Bitmine Immersion Technologies has disclosed that its ethereum treasury has reached 4,874,858 ETH, a position the company says now represents more than 4% of all ETH ever issued. Alongside that milestone, the Las Vegas-based firm reported a combined asset base of roughly $11.8 billion across crypto holdings, cash, and equity stakes, underscoring how far it has moved from its earlier bitcoin mining identity toward a balance-sheet strategy centered on ethereum.
From mining roots to an Ethereum treasury strategy
Bitmine began in 2019 as Sandy Springs Holdings Inc. and was originally associated with bitcoin mining operations using immersion cooling in Texas and Trinidad. In that model, ASIC mining machines were submerged in dielectric fluid to better manage heat and extend hardware lifespan. According to the source material, that legacy business has largely been wound down. What remains is a corporate strategy built around ETH accumulation.
Under Chairman Tom Lee and CEO Chi Tsang, Bitmine has repositioned itself as what it describes as the world’s largest ethereum treasury company. The firm’s stated framework, called “The Alchemy of 5%”, aims to accumulate as much as 5% of Ethereum’s total supply as the company’s principal reserve asset. Based on the latest disclosure, Bitmine says it is already about 81% of the way toward that target.
The latest update also highlighted the pace of recent purchases. Lee said the company acquired 71,524 ETH in the previous week, marking its fastest single-week accumulation rate since December 22, 2025. The statement framed this acceleration as part of a broader conviction that ETH may be nearing the end of what Lee called a “mini crypto winter.”
Bitmine’s market view and ETH accumulation thesis
Lee argued that ethereum has recently outperformed traditional benchmarks in a way that strengthens its case as a strategic reserve asset. He said ETH had gained 17.4% since the start of the war referenced in the article and had outperformed the S&P 500 by 1,830 basis points. He also said ETH beat gold by 2,743 basis points, describing that relative strength as evidence, in his view, that ethereum can function as a wartime store of value.
Beyond price action, Lee pointed to two structural drivers behind Bitmine’s continued accumulation. First, he cited Wall Street firms tokenizing assets on the Ethereum blockchain. Second, he argued that increasingly autonomous AI systems are likely to operate on public, neutral infrastructure, a view that supports long-term demand for Ethereum-based networks. While these remain strategic assertions rather than guaranteed outcomes, they form a central part of Bitmine’s rationale for holding such a large ETH treasury.
Staking operations now represent a major revenue engine
Of the company’s total ETH holdings, Bitmine said it has staked 3,334,637 ETH, valued in the source report at approximately $7.4 billion using a reference price of $2,206 per ETH. This means a substantial portion of its treasury is not only being held passively but is also being deployed to generate yield through Ethereum’s proof-of-stake infrastructure.
According to the company, its staking operations produced a seven-day annualized staking yield of 2.89%, compared with the Ethereum Composite Staking Rate of 2.73% tracked by Quatrefoil. On that basis, Bitmine said its ETH staking operation is currently generating approximately $212 million in annualized staking revenue. The company added that full deployment of its validator platform, MAVAN, could raise that annualized figure to about $310 million.
The platform itself, known as MAVAN or Made in America Validator Network, was developed as Bitmine’s institutional staking infrastructure. Initially designed to manage the company’s own ETH, the network is also intended to expand outward to serve external custodians, institutional investors, and ecosystem partners. Bitmine described MAVAN as being built with an emphasis on security, performance, and operational resilience.
Balance sheet extends beyond ETH
Although ethereum is clearly the centerpiece of Bitmine’s strategy, the company’s disclosed balance sheet includes a number of other assets. It said it holds 198 BTC, a $200 million stake in Beast Industries, an $85 million stake in Eightco Holdings, and approximately $719 million in cash. The article also noted that Eightco is among the few publicly traded equities said to provide direct exposure to OpenAI.
In aggregate value, Bitmine was described as ranking second globally among crypto treasury companies, trailing only Strategy Inc., which reportedly holds 780,897 BTC. However, in the narrower category of ethereum-focused treasury firms, Bitmine was identified as the current leader.
Public market profile and institutional backers
Bitmine’s growing treasury has also been accompanied by a stronger public-market presence. The company moved from NYSE American to the New York Stock Exchange on April 9, 2026, while retaining the ticker BMNR. According to Fundstrat data cited in the source, BMNR ranked 117th out of 5,704 U.S.-listed stocks by average daily dollar volume on April 10, with roughly $747 million in daily trading volume over the previous five sessions.
The investor base listed in the report includes several prominent institutional names, among them ARK Investment Management, Founders Fund, Pantera Capital, Kraken, Digital Currency Group, Galaxy Digital, Bill Miller III, MOZAYYX, and individual investor Thomas Lee. That roster suggests Bitmine’s ETH-centered model has attracted interest from both crypto-native and traditional capital allocators.
Why the market may keep watching Bitmine
Bitmine’s latest disclosure is notable not just for the size of its ethereum position, but for how explicitly the company is tying treasury management, staking yield, and institutional infrastructure into a single corporate strategy. The move from bitcoin mining toward ETH accumulation reflects a broader shift in parts of the digital asset sector, where some public companies are now using their balance sheets as vehicles for concentrated crypto exposure rather than simply operating infrastructure businesses.
The company’s next major milestone is clear: reaching the 5% ETH ownership target set out in its “Alchemy of 5%” thesis. Whether Bitmine gets there will depend on market conditions, access to capital, execution in staking infrastructure, and its ability to maintain investor support. For now, however, its reported ownership of more than 4% of Ethereum’s issued supply places it among the most closely watched corporate players in the ETH ecosystem.