Bitmine Immersion Technologies (NYSE: BMNR) has disclosed that its combined crypto, cash, and investment holdings have reached $12.9 billion, anchored by 4,976,485 Ethereum tokens that represent 4.12% of the total ETH supply, according to an April 20 filing.
The Alchemy of 5%: Bitmine’s Audacious Target
The Norwalk, Connecticut-based company is 82% of the way toward its stated goal of owning 5% of all circulating Ethereum – a threshold it has branded the “Alchemy of 5%.” At the current pace, the company would reach that target within a matter of weeks.
As of April 19 at 4:00 PM ET, Bitmine’s holdings break down as follows:
- 4,976,485 ETH at $2,301 per token
- 3,334,637 staked ETH through MAVAN, representing $7.7 billion
- 199 BTC
- $200 million stake in Beast Industries
- $107 million stake in Eightco Holdings (NASDAQ: ORBS)
- $1.12 billion in total cash
The company recently uplisted from the NYSE American to the main New York Stock Exchange on April 9, 2026. BMNR has become the 80th most traded stock in the United States, with an average daily trading volume of $1.2 billion over the past five days.
Biggest Weekly ETH Purchase Since December 2025
Bitmine acquired 101,627 ETH in the past week, marking its highest pace of buying since the week of December 15, 2025. The aggressive accumulation comes at a time when Chairman Thomas “Tom” Lee sees the crypto winter nearing its end.
“We see growing signs that the ‘mini-crypto’ winter is coming to an end,” Lee said in the press release. “As downside tail risks for the US-Iran war diminish, ETH has risen 41% from its early February lows. And ETH has outperformed the S&P 500 by 2,280 basis points since the war started and remains the single best performing asset in the world, beside crude oil prices.”
Lee pushed back against the prevailing view that the downturn would last through fall 2026, pointing out that every major crypto winter since 2015 has coincided with an equity drawdown of at least 20%. The current S&P 500 decline sits at a milder 8%.
MAVAN: The Institutional Staking Play
A substantial portion of Bitmine’s ETH is staked through MAVAN (Made in America VAlidator Network), an institutional-grade staking platform the company launched to attract both its own assets and external institutional capital. With 3.3 million ETH currently staked, MAVAN has become one of the largest staking operations in the Ethereum system.
The platform emphasises security, performance, and resilience – qualities designed to appeal to the growing wave of institutional investors entering Ethereum staking. Bitmine’s institutional backers include ARK’s Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital, and Tom Lee himself.
Dual Tailwinds: Wall Street Tokenization and AI
Bitmine’s thesis rests on two macro forces that Lee says are pulling Ethereum higher regardless of near-term market volatility.
First, the Wall Street tokenization wave continues to build. Major financial institutions are increasingly issuing tokenized bonds, real-world assets, and settlement infrastructure on Ethereum. The trend accelerated after Societe Generale launched its USDCV stablecoin on MetaMask through a Consensys deal earlier this year.
Second, agentic AI systems are increasingly turning to public, neutral blockchains for settlement and coordination layers. As AI agents require trustless payment rails and verifiable computation, Ethereum’s programmable smart contract platform positions it as the settlement layer of choice for machine-to-machine transactions.
How BMNR Compares to Strategy’s Bitcoin Play
Bitmine’s approach to Ethereum mirrors the playbook that Michael Saylor’s Strategy has used for Bitcoin since 2020. Both companies aggressively issue stock and debt instruments to fund crypto treasury accumulation, betting that the long-term appreciation of the underlying asset will outpace dilution costs.
The comparison isn’t lost on markets. While Strategy now holds 815,061 BTC (roughly 3.9% of circulating supply), Bitmine’s 4.12% ETH ownership is proportionally larger and growing faster.
FAQ
How much Ethereum does Bitmine own?
As of April 19, 2026, Bitmine holds 4,976,485 ETH, which represents 4.12% of Ethereum’s total circulating supply of 120.7 million tokens. The company’s goal is to reach 5% ownership.
What’s the MAVAN staking platform?
MAVAN (Made in America VAlidator Network) is Bitmine’s institutional-grade Ethereum staking platform. It currently stakes over 3.3 million ETH, worth approximately $7.7 billion, and is designed to attract institutional staking capital alongside Bitmine’s own assets.
Why is Bitmine buying ETH so aggressively?
Chairman Tom Lee believes the “mini-crypto winter” is close to ending, citing ETH’s 41% rebound from February lows and its outperformance of the S&P 500 by over 2,200 basis points since the US-Iran conflict began. The company sees dual catalysts in Wall Street tokenization and AI systems requiring neutral blockchain settlement layers.
