Bitmine Surpasses Lido Finance as Largest Staking Entity on Ethereum

Bitmine Immersion Technologies has become the largest staking entity on Ethereum's proof-of-stake network, controlling approximately 13% of all staked ETH. The company holds 5,929,198 tokens, worth around $14.8 billion, and its MAVAN validator network controls 85% of its total holdings.

According to estimates, Bitmine's projected annualized staking revenues stand at $330 million, with a 7-day yield of 2.61%. This figure has grown steadily since MAVAN's launch in March 2026, when the company first disclosed approximately $300 million in projected annual staking income.

Ethereum researchers and the broader community have long treated single-entity staking concentration as a meaningful systemic risk. Bitmine chairman Tom Lee pushes back on these concerns, arguing that his company's accumulation is structurally positive for Ethereum because it creates a U.S.-based, institutionally-operated, compliant staking anchor.

Lee's investment thesis rests on two structural tailwinds: the tokenization of real-world assets and the emerging infrastructure needs of agentic AI systems. Tokenized real-world assets reached $31.4 billion in 2026, with projections of $1.6 trillion by 2030. Ethereum currently underpins approximately 65% of all tokenized assets.