Bitmine Immersion Technologies, an Ethereum (ETH)-focused treasury firm, has acquired 101,627 ETH in the past week, marking its fastest pace of accumulation since December 2025. The purchase comes as the firm continues to expand its exposure to Ethereum, signaling a shift back toward aggressive accumulation after months of slower activity.
According to the official announcement, the latest buy lifts Bitmine’s total ETH holdings to 4,976,485 tokens, valued at roughly $11.4 billion based on recent prices.
Holdings approach 5 million ETH
The company now controls about 4.12% of Ethereum’s circulating supply, consolidating its position as the largest known ETH treasury. In addition to Ethereum, Bitmine holds 199 Bitcoin, alongside $1.12 billion in cash and minority stakes in other ventures.
Overall, its combined crypto, cash, and investment portfolio stands at approximately $12.9 billion.
Increased buying pace aligns with market rebound
The latest accumulation follows a four-week stretch of steady ETH purchases. Company leadership linked the buying activity to improving market conditions, noting that Ethereum has rebounded from earlier 2026 lows and outperformed traditional benchmarks such as the S&P 500 in recent months.
The firm has framed the current period as the late stage of a “mini crypto winter,” pointing to historical patterns where downturns in digital assets have coincided with equity market declines.
Bitmine Chairman Tom Lee commented on the latest buying, stating, “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).”
He added, “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. In our view, there is a lot of meaning to ETH being the best ‘war-time store of value’ and to ETH being the asset leading since the war started.”
Staking operations expand alongside treasury growth
A significant portion of Bitmine’s ETH is being deployed into staking infrastructure. The company reports more than 3.3 million ETH—around two-thirds of its holdings—are currently staked, generating annualized revenues estimated at over $200 million.
These operations are supported by MAVAN, Bitmine’s in-house validator network, which is being positioned to serve institutional participants seeking staking services.
Price movement
At the time of this writing, Ethereum is trading around $2,316, down 0.92% in the past 24 hours, according to CoinMarketCap. Also, trading volume has reached $17.74 billion, up 23.82%, while market cap is sitting at $279.2 billion, down 1.17% in the past 24 hours.
Market position strengthens after NYSE uplisting
The accumulation comes shortly after Bitmine’s shares began trading on the New York Stock Exchange following an uplisting from NYSE American earlier in April. The stock trades under the ticker BMNR. At the time of this writing, BMNR is trading around $22.18, according to Yahoo Finance.
With nearly 5 million ETH on its balance sheet, Bitmine ranks as the largest Ethereum treasury globally and one of the largest crypto holders overall, trailing only Strategy Inc. in total digital asset reserves.
Also Read: Crypto Inflows Hit $1.4B as Bitcoin Leads Global Recovery Wave
