Bitmine Immersion Technologies has disclosed that it now holds 4,874,858 ETH, a stash representing more than 4% of Ethereum’s total supply. The Las Vegas-based company said the combined value of its crypto holdings, cash, and equity investments has reached $11.8 billion, underscoring the scale of its transition into an Ethereum-centered treasury business.
A Rapid Shift Into Ethereum Accumulation
Bitmine, formerly known as Sandy Springs Holdings Inc., was established in 2019 and previously operated immersion-cooled bitcoin mining sites in Texas and Trinidad. That legacy business has largely faded into the background as the company pivots toward a strategy centered on holding ether as a reserve asset. Chairman Tom Lee and CEO Chi Tsang have repositioned the firm around what they describe as a “5% alchemy” plan: accumulating up to 5% of Ethereum’s total supply as the company’s principal treasury reserve.
According to the company’s latest update, Bitmine has already completed 81% of that target. Lee said the firm purchased 71,524 ETH last week alone, marking its fastest weekly buying pace since Dec. 22, 2025. The aggressive acquisition schedule reflects management’s view that ether is emerging from what Lee called a “mini crypto winter.”
Lee also tied the company’s conviction to recent market performance. In comments cited in the report, he said ETH had outperformed a range of traditional assets since the outbreak of war, including the S&P 500 and gold, during a period defined by a seven-week Iran conflict. While those remarks reflect management’s market interpretation, they also show how Bitmine is framing Ethereum not only as a growth asset, but as a form of strategic reserve in periods of geopolitical stress.
Staking Now Plays a Central Role
Bitmine’s Ethereum strategy is not limited to passive balance-sheet exposure. Out of its total holdings, the company said it has already staked 3,334,637 ETH. Using the cited ETH price of $2,206, those staked assets are worth roughly $7.4 billion. The company reported a 2.89% seven-day annualized staking yield, above the 2.73% Ethereum blended staking rate managed by Quatrefoil.
That yield translates into approximately $212 million in annualized ETH staking income. Bitmine added that once its validator system is fully deployed, annual revenue from staking could rise to $310 million. This makes staking income one of the most important economic pillars of the company’s treasury model, giving it a recurring yield component rather than relying solely on appreciation in ETH’s market price.
MAVAN and the Institutional Staking Ambition
The company’s staking operations are being built around MAVAN, short for Made in America Validator Network. Bitmine describes MAVAN as an institutional-grade staking platform designed initially to manage its own ETH treasury. Over time, the firm plans to expand the platform so it can serve external custodians, institutional investors, and ecosystem partners.
According to the company, MAVAN is being developed with a focus on security, performance, and operational resilience. If that rollout proceeds as planned, Bitmine would not only be one of the largest corporate holders of ether, but also a significant infrastructure operator within Ethereum’s staking economy. That combination could give the firm a differentiated position compared with treasury companies that simply hold digital assets without producing on-chain yield.
More Than ETH on the Balance Sheet
Although Ethereum is clearly the centerpiece of Bitmine’s current strategy, the company also disclosed a smaller set of non-ETH holdings. These include 198 BTC, $200 million in Beast Industries equity, $85 million in Eightco Holdings equity, and $719 million in cash. The report noted that Eightco is among the few publicly traded companies through which investors can gain direct exposure to OpenAI-related participation.
On a total-value basis, Bitmine said it ranks second among global crypto treasury companies, behind only Strategy Inc., which holds 780,897 BTC. Within the narrower category of Ethereum-focused treasury firms, Bitmine said it is in first place. That distinction is important because it signals the emergence of a corporate treasury model built around ETH rather than bitcoin, with staking economics as a core feature.
NYSE Listing and Trading Activity
Bitmine also highlighted its public-market progress. On April 9, 2026, the company transferred its listing from NYSE American to the New York Stock Exchange, while keeping the ticker symbol BMNR. The move gives the company a higher-profile exchange venue as it seeks to attract both institutional capital and broader market visibility.
Fundstrat data cited in the report showed that, as of April 10, BMNR ranked 117th among 5,704 U.S.-listed stocks by average daily dollar trading volume. Over the previous five trading days, the stock recorded an average daily dollar volume of $747 million. That level of liquidity suggests growing investor attention, especially for a company whose identity has been rapidly recast from mining to balance-sheet ETH accumulation and staking infrastructure.
Institutional Backing and the Bigger Thesis
The company’s investor roster includes several well-known names across digital assets and venture capital, including Ark Investment Management, Founders Fund, Pantera Capital, Kraken, Digital Currency Group, Galaxy Digital, Bill Miller III, MOZAYYX, and Tom Lee himself as an individual investor. The presence of these backers lends support to Bitmine’s attempt to position itself as a leading public-market vehicle for Ethereum exposure.
Management’s broader thesis rests on two structural trends. First, Lee said Wall Street firms are increasingly using the Ethereum blockchain for asset tokenization. Second, he argued that autonomous AI systems are more frequently being deployed on public, neutral infrastructure, which could benefit open blockchain networks like Ethereum. These themes are central to Bitmine’s view that ETH is not just a speculative asset, but a foundational layer for future financial and computational systems.
Lee also compared the U.S. GENIUS Act and the Securities and Exchange Commission’s Project Crypto to the historic decision on Aug. 15, 1971 that ended Bretton Woods and severed the dollar’s link to gold. In his framing, both moments represent catalysts for a broad restructuring of financial infrastructure. Whether or not markets ultimately embrace that comparison, it illustrates how aggressively Bitmine is tying its corporate strategy to long-term changes in regulation, capital markets, and blockchain adoption.
What Comes Next
Bitmine’s latest disclosure shows just how far the company has moved in a relatively short period. In roughly nine months, it has built one of the largest known corporate Ethereum positions in the world, crossed the threshold of 4% of total ETH supply, and turned staking into a meaningful revenue engine. The next milestone is clear: reaching the full 5% supply target laid out under its treasury strategy.
That target, if achieved, would further cement Bitmine’s place at the center of the emerging ETH treasury narrative. It would also intensify market scrutiny around concentration, treasury risk, staking execution, and the broader implications of a public company controlling such a large share of ether. For now, the company has made one thing unmistakable: its future is no longer defined by bitcoin mining hardware, but by Ethereum reserves, validator operations, and a highly concentrated bet on the network’s long-term role in finance and digital infrastructure.