Bitmine revealed on Monday that it now holds 4,874,858 ETH, representing more than 4% of the total supply of Ethereum. The Las Vegas-based firm reported total value of its crypto, cash, and equity investments at $11.8 billion.
Holdings Details and Strategic Goal
Bitmine Immersion Technologies (NYSE: BMNR), formerly Sandy Springs Holdings Inc., was founded in 2019 and initially operated immersion-cooled Bitcoin mining farms in Texas and Trinidad. That business has largely stalled, and the company has now pivoted heavily to Ethereum. Chairman Tom Lee and CEO Chi Tsang have repositioned Bitmine as the world's largest Ethereum reserve company, pursuing a strategy they call the '5% Alchemy' — accumulating up to 5% of the total ETH supply as the company's primary reserve asset. According to the latest announcement, Bitmine has already achieved 81% of that target.
Lee said the company purchased 71,524 ETH last week, the fastest weekly acquisition rate since December 22, 2025, noting that the team believes ETH is approaching the end of what he calls a 'mini crypto winter.' 'Since the war began, ETH has been the best-performing asset, rising 17.4%, outperforming the S&P 500 by 1,830 basis points,' Lee said, referring to the seven-week Iran conflict. He added that ETH outperformed gold by 2,743 basis points, arguing this makes it a store of value during wartime.
Lee pointed to two structural drivers supporting continued ETH accumulation: Wall Street firms are tokenizing assets on the Ethereum blockchain, and autonomous AI systems are increasingly operating on public, neutral infrastructure.
MAVAN Staking Platform and Revenue
Of the 4.87 million ETH held, Bitmine has staked 3,334,637 tokens, valued at approximately $7.4 billion at an ETH price of $2,206. The company's staking operations generate a 2.89% seven-day annualized yield, above the Quatrefoil-managed Ethereum composite staking rate of 2.73%. Annualized staking revenue stands at $212 million. Once MAVAN is fully deployed, annual revenue is expected to reach $310 million.
MAVAN (Made in America Validator Network) is an institutional-grade staking platform built by Bitmine to manage its own ETH holdings, and it is planned to open to external custodians, institutional investors, and ecosystem partners. The platform focuses on security, performance, and operational resilience.
Financials and Institutional Investors
In addition to ETH, the company reported holding 198 Bitcoin, a $200 million equity stake in Beast Industries, $85 million in Eightco Holdings (NASDAQ: ORBS) — one of the few public companies offering direct exposure to OpenAI — and $719 million in cash.
By total value, Bitmine ranks second among global crypto treasuries, behind Strategy Inc. (NASDAQ: MSTR), which holds 780,897 BTC. Among Ethereum-focused treasuries, it ranks first. On April 9, 2026, the company uplisted from the NYSE American to the New York Stock Exchange (NYSE), retaining the ticker BMNR.
According to Fundstrat, as of April 10, BMNR ranked 117th among 5,704 US-listed stocks by average daily dollar volume, with a five-day average of $747 million. The stock sits just behind Intuitive Surgical and ahead of Applied Digital.
Institutional investors include Cathie Wood's ARK Investment Management, Founders Fund, Pantera Capital, Kraken, Digital Currency Group, Galaxy Digital, Bill Miller III, MOZAYYX, and individual investor Thomas Lee.
Lee compared the GENIUS Act and the SEC's 'Project Crypto' to the decision on August 15, 1971, that ended the Bretton Woods system and the dollar's gold peg, calling both moments catalysts for a full restructuring of financial services infrastructure.