Key Takeaways:
- Bitmine holds 4.875 million ETH, over 4% of the total supply, after its fastest weekly buy since December 22, 2025.
- MAVAN, Bitmine’s U.S.-built staking platform, now delivers $212 million in annualized ETH staking revenues for BMNR.
- Backed by ARK and Pantera, Bitmine targets 5% of all ETH as CEO Chi Tsang and Chairman Tom Lee accelerate acquisitions.
Bitmine Quietly Accumulated 4% of All ETH in Just 9 Months
Bitmine Immersion Technologies (NYSE: BMNR) started in 2019 as Sandy Springs Holdings Inc., running immersion-cooled bitcoin mining operations in Texas and Trinidad, where ASIC miners are submerged in dielectric fluid to manage heat and extend hardware life. That business has largely wound down. What remains is a bet on ethereum.
Chairman Tom Lee and CEO Chi Tsang have repositioned Bitmine as the world’s largest ethereum treasury company, built around a strategy they call “The Alchemy of 5%,” which targets the accumulation of up to 5% of the total ETH supply as the company’s primary corporate reserve asset. As of the latest announcement, Bitmine is 81% of the way there.
Lee said the company bought 71,524 ETH in the past week, the highest single-week acquisition pace since December 22, 2025, and said the team views ETH as nearing the end of what he called a “mini-crypto winter.”
“ ETH is now the best performing asset since the start of the war, with a 17.4% gain and outperforming the S&P 500 by 1,830 basis points,” Lee said, citing the Iran conflict now in its seventh week. He added that ETH outperforming gold by 2,743 basis points positions it, in his view, as a wartime store of value.
Lee pointed to two structural drivers supporting continued ETH accumulation: Wall Street firms tokenizing assets on the Ethereum blockchain, and agentic artificial intelligence (AI) systems increasingly operating on public, neutral infrastructure.
Of the 4.875 million ETH held, Bitmine has staked 3,334,637 tokens, valued at approximately $7.4 billion at $2,206 per ETH. The company’s staking operations produced a seven-day annualized yield of 2.89%, above the Composite Ethereum Staking Rate of 2.73% administered by Quatrefoil. Annualized staking revenues stand at $212 million. Full deployment of MAVAN is projected to generate $310 million annually.
MAVAN, the Made in America Validator Network, is the institutional staking platform Bitmine built to manage its own ETH holdings and plans to open to outside custodians, institutional investors, and ecosystem partners. The platform was designed with a focus on security, performance, and operational resilience.
Beyond ETH, the company reported holdings of 198 bitcoin, a $200 million stake in Beast Industries, an $85 million stake in Eightco Holdings (Nasdaq: ORBS), and $719 million in cash. Eightco is one of the few publicly listed equities offering direct exposure to OpenAI.
Bitmine shares at 9 a.m. Eastern time on April 13, 2026.Bitmine ranks as the second largest crypto treasury globally by total value, behind Strategy Inc. (Nasdaq: MSTR), which holds 780,897 BTC. It holds the top spot among ethereum-focused treasuries. The company uplisted from NYSE American to the New York Stock Exchange (NYSE) on April 9, 2026, with the BMNR ticker unchanged.
By average daily dollar volume, BMNR ranked 117th among 5,704 U.S.-listed equities as of April 10, trading $747 million per day over the prior five sessions, according to Fundstrat data. The stock sits in one position behind Intuitive Surgical and one ahead of Applied Digital, the stats note.
Institutional backers include Ark Investment Management’s Cathie Wood, Founders Fund, Pantera Capital, Kraken, Digital Currency Group, Galaxy Digital, Bill Miller III, MOZAYYX, and personal investor Thomas Lee.
Lee compared the GENIUS Act and the SEC’s Project Crypto to the August 15, 1971, decision ending Bretton Woods and the dollar’s link to gold, calling both moments catalysts for broad restructuring of financial services infrastructure.
Source: https://news.bitcoin.com/bitmine-now-owns-4-of-all-ethereum-ever-issued/
