BitMine Ethereum Treasury Hits 5M ETH After Strategic Buys
BitMine has crossed 5 million ETH after its biggest purchase since December, strengthening its lead as the largest public Ethereum treasury company.
BitMine Immersion Technologies has expanded its Ethereum reserves to 5,078,386 ETH after acquiring another 101,901 ETH over the past week, according to an April 27 company update. The latest purchase, executed at a reported average price of $2,369 per ETH, represents an outlay of roughly $241.4 million.
The move extends BitMine’s rapid accumulation strategy and cements its position as the largest publicly listed corporate holder of Ethereum.
BitMine Nears 5% of ETH Supply
The company said its total Ethereum holdings now account for around 4.21% of Ethereum’s circulating supply, based on an estimated 120.7 million ETH outstanding.
BitMine Chairman Thomas “Tom” Lee described the milestone as another step toward a larger strategic target.
“Bitmine ETH holdings crossed 5 million this past week. This is a major milestone as the Company moves towards acquiring 5% of the ETH supply. And this pace of accumulation is astonishing, taking only 10 months to reach 5 million.” — said Lee.
The announcement highlights how quickly BitMine has transformed itself from a traditional crypto mining company into what many investors now view as a publicly traded Ethereum accumulation vehicle.
Treasury Includes Cash, Bitcoin, and Equity Stakes
Beyond its ETH reserves, BitMine said its broader balance sheet now includes approximately $13.3 billion in crypto and cash holdings.
That figure includes:
- $940 million in cash
- 200 BTC
- $200 million stake in Beast Industries
- $91 million stake in Eightco Holdings
The company’s treasury-first strategy mirrors the Bitcoin playbook made famous by corporate buyers such as Strategy Inc., but with Ethereum as the core reserve asset.
According to CryptoPulse.News’ Crypto Treasury Tracker, BitMine currently remains the largest ETH treasury globally, while Strategy continues to lead Bitcoin corporate holdings with 818,334 BTC.
Staking Operation Becomes Major Revenue Engine
BitMine said 3,701,589 ETH from its reserves are already staked, worth around $8.8 billion using the company’s stated ETH valuation.
The firm estimates current annualized staking income at roughly $264 million. If all treasury ETH is eventually deployed through its in-house validator platform MAVAN (Made in American VAlidator Network), projected annual rewards could rise to around $363 million.
Lee emphasized the scale of the operation in the company statement.
“Bitmine has staked more ETH than other entities in the world. At scale (when Bitmine’s ETH is fully staked by MAVAN and its staking partners), the projected ETH staking reward is $363 million annually (using 3.033% 7-day BMNR yield).”
The update signals that BitMine is not only accumulating ETH, but also actively monetizing those holdings through Ethereum’s proof-of-stake network.
Tom Lee Sees Dual Tailwinds for Ethereum
Lee also reiterated his bullish thesis for Ethereum, arguing that adoption trends continue to strengthen the network’s long-term value proposition.
“Moreover, 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.” — Thomas “Tom” Lee
His comments reflect a growing narrative that Ethereum could benefit from both traditional finance tokenization and emerging AI-driven onchain infrastructure needs.
Lee has also recently referred to ETH as a “war-time store of value”, underscoring his view that Ethereum may increasingly be seen as a strategic digital asset during periods of geopolitical instability.
NYSE Uplisting Adds Visibility
BitMine recently completed an uplisting to the New York Stock Exchange from the NYSE American on April 9, 2026, while retaining the ticker BMNR.
The company said its shares remain among the most actively traded stocks in the United States, a sign that investor attention around public crypto treasury companies continues to expand beyond Bitcoin-focused names.
A New Corporate Model for Ethereum
BitMine’s latest purchase demonstrates how quickly the corporate treasury trend is evolving. What began as a Bitcoin-led movement is now extending into Ethereum, with companies using public markets to gain leveraged exposure to digital assets while generating additional yield through staking.
With more than 5 million ETH already secured and a stated goal of reaching 5% of total supply, BitMine is building one of the most aggressive treasury strategies ever seen in crypto markets. Whether others follow may determine if Ethereum enters its own era of corporate balance-sheet adoption.
