Bitmine Immersion Technologies (NYSE: BMNR) disclosed Monday that its ethereum holdings reached 4,874,858 ETH, crossing 4% of the total coin supply. The Las Vegas-based company reported combined crypto, cash, and equity stakes totaling $11.8 billion.
From Bitcoin Mining to the 'Alchemy of 5%'
Bitmine started in 2019 as Sandy Springs Holdings, running immersion-cooled bitcoin mining in Texas and Trinidad — now largely wound down. Chairman Tom Lee and CEO Chi Tsang have repositioned the firm as the world's largest ethereum treasury company under a strategy called “The Alchemy of 5%,” targeting accumulation of up to 5% of the total ETH supply. As of Monday, Bitmine is 81% of the way there.
Lee said the company bought 71,524 ETH in the past week, the fastest weekly pace since December 22, 2025. He views ETH as nearing the end of a “mini-crypto winter.” “ETH is now the best performing asset since the start of the war, with a 17.4% gain and outperforming the S&P 500 by 1,830 basis points,” Lee noted, citing the Iran conflict now in its seventh week. He added ETH outperformed gold by 2,743 basis points, positioning it as a wartime store of value.
Lee pointed to two structural drivers: Wall Street tokenizing assets on Ethereum, and agentic AI systems increasingly operating on public, neutral infrastructure.
MAVAN Staking Platform Delivers $212M Annualized Revenue
Of the 4.875 million ETH held, Bitmine has staked 3,334,637 tokens, valued at approximately $7.4 billion at $2,206 per ETH. Its staking operations produced a seven-day annualized yield of 2.89%, above the Composite Ethereum Staking Rate of 2.73%. Annualized staking revenues stand at $212 million. Full deployment of MAVAN is projected to generate $310 million annually. MAVAN, the Made in America Validator Network, plans to open to outside custodians and institutional investors.
Beyond ETH, the company reported holdings of 198 BTC, a $200 million stake in Beast Industries, an $85 million stake in Eightco Holdings (Nasdaq: ORBS), and $719 million in cash. Eightco is one of the few publicly listed equities offering direct exposure to OpenAI.
Institutional Backing and Market Presence
Bitmine ranks as the second largest crypto treasury globally by total value, behind Strategy Inc. (Nasdaq: MSTR), and tops among ethereum-focused treasuries. It uplisted from NYSE American to the NYSE on April 9, 2026. According to Fundstrat, BMNR ranked 117th among 5,704 U.S.-listed equities by average daily dollar volume as of April 10, trading $747 million per day over five sessions.
Institutional backers include Ark Investment Management's Cathie Wood, Founders Fund, Pantera Capital, Kraken, Digital Currency Group, Galaxy Digital, Bill Miller III, MOZAYYX, and personal investor Thomas Lee.