Bitmine Immersion Technologies said it now holds 5,078,386 ETH, pushing past the 5 million mark and lifting its share of Ethereum’s total supply to 4.21%. Based on the company’s stated target of owning 5% of circulating ETH, Bitmine has completed about 84% of that goal.
The Norwalk, Connecticut-based company disclosed the updated figure on April 27, 2026. It also reported total crypto, cash, and equity holdings of $13.3 billion. Using a Coinbase reference price of $2,369 per ETH, the firm valued its ether position at roughly $12 billion. Cash on hand stood at $940 million.
Five Million ETH Reached in Ten Months
Chairman Tom Lee said the accumulation pace had been faster than expected. According to Lee, Bitmine crossed the 5 million ETH threshold during the past week, reaching that level in only 10 months. With Ethereum supply cited at about 120.7 million ETH, the company’s treasury has moved close to its long-stated ownership target.
Lee tied Bitmine’s ETH thesis to both macro conditions and Ethereum’s market performance. Citing recent research, he said ETH is increasingly being framed as a store of value and as collateral for financial activity built around digital assets. He also said ETH has outperformed the S&P 500 by 1,696 basis points since the start of the Iran War.
Latest Weekly Buy Added 101,901 ETH
On recent buying activity, Lee said Bitmine has kept up an elevated purchase pace over the last four weeks. In the most recent week alone, the company acquired 101,901 ETH, its fastest weekly accumulation since the week of December 15, 2025. He described Bitmine’s base case as ETH being in the final stage of a “mini-crypto winter.”
Of the company’s current ETH holdings, 3,701,589 ETH are staked, with a reported value of about $8.8 billion. Bitmine also operates MAVAN, short for Made in America Validator Network, an institutional staking platform built for custodians and ecosystem partners.
Institutional Staking Business Expands
Lee said annualized staking revenue on the platform has reached $264 million. At full deployment, Bitmine projects annual staking rewards of $363 million, based on a 3.033% seven-day yield. The article also cited the Composite Ethereum Staking Rate, or CESR, administered by Quatrefoil, at 3.028%.
With these holdings, Bitmine described itself as the world’s largest ETH treasury and the second-largest crypto treasury overall, behind Strategy Inc. Strategy was listed as holding 780,897 BTC worth about $58.2 billion. The company’s investor base includes Cathie Wood, Founders Fund, Pantera, Kraken, DCG, Galaxy Digital, Bill Miller III, MOZAYYX, and Tom Lee in a personal capacity. Bitmine also holds a $200 million stake in Beast Industries and a $91 million position in Eightco Holdings.