Bitmine Immersion Technologies announced on May 4 that its total treasury assets—including cryptocurrencies, cash, and strategic investments—reached $13.1 billion as of May 3. Ethereum dominates the holdings with 5,180,131 ETH, valued at approximately $12.1 billion at $2,336 per ETH, representing about 4.29% of the total global ETH supply. The company also holds 200 bitcoin, $700 million in cash, and $283 million in “moonshot” investments, including stakes in Beast Industries and Eightco Holdings.
‘Crypto Spring’ and the CLARITY Act Catalyst
Bitmine Chairman Thomas Lee described the current market as the start of a “crypto spring,” pointing to the potential passage of the CLARITY Act in the U.S. Senate as a primary catalyst. The proposed legislation aims to regulate stablecoin yields while enabling activity-based rewards. “This compromise is largely acceptable to us,” Lee said, noting that prediction markets now show over a 60% probability of the bill passing in 2026. Lee emphasized that ETH is increasingly functioning both as a store of value and a unit of account, especially amid geopolitical instability. Since the onset of the Iran conflict, ETH has outperformed the S&P 500 by 1,380 basis points.
Continued Accumulation and Staking Dominance
In the past week, Bitmine purchased an additional 101,745 ETH. The company has expanded its technical infrastructure through the Made in America Validator Network (MAVAN), a institutional-grade staking platform. Bitmine has already staked 4,362,757 ETH—roughly 84% of its total holdings—generating an annualized staking income of $297 million. Corporate data indicates Bitmine now has the world’s largest Ethereum treasury and the second-largest global cryptocurrency treasury, behind only Strategy, which holds bitcoin valued at $64.2 billion.
Market Liquidity and Trading Volume
Bitmine’s stock has seen high liquidity, with an average daily dollar volume of $625 million. According to Fundstrat data, Bitmine is currently ranked the 173rd most traded stock in the U.S., placed between Cheniere Energy and DoorDash. The company, listed on the New York Stock Exchange on April 9, has quickly become a focal point for institutional investors.