Bitmine Immersion Technologies has expanded its Ethereum position to more than 5.18 million ETH, strengthening its position as the largest known Ethereum treasury holder. The company disclosed total crypto, cash, and investment holdings of $13.1 billion as of early May.
The firm now controls about 4.29% of Ethereum’s total supply of 120.7 million tokens. Internal targets point to a long-term goal of reaching 5%, a strategy the company refers to as the “alchemy of 5%.”
The pace of accumulation has remained consistent. Bitmine confirmed it acquired 101,745 ETH in the past week alone, extending a streak of large weekly purchases. The move follows similar buys of more than 100,000 ETH in previous weeks.
Chairman Thomas Lee described the current phase of the market as a turning point.
“Crypto Spring, in our view, has commenced and like past cycles, investor sentiment and conviction are muted and bearish even as crypto prices strengthen,” he said.
Staking strategy scales alongside treasury growth
Bitmine has paired its acquisition strategy with large-scale staking. Company disclosures show that 4,362,757 ETH now sits in staking programs, valued at approximately $10.2 billion based on an ETH price of $2,336.
The firm reported annualized staking revenue of $297 million, with projections reaching $352 million once full deployment is complete. The current staking yield stands at 2.91% on a 7-day annualized basis.
To support this infrastructure, Bitmine launched its Made in America Validator Network, known as MAVAN. The platform aims to serve both internal treasury operations and institutional participants that require secure staking environments.
Bitmine stated that MAVAN focuses on performance, resilience, and institutional-grade standards. A portion of the company’s ETH holdings already operates through this network.
Institutional narrative shapes Ethereum outlook
Bitmine has tied its Ethereum strategy to broader market shifts. The company pointed to increasing activity from traditional finance and emerging technologies as key drivers.
“Ethereum continues to benefit from the dual tailwinds of Wall Street tokenizing on the blockchain and from agentic AI systems increasingly needing public and neutral blockchains,” Lee said.
The company also highlighted Ethereum’s evolving role.
“Ethereum remains the most widely used and reliable smart contract blockchains for tokenization and well suited for the upcoming rise of agentic commerce,” Lee stated.
Performance comparisons have supported this positioning. According to Lee, ETH has outperformed the S&P 500 by 1,380 basis points since the start of the Iran war referenced in the company’s note.
Market recovery narrative emerges amid cautious sentiment
Bitmine linked its outlook to policy developments in the United States. The company referenced the proposed CLARITY Act as a potential catalyst for the next phase of the market cycle.
“The U.S. Senate released the CLARITY Act compromise text, and while it bans stablecoin yield on reserves, activity-based ‘rewards’ can be offered, in an attempt to balance the needs to protect existing depository institutions (aka traditional banks),” Lee said. “This compromise is largely acceptable to us, and we hope to see this bill passed in 2026.”
Lee added that the outcome of the legislation may confirm broader market direction.
“We believe the potential passage, or even failure, of the CLARITY Act confirms the arrival of crypto spring.”
The company’s view follows a period of weaker prices after the October 2025 downturn. Recent gains in Ethereum have not fully shifted sentiment, which remains cautious.
Treasury expansion comes with unrealized pressure
Despite aggressive accumulation, Bitmine still holds a significant unrealized loss on its Ethereum position. The company began buying heavily when ETH traded near its all-time high of $4,946 in August last year.
At current price levels, the position remains far below that peak. Estimates place unrealized losses near $6 billion based on recent market prices.
At the same time, Bitmine continues to increase exposure. The firm acquired ETH directly from the Ethereum Foundation through over-the-counter transactions, including repeated purchases of 10,000 ETH.
These transactions helped fund the Foundation’s operations and ecosystem development initiatives, according to disclosures.
Public market presence and investor backing
Bitmine’s expansion has coincided with changes in its public market profile. The company uplisted to the New York Stock Exchange on April 9, 2026, transitioning from the NYSE American.
Trading activity has increased since the move. Data from Fundstrat shows average daily trading volume at $625 million over a five-day period, placing the stock among the most actively traded in the United States.
The company also retains backing from major institutional investors. These include ARK’s Cathie Wood, Founders Fund, Pantera, Kraken, DCG, Galaxy Digital, and others.
In addition to crypto holdings, Bitmine disclosed $83 million invested in Eightco, a public company that provides indirect exposure to OpenAI. The firm also holds a $200 million stake in Beast Industries and $700 million in cash.
Positioning for a larger share of Ethereum supply
Bitmine’s strategy centers on supply concentration combined with yield generation. The company has emphasized both accumulation speed and liquidity in its public filings.
Its Ethereum holdings already account for a meaningful portion of total circulating supply. Internal projections suggest continued purchases alongside staking expansion.
The firm described its approach as a long-term treasury model built around Ethereum rather than Bitcoin. CoinGecko data shows Bitmine ranks as the second-largest crypto treasury globally, behind Strategy Inc., which holds a significantly larger Bitcoin reserve.
Bitmine continues to increase its Ethereum allocation as part of that strategy, with weekly purchases and staking activity forming the core of its operations.
Matvii Diadkov
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