Bitmine Immersion Technologies (NYSE: BMNR), chaired by Fundstrat’s Tom Lee, has crossed a major milestone by holding over 4% of Ethereum’s total circulating supply. As of April 12, 2026, the company reported 4,874,858 ETH, equating to approximately 4.04% of the ~120.7 million ETH in circulation.
This came after its largest weekly purchase since December 22, 2025: 71,524 ETH roughly $157 million at the time, based on an ETH price around $2,206. The company described this as part of an accelerated buying pace over the past four weeks, viewing the period as the final stages of the ‘mini-crypto winter. Bitmine launched this ETH treasury approach about nine months ago. It is now ~81% of the way toward owning 5% of total ETH supply. Its average acquisition cost basis for the ETH stack is around $2,123 per token.
As of the latest update, Bitmine’s combined crypto, cash, and moonshot equity holdings totaled ~$11.8 billion. This includes the ETH position valued at ~$10.7 billion, 198 BTC, $719 million in cash, a $200 million stake in Beast Industries, and an $85 million stake in Eightco Holdings (ORBS).
A significant portion ~3.33 million ETH, or about 68% is staked via MAVAN, generating roughly $212 million in annualized staking revenue at a ~2.89% yield. This provides ongoing income even during price dips. Bitmine positions itself as the largest corporate Ethereum treasury holder. It continues aggressive accumulation even amid market volatility, contrasting with some other digital asset treasuries that have slowed or paused buying.
Register for Tekedia Mini-MBA edition 20 (June 8 – Sept 5, 2026).
Register for Tekedia AI in Business Masterclass.
Join Tekedia Capital Syndicate and co-invest in great global startups.
Register for Tekedia AI Lab.
The news aligns with Bitmine’s consistent messaging: it sees ETH’s long-term fundamentals like potential in tokenization, finance, and AI applications as strong and treats pullbacks as buying opportunities rather than reasons to stop. Chairman Tom Lee has publicly called Ethereum a wartime store of value in this environment. Note that on the same day as these updates, Bitmine also reported a $3.82 billion quarterly net loss, driven primarily by unrealized losses on its ETH holdings due to fair-value accounting amid price weakness.
These are paper losses unless realized through sales; the company has continued buying and staking regardless. Staking revenue ~$10 million in the quarter offers some offset. This move reduces liquid ETH supply on the market, which some analysts view as potentially supportive for price over time if demand holds or grows—though corporate treasuries carry risks tied to volatility, regulatory shifts, or liquidity needs.
In short, Bitmine’s latest buy and 4%+ milestone underscore aggressive corporate conviction in Ethereum as a treasury asset, even through a challenging period for crypto prices. The strategy echoes Bitcoin treasury plays like MicroStrategy’s with BTC but focused on ETH. Market reaction will likely hinge on broader ETH sentiment, staking yields, and whether Bitmine sustains this pace toward its 5% goal.
Bitmine aims to use scale to create recurring income primarily through staking on the Ethereum network. The 5% threshold is not arbitrary: It represents a significant but achievable concentration that could make staking rewards material enough to potentially fund operations, dividends, share buybacks, or further growth.
At that scale, the company believes it can insulate itself somewhat from pure price volatility by generating protocol-level yield (native Ethereum staking rewards). It also positions Bitmine as a dominant institutional player in the Ethereum ecosystem, potentially acting as a toll booth for broader adoption in areas like tokenization, DeFi, and institutional finance.