Bitmine Immersion Technologies said it bought more than 101,000 ETH over the past week, pushing its total Ethereum holdings to 5,078,386 ETH. Using the company’s stated reference price of $2,369 per ETH, that position is worth about $12 billion and represents 4.21% of Ethereum’s reported 120.7 million total supply.
The company, which originally operated as a Bitcoin mining business, said it moved to the New York Stock Exchange main board on April 9. Its latest asset report shows Bitmine crossed the 5 million ETH mark in just 10 months. Under its “Alchemy of 5%” strategy, which targets ownership of 5% of Ethereum’s supply, the company said it has now completed 84% of that goal.
Largest weekly ETH purchase in recent months
Bitmine described the move as its biggest single-week Ethereum buying program in recent periods. The scale of the accumulation has turned the company into one of the most closely watched corporate ETH holders. Based on the figures in the release, Bitmine said it is now the second-largest publicly listed digital asset treasury company after MicroStrategy, which holds Bitcoin.
At 4.21% of network supply, Bitmine’s Ethereum position now stands at a level few public companies have approached. The company did not disclose a detailed purchase price range for the latest buys, but it did provide a valuation benchmark tied to its total holdings.
More than 3.7 million ETH already staked
Bitmine is also using Ethereum’s native protocol features to generate yield from its treasury. The company said its institutional staking platform is MAVAN (Made in America Validator Network). It has already committed 3,701,589 ETH to staking, equal to about 73% of its total ETH holdings and worth roughly $8.8 billion.
Using a current annualized return of about 3.033%, Bitmine estimated that full staking of its ETH position could generate as much as $363 million in annual passive income. That shows the treasury plan is not limited to spot accumulation; it is also structured to produce on-chain yield.
Total assets reach $13.3 billion
Bitmine said the combined size of its crypto holdings, cash, and other “Moonshots” investments has reached $13.3 billion. In addition to ETH, the treasury includes $940 million in cash, 200 BTC, a $200 million stake in Beast Industries, and a $91 million stake in Eightco.
Chairman Thomas “Tom” Lee said ETH has recently outperformed the S&P 500 following the Iran geopolitical conflict, which he said supports the view of Ethereum as a “wartime store of value”. He also pointed to Wall Street’s push into tokenization of real-world assets, or RWA, and demand from AI agents for neutral settlement blockchains.