Bitmine Immersion Technologies has disclosed that it now holds 4,874,858 ETH, giving the company control of more than 4% of Ethereum’s total issued supply. The Las Vegas-based firm said the combined value of its crypto holdings, cash, and equity investments has reached $11.8 billion, underscoring how dramatically it has evolved from its earlier identity as a bitcoin mining company into a corporate vehicle built around ether accumulation.
A rapid shift toward an Ethereum treasury model
Founded in 2019 as Sandy Springs Holdings Inc., Bitmine previously operated immersion-cooled bitcoin mining sites in Texas and Trinidad. That business, which relied on submerging ASIC miners in dielectric fluid to manage heat and improve hardware longevity, has largely faded into the background. In its place, management has repositioned Bitmine as an Ethereum-focused treasury company with an unusually explicit acquisition strategy.
Chairman Tom Lee and CEO Chi Tsang have framed that strategy around what the company calls “The 5% Alchemy”—an effort to accumulate up to 5% of Ethereum’s total supply as Bitmine’s primary reserve asset. Based on the latest company update, Bitmine says it has already completed 81% of that goal. The company also reported buying 71,524 ETH last week, marking its fastest single-week pace of accumulation since December 22, 2025.
The scale and speed of the buildup are central to the story. In roughly nine months, Bitmine has quietly assembled one of the largest known corporate ether positions in the world. That makes it not just a major ETH holder, but arguably the leading public-market proxy for investors seeking direct exposure to a large-scale institutional Ethereum balance sheet.
Staking has become a major earnings engine
Bitmine’s ETH strategy is not limited to passive treasury storage. Of the 4.87 million ETH it currently holds, the company said 3,334,637 ETH has already been staked. Using the company’s cited ETH price of $2,206, that staked position carries an estimated market value of about $7.4 billion.
The company said its staking operation is generating a 2.89% seven-day annualized yield, higher than the 2.73% Ethereum blended staking rate managed by Quatrefoil. On that basis, Bitmine estimates its current staking activities are producing roughly $212 million in annualized ETH staking revenue. Once its infrastructure reaches full deployment, projected annual revenue could rise to $310 million.
At the center of that staking strategy is MAVAN, short for Made in America Validator Network. Bitmine describes MAVAN as an institutional-grade platform initially built to manage its own ETH reserves, with plans to later open the service to custodians, institutional investors, and ecosystem partners. The company says the platform emphasizes security, performance, and operational resilience—three features likely intended to reassure investors that Bitmine is trying to professionalize large-scale ETH staking within a public-company framework.
Beyond ETH: cash, bitcoin, and equity stakes
While ether is clearly the centerpiece of the balance sheet, Bitmine’s reported assets are broader than ETH alone. The company also disclosed holdings of 198 BTC, a $200 million equity stake in Beast Industries, an $85 million stake in Eightco Holdings, and $719 million in cash.
Those figures help explain the company’s stated $11.8 billion total asset value and position Bitmine as one of the largest crypto treasury entities globally. By total treasury value, the company ranks second behind Strategy Inc., which holds 780,897 BTC. Among firms centered specifically on ether reserves, Bitmine appears to be in first place.
The inclusion of Eightco also adds an unusual capital markets angle. According to the source material, Eightco is one of the few public companies through which investors can gain direct exposure to OpenAI. That detail does not change Bitmine’s core identity as an ETH-heavy treasury company, but it does show management is maintaining some exposure to adjacent technology themes outside crypto.
Market activity and shareholder backing
Bitmine transferred its listing from NYSE American to the New York Stock Exchange on April 9, 2026, while keeping its ticker symbol BMNR. The move to the NYSE main board may be viewed as part of a broader effort to position the company more credibly in front of institutional investors.
Fundstrat data cited in the report showed that, as of April 10, BMNR ranked 117th out of 5,704 U.S.-listed stocks by average daily dollar trading volume. Over the prior five trading sessions, the stock averaged $747 million in daily turnover. That level of liquidity suggests that Bitmine has attracted meaningful attention in public markets, likely because it offers a listed, high-beta way to gain exposure to ether accumulation and staking economics.
The shareholder and institutional support base is also notable. Bitmine’s backers include ARK Invest, Founders Fund, Pantera Capital, Kraken, Digital Currency Group, Galaxy Digital, Bill Miller III, MOZAYYX, and Tom Lee himself as an individual investor. That roster signals support from both traditional growth investors and crypto-native firms.
The strategic case management is making for ETH
Tom Lee has argued that Bitmine’s ETH accumulation is backed by longer-term structural themes rather than only short-term price momentum. According to the report, he pointed to two main drivers: first, the growing use of the Ethereum blockchain by Wall Street firms for asset tokenization; and second, the increasing tendency for autonomous AI systems to run on public, neutral infrastructure.
Lee also argued that ETH had recently outperformed both the S&P 500 and gold during a period of geopolitical stress tied to the Iran conflict, which the article described as lasting seven weeks at the time of his comments. In that framing, he suggested ether was behaving like a wartime store of value. Whether or not the market broadly accepts that thesis, it clearly informs Bitmine’s decision to keep accelerating purchases.
Lee further compared the GENIUS Act and the SEC’s Project Crypto to the 1971 decision that ended the Bretton Woods system and severed the dollar’s formal link to gold, casting both as catalysts for a far-reaching reorganization of financial infrastructure. That analogy reflects a highly ambitious view of crypto’s role in future markets—and helps explain why Bitmine is positioning Ethereum as a strategic reserve asset rather than just a tradable holding.
Why Bitmine now stands out
Bitmine’s disclosure is significant for several reasons. First, it demonstrates that a public company can accumulate an enormous ETH position in a relatively short period of time. Second, it shows how staking can transform such a treasury into a yield-generating operating model rather than a purely passive balance-sheet bet. Third, it highlights the emergence of a new type of listed crypto company: one that is neither simply an exchange, a miner, nor a software platform, but instead a capital markets wrapper around digital asset reserves and blockchain-native income streams.
With more than 4% of all issued ETH already under its control and a stated goal of reaching 5%, Bitmine is now one of the most closely watched corporate participants in the Ethereum ecosystem. If the company continues buying at its recent pace and succeeds in scaling MAVAN as planned, it may become a defining example of how public companies are beginning to industrialize crypto treasury management at a scale previously associated more with protocols and exchanges than listed operating businesses.