Bitmine Tops 5M ETH Holding, Aims for 5% of Supply
Bitmine Immersion Technologies holds 5,078,386 ETH, about $12 billion at Coinbase prices, equal to 4.21% of the 120.7 million supply and targeting a 5% stake.
Bitmine Immersion Technologies (NYSE: BMNR) disclosed on April 27, 2026, that it holds 5,078,386 ETH, valued at about $12 billion using Coinbase prices. The holding represents 4.21% of an estimated 120.7 million ETH in circulation and moves the company toward a stated goal of owning 5% of the supply.
The company used a per-token valuation of $2,369 to value the position and listed total crypto, cash and equity assets at $13.3 billion. Cash on hand was reported at $940 million. Of the ETH balance, 3,701,589 tokens are staked, representing roughly $8.8 billion of the position.
Bitmine operates MAVAN, the Made in America Validator Network, an institutional staking platform for custodians and partners. The company reported annualized staking revenue of $264 million and projects $363 million in annual staking rewards at full deployment using a seven-day yield of 3.033%. The Composite Ethereum Staking Rate administered by Quatrefoil was listed at 3.028%.
The company disclosed its pace of accumulation had accelerated over the past month and that it reached the five-million-token threshold in about 10 months. It acquired 101,901 ETH in the most recent week, its largest weekly purchase since Dec. 15, 2025.
Tom Lee, Bitmine’s chairman, stated: “ETH has outperformed the S&P 500 by 1,696 basis points since the Iran War began, and Ethereum benefits from Wall Street tokenization and rising demand from AI systems for public blockchains.”
Bitmine’s ETH treasury is the largest known corporate Ethereum holding and the second-largest crypto treasury globally by asset value, after Strategy Inc., which holds 780,897 BTC. The company’s investor list includes Ark Invest’s Cathie Wood, Founders Fund, Pantera, Kraken, DCG, Galaxy Digital, Bill Miller III, MOZAYYX and Tom Lee in a personal capacity.
Beyond ETH, Bitmine holds a $200 million stake in Beast Industries and a $91 million position in Eightco Holdings (Nasdaq: ORBS), which the company described as an equity with direct exposure to OpenAI. The April 27 filing put total crypto, cash and equity holdings at $13.3 billion.
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