NORWALK, Conn., March 31, 2026, 17:59 EDT
Shares of Bitmine Immersion Technologies jumped roughly 8% late Tuesday after the company reported acquiring 71,179 ether last week, pushing its total holdings up to 4.732 million tokens. The stock was recently trading at $19.78, a gain of $1.48 on the day.
Bitmine is pushing to convert its ether holdings into regular revenue. The company’s MAVAN—Made in America Validator Network—is now operational, and a new filing details the Pier Two acquisition. Instead of just holding tokens on its books, Bitmine is now staking: locking up ether to validate blockchain transactions and collect rewards.
Bitmine and its subsidiary Standard Validator have picked up Pier Two, an Australian company specializing in staking and validator infrastructure, according to a filing signed Monday. The deal structure: cash paid at closing, $10.5 million in stock, $14 million in deferred payments, and as much as $11.801 million in earnout shares based on certain operating targets. Notably, Pier Two allows clients to retain control of their tokens.
Bitmine reported holding 4,732,082 ether and 197 bitcoin as of March 29, alongside a $200 million stake in Beast Industries and $102 million in Eightco Holdings, plus $961 million in cash. Of that ether, 3,142,643—about 66%—is already staked. The company said that full deployment via MAVAN and its partners has the potential to generate approximately $266 million in annual staking rewards, compared to the current annualized staking revenue of $177 million.
Chairman Tom Lee noted the firm kept up its quicker buying for a fourth week running, with ether now, in his view, pushing through the final phase of what he called a “mini-crypto winter.” He added that crypto showed up as a “good ‘war time’ store of value” as the Iran conflict rolled into its fifth week. SEC
Bitmine says it’s still holding the biggest corporate stash of ether, and sits at number two for total crypto treasuries—Strategy leads thanks to its bitcoin pile. SharpLink and Bit Digital also make the list of public companies with notable ether holdings. As of March 5, Bit Digital reported holding nearly 155,434 ether, with about 89% locked up in staking.
This partly accounts for ether’s early appeal among listed firms. Last year, Reuters noted that companies weren’t just after price moves—they also liked staking returns, which usually run 3% to 4%, a feature missing from bitcoin treasury strategies.
But things can unravel fast. Back in November, Reuters flagged that some crypto treasury firms were already trading at discounts to the value of the tokens they hold. Then in February, the outlet noted that continued share pressure could dry up new capital — which, for many of these firms, still powers most treasury plays. Bitmine, for its part, has cautioned that its future hinges on financing, rivals, tech shifts, and where bitcoin and ether prices go next.
Ether changed hands at $2,103.20 on Tuesday, topping the $2,005 mark Bitmine cited in its latest holdings update. That stronger price bumps up the notional value of Bitmine’s stash, though the group’s fortunes are still closely yoked to crypto market moves.
