price each source used, since both materially influence the translation of on-chain rewards into annualized revenue.

With those inputs, the reconciliation applies a simple framework: Annual staking revenue ≈ (staked ETH) × (network reward rate) × (USD price reference). We will then compare the computed ranges to the $252 million claim reported by The Block and the staked-balance and valuation references carried by PR Newswire to explain any gaps arising from differences in staking percentage, reward assumptions, and price inputs.

Finally, figures will be date-stamped and sourced once, with a clear audit trail linking each number to its originating disclosure or article (e.g., The Block for the 4.37 million ETH and $252 million claim; PR Newswire for the staked-balance and $1,998 per ETH reference; CoinGape for recent treasury additions). This process-based reconciliation will be updated if BitMine or its coverage sources issue new data or clarifications.