Bitmine Immersion Technologies (NYSE: BMNR) disclosed on April 27, 2026 that its Ethereum holdings have crossed the 5 million threshold, reaching 5,078,386 ETH — representing 4.21% of the total circulating supply. Valued at approximately $12 billion based on Coinbase’s $2,369 per token, the position forms part of the company’s total crypto, cash, and equity portfolio of $13.3 billion, with $940 million in cash on hand.
Rapid Accumulation: 101,901 ETH Acquired in One Week
Bitmine Chairman Tom Lee stated the pace of accumulation has exceeded expectations. "This is a major milestone as the Company moves towards acquiring 5% of the ETH supply. And this pace of accumulation is astonishing, taking only 10 months to reach 5 million," Lee said. The company is now 84% of the way to its 5% target (approximately 6.035 million ETH). In the past week alone, Bitmine purchased 101,901 ETH, the highest weekly buy rate since the week of December 15, 2025. Lee explained the rationale: "Our base case is that ETH is in the final stages of the mini-crypto winter, so we have maintained the increased pace of buys."
Macro Narrative: ETH as a War-Time Store of Value
Lee cited recent research by Etherealize arguing that ETH is increasingly viewed as a "store of value" and collateral for financial transactions. Since the outbreak of the Iran War, ETH has outperformed the S&P 500 by 1,696 basis points, making it the best-performing asset globally besides crude oil. "Ethereum continues to benefit from dual tailwinds: Wall Street tokenizing on blockchain and agentic AI systems needing public, neutral blockchains. There is a lot of meaning to ETH being the best war-time store of value and the leading asset since the war started," Lee emphasized.
Staking Platform MAVAN: Annual Rewards Could Exceed $363M
Bitmine’s institutional-grade staking platform MAVAN (Made in America Validator Network) now has 3,701,589 ETH staked, worth $8.8 billion. Current annualized staking revenues stand at $264 million. At full deployment, based on a 7-day yield of 3.033%, projected annual staking rewards reach $363 million. The Composite Ethereum Staking Rate (CESR), administered by Quatrefoil, is currently 3.028%.
Global Standing: Second-Largest Crypto Treasury
Bitmine holds the largest corporate Ethereum treasury in the world and ranks second overall in crypto treasuries, behind Strategy Inc. (Nasdaq: MSTR) which holds 780,897 BTC valued at $58.2 billion. Bitmine’s investor base includes Ark Invest (Cathie Wood), Founders Fund, Pantera, Kraken, DCG, Galaxy Digital, Bill Miller III, MOZAYYX, and Tom Lee personally. Additionally, the company owns a $200 million stake in Beast Industries and a $91 million position in Eightco Holdings (Nasdaq: ORBS), one of the few publicly traded equities offering direct OpenAI exposure.