Bitmine Immersion Technologies announced on Monday that it now holds 4.87 million Ethereum tokens. It marks a major step toward its goal of controlling five percent of the total ETH supply.
The New York-listed company said its combined crypto, cash, and “moonshots” holdings now total $11.8 billion.
Bitmine added 71,524 ETH in just the past week, making it the fastest weekly accumulation since late December 2025.
This consistent buying trend brings the company’s total Ethereum holdings to 4,874,858 tokens. At a reference price of $2,206 per ETH, that amount is worth around $10.7 billion.
According to the company, it now holds more than four percent of Ethereum’s total coin supply, which it listed at 120.7 million ETH. At present, the circulating supply of ETH stands at 120.69 million. This implies that Bitmine would have to hold 6.03 million ETH tokens to capture five percent of its circulating supply.
Bitmine also said it is now 81 percent of the way toward its public goal of owning five percent of the total ETH supply, a target it calls the “Alchemy of five percent.” It seems that Bitmine is working towards this goal through consistent weekly purchases.
The company also holds $719 million in cash, 198 Bitcoin, and strategic investments in Beast Industries ($200 million) and Eightco Holdings ($85 million).
Staking strategy drives passive income
More than two-thirds of Bitmine’s Ethereum is actively staked. As of 13 April, the company has staked 3,334,637 ETH through its MAVAN (Made in America Validator Network) platform, representing $7.4 billion in value at $2,206 per ETH.
This stake makes up about 68 percent of the company’s total ETH holdings.
Bitmine currently earns about $212 million in annual revenue from these staking activities. If the company stakes all its ETH through MAVAN and partner networks, yearly rewards could grow to $310 million.
The company’s staking operations generate a 2.89 percent annualized yield, which sits above the industry Composite Ethereum Staking Rate of 2.73 percent.
MAVAN is Bitmine’s large-scale staking platform. It was first created to manage the company’s own Ethereum treasury.
Now, Bitmine wants to open it up to institutional investors, custodians, and other partners that need dependable staking services.
Tom Lee links the ETH strategy to war and market shifts
Thomas “Tom” Lee, Chairman of Bitmine, linked the buying strategy to current global tensions.
“The Iran war enters its 7th week and this war remains the most important driver of global markets. ETH is now the best performing asset since the start of the war, with a 17.4 percent gain and outperforming the S&P 500 by 1,830 basis points. And we believe ETH beating gold by 2,743 basis points demonstrates ETH is the wartime store of value,” Lee stated.
Beyond the broader macro picture, Lee said two bigger structural trends are helping support Ethereum. One of them is Wall Street’s growing push to bring real-world assets onto blockchain networks through tokenization.
Second, autonomous AI systems are looking for public, neutral infrastructure to operate. Ethereum has a large developer base and a solid security model, which positions it to benefit from both changes.
Strong trading activity and institutional backing
BMNR stock trades with high liquidity, averaging $747 million in daily volume over five days. This puts the stock among the top 120 most-traded stocks in the United States. Such activity makes it easier for investors to buy or sell positions without causing big price changes.
Major institutional investors continue to support Bitmine’s strategy. Backers include ARK Invest’s Cathie Wood, Pantera Capital, Galaxy Digital, and Founders Fund. Their involvement shows confidence in the company’s approach to managing Ethereum treasuries and staking infrastructure.
Bitmine moved to the main NYSE board on 9 April, after leaving the NYSE American. Companies often seek to uplist to attract more investors and improve visibility. Bitmine also expanded its share repurchase program to $4 billion.
The company is still focused on holding five percent of all ETH as a long-term reserve. Bitmine is betting that Ethereum’s growth and staking rewards will support that strategy.
Ethereum is currently trading around $2,218, slipping about 1.4 percent over the past day. Its market cap is holding near $260 billion, but trading activity has cooled, with volume dropping to roughly $14 billion.
This slowdown comes as rising U.S.-Iran tensions weigh on the market, making traders a bit more cautious.
The market may be losing momentum, but major accumulation is still happening. Strategy announced today that it purchased 13,927 Bitcoin for roughly $1 billion last week, bringing its total holdings to 780,897 BTC, valued at over $55 billion at current market prices.