Bitmine Immersion Technologies has disclosed that it now holds 4,874,858 ETH, giving the company control of more than 4% of Ethereum’s total issued supply. The update marks a major milestone in Bitmine’s effort to build what it describes as a large-scale ether treasury, with management saying the company has now completed 81% of its long-term goal of accumulating 5% of all ETH in circulation.
The Las Vegas-based firm, once known for immersion-cooled bitcoin mining operations in Texas and Trinidad, has increasingly repositioned itself around Ethereum. Chairman Tom Lee and CEO Chi Tsang have steered the company away from its earlier mining identity and toward a treasury-centered strategy focused on holding ether as a primary reserve asset.
According to the company’s latest disclosure, Bitmine bought 71,524 ETH in the most recent week, its fastest weekly accumulation pace since December 22, 2025. That purchase helped push its holdings to nearly 4.9 million ETH, reinforcing its status as one of the largest known corporate ether holders in the market.
A Treasury Model Built Around Ether
Bitmine’s current strategy is framed internally around what management has called a “5% alchemy” approach. The idea is straightforward but ambitious: accumulate as much as 5% of Ethereum’s total supply and use that reserve position as the foundation of the company’s balance sheet and future earnings model.
This treasury concept marks a sharp departure from the company’s historical business. Bitmine was originally associated with immersion-cooling infrastructure for bitcoin mining, a technique that places ASIC miners in dielectric liquid to manage heat and potentially extend hardware life. But that line of business has largely faded into the background as the company has shifted its capital allocation toward ETH.
The strategic pivot also reflects a broader trend in public markets, where crypto-linked companies increasingly present themselves not only as operators, but as reserve vehicles for digital assets. In Bitmine’s case, Ethereum is clearly the center of gravity.
Staking Has Become a Major Revenue Engine
One of the most notable parts of Bitmine’s disclosure is the scale of its staking operation. Out of its total ETH holdings, the company said it has staked 3,334,637 ETH. Using the company’s cited ETH price of $2,206 per coin, that staked position is worth roughly $7.4 billion.
Bitmine reported a 2.89% seven-day annualized staking yield, above the 2.73% composite Ethereum staking rate managed by Quatrefoil. Based on that performance level, the company said its staking activities are currently generating about $212 million in annualized ETH staking income.
Those economics are central to the company’s thesis. Rather than holding ETH passively, Bitmine is using staking to turn its treasury into a cash-flow-generating digital reserve. That model resembles the way some bitcoin treasury companies seek equity-market revaluation from large reserve holdings, except Bitmine can also point to a recurring yield stream tied to Ethereum’s proof-of-stake system.
MAVAN and the Institutional Staking Push
The company said its staking activity is being run through MAVAN, short for Made in America Validator Network. Bitmine describes MAVAN as an institutional-grade staking platform built initially to manage its own ETH holdings, but designed with the intention of expanding outward to external custodians, institutional investors, and ecosystem partners.
Security, performance, and operational resilience were highlighted as core design principles for the platform. Bitmine also said that once MAVAN is fully deployed, annual revenue could rise to approximately $310 million, suggesting that management sees staking infrastructure as more than an internal utility. It is also being positioned as a strategic business line.
This emphasis is important because it shows Bitmine is not solely making a directional bet on ETH price appreciation. It is also trying to build operating leverage around Ethereum’s staking economy, where treasury size, validator reliability, and institutional access can reinforce one another.
Total Assets Reach $11.8 Billion
Beyond ether, Bitmine disclosed that its total crypto assets, cash, and equity investments are worth approximately $11.8 billion. In addition to ETH, the company said it holds 198 BTC, $200 million in Beast Industries equity, $85 million in Eightco Holdings equity, and $719 million in cash.
That broader asset base matters because it places Bitmine among the most significant publicly visible digital-asset treasury companies. By total value, the company said it ranks second globally among crypto treasuries, behind only Strategy Inc., which holds 780,897 BTC. Among companies focused specifically on ether reserves, Bitmine said it ranks first.
The company also noted that on April 9, 2026, it moved its listing from NYSE American to the New York Stock Exchange, while retaining the ticker BMNR. That move may help support visibility with a broader institutional audience, particularly as investor attention toward crypto treasury equities continues to expand.
Market Liquidity and Institutional Backing
Fundstrat data cited by the company showed that as of April 10, BMNR ranked 117th out of 5,704 U.S.-listed stocks by average daily dollar trading volume. Over the prior five trading sessions, average daily value traded reached $747 million. That level of turnover suggests that the market is treating BMNR as a liquid proxy for Ethereum exposure rather than a thinly traded niche stock.
Bitmine also highlighted a notable investor roster. Institutional backers include Ark Invest, Founders Fund, Pantera Capital, Kraken, Digital Currency Group, Galaxy Digital, and Bill Miller III, among others. Such support helps legitimize the company’s transition from legacy mining infrastructure into a high-profile ETH treasury vehicle.
Tom Lee’s Broader Thesis on Ethereum
Tom Lee argued that Ethereum’s ongoing appeal is supported by two structural drivers. First, Wall Street firms are increasingly using the Ethereum blockchain for asset tokenization. Second, autonomous AI systems are expected to rely more heavily on open and neutral infrastructure, which could strengthen Ethereum’s role over time.
Lee also tied the company’s outlook to his broader macro view, arguing that ETH has been one of the strongest-performing assets since the outbreak of war referenced in the company’s comments. He said ETH had outperformed the S&P 500 by 1,830 basis points and gold by 2,743 basis points, describing it as a potential wartime store of value. While those remarks are part of Bitmine’s strategic narrative rather than a neutral market consensus, they help explain why management has accelerated its buying pace.
He further compared the GENIUS Act and the SEC’s Project Crypto to historic moments of financial-system reordering, suggesting that regulatory and policy developments could serve as catalysts for a reshaping of financial infrastructure around digital assets.
What Bitmine’s Position Signals
Bitmine’s latest disclosure shows how far the company has moved from its original business model. It is no longer primarily a mining story. Instead, it is becoming a large-scale Ethereum treasury with a built-in staking engine, a public-market listing, and a growing institutional investor base.
Its holdings now represent a meaningful portion of Ethereum’s circulating base, and that scale could make Bitmine increasingly relevant to discussions about treasury concentration, staking influence, and the role of public companies in crypto market structure. If the company continues buying toward its 5% supply target, investors and market observers will likely watch not only the size of the position, but also how that strategy affects liquidity, validator economics, and valuation in the broader Ethereum ecosystem.
For now, the headline figure is hard to ignore: 4,874,858 ETH, more than 4% of all ether issued, and a company openly declaring that it is still not done buying.