Bitmine Immersion Technologies said its ethereum treasury has climbed to 4,874,858 ETH, a figure the company says now exceeds 4% of the total ether supply. The Las Vegas-based firm also reported a combined $11.8 billion in crypto assets, cash, and equity holdings, underscoring how aggressively it has transformed itself into an ethereum-focused treasury company.
The update marks a dramatic shift for Bitmine, which originally operated as a bitcoin mining business built around immersion-cooling infrastructure in Texas and Trinidad. That legacy model has largely been wound down. In its place, company leadership has repositioned Bitmine around a single strategic objective: making ethereum the company’s primary reserve asset and building what it describes as the world’s largest corporate ETH treasury.
A Corporate Push Toward 5% of All ETH
Chairman Tom Lee and CEO Chi Tsang have framed the company’s accumulation strategy as a “5% Alchemy” plan, referring to Bitmine’s ambition to eventually hold 5% of ethereum’s total supply. Based on the latest disclosure, the company says it is now about 81% of the way toward that target.
Bitmine added that it purchased 71,524 ETH over the past week, describing it as the fastest one-week buying pace since Dec. 22, 2025. The scale of that acquisition suggests the company is accelerating its treasury strategy rather than slowing it, even as ether remains a highly watched macro-sensitive crypto asset.
Lee argued that ethereum may be nearing the end of what he called a “mini crypto winter.” He also pointed to ETH’s market performance during a period of geopolitical tension, saying ether had gained 17.4% since the outbreak of war and had outperformed both the S&P 500 and gold by wide margins. In Lee’s view, that relative strength supports the case for ETH as a form of wartime store of value, though that remains a market interpretation rather than a universally accepted classification.
Why Bitmine Thinks Ethereum Has Structural Tailwinds
According to the company’s leadership, the ongoing ETH accumulation is supported by two longer-term themes. The first is the tokenization of financial assets by Wall Street firms on the Ethereum blockchain. The second is the expectation that increasingly autonomous artificial intelligence systems will need to operate on public, neutral infrastructure, a role Ethereum could potentially fill because of its established smart contract ecosystem and broad institutional recognition.
These arguments are central to Bitmine’s investment thesis. Rather than treating ETH purely as a speculative token, the company is positioning it as a strategic financial asset tied to both onchain capital markets and next-generation digital infrastructure. That framing helps explain why Bitmine appears comfortable concentrating such a large portion of its treasury in one network asset.
More Than 3.33 Million ETH Is Already Staked
Out of its total holdings, Bitmine said it has staked 3,334,637 ETH. Using the company’s cited valuation of $2,206 per ETH, those staked assets are worth about $7.4 billion. Bitmine reported a seven-day annualized staking yield of 2.89%, slightly above the 2.73% Ethereum Composite Staking Rate administered by Quatrefoil.
Based on that activity, the firm said its staking operations are currently generating about $212 million in annualized ETH staking revenue. That makes staking more than a passive treasury function; it is becoming an operating business line that can potentially support Bitmine’s broader valuation narrative in public markets.
The company said full deployment of its staking infrastructure could push annualized revenue to roughly $310 million. Whether that figure is ultimately realized will depend on future ETH balances, staking yields, validator performance, and market conditions, but the projection shows that Bitmine sees validator operations as a meaningful source of institutional-scale cash flow.
MAVAN as an Institutional Staking Platform
The infrastructure behind this strategy is MAVAN, short for Made in America Validator Network. Bitmine said the platform was built initially to manage its own ETH holdings but is expected to be opened to external custodians, institutional investors, and ecosystem partners over time.
The company described MAVAN as an institutional-grade platform designed around security, performance, and operational resilience. That matters because once a treasury reaches the multi-billion-dollar range, staking is no longer simply a matter of yield optimization. It becomes a matter of compliance, validator reliability, custody integration, and risk management. By developing its own platform, Bitmine appears to be trying to control more of that stack internally.
Broader Balance Sheet and Market Position
Beyond ethereum, Bitmine disclosed holdings of 198 bitcoin, a $200 million equity stake in Beast Industries, an $85 million position in Eightco Holdings, and $719 million in cash. The company noted that Eightco is among the few publicly traded equities offering direct exposure to OpenAI, adding another growth-oriented angle to the broader portfolio.
Measured by total crypto treasury value, Bitmine said it ranks second globally behind Strategy Inc., which holds 780,897 BTC. Within the narrower category of ethereum-focused treasuries, Bitmine claims the top position. That distinction is important because the market has historically had far fewer large public companies serving as direct ETH balance-sheet vehicles than bitcoin-centric treasury firms.
Bitmine also transferred its listing from NYSE American to the New York Stock Exchange on April 9, 2026, while keeping the ticker BMNR. According to Fundstrat data cited in the report, BMNR had average daily dollar trading volume of $747 million over the prior five sessions as of April 10, placing it relatively high among U.S.-listed stocks by turnover.
Backers and the Bigger Narrative
The company’s institutional backers include Cathie Wood’s Ark Investment Management, Founders Fund, Pantera Capital, Kraken, Digital Currency Group, Galaxy Digital, Bill Miller III, MOZAYYX, and investor Thomas Lee. The presence of such names adds credibility to Bitmine’s treasury strategy, even if the company’s concentration in ETH may still be viewed by some investors as unusually bold.
Lee also tied the current regulatory and policy backdrop to a much larger restructuring of finance. He compared the GENIUS Act and the SEC’s crypto project to the Aug. 15, 1971 decision that ended the Bretton Woods system and severed the dollar’s link to gold. The comparison is sweeping, but it reflects how Bitmine is trying to present itself: not just as a company buying ether, but as a public-market proxy for a deeper shift in financial infrastructure.
For now, the clearest takeaway is numerical. Bitmine says it controls 4.874 million ETH, more than 4% of all ether issued, and it is still buying. With its target set at 5%, investors will be watching whether the company can keep expanding its treasury without materially changing the market dynamics around liquidity, staking concentration, and institutional ETH exposure.