Bitmine Immersion Technologies, an Ethereum-focused treasury firm, has expanded its Ethereum (ETH) holdings beyond 5 million ETH after acquiring more than 100,000 ETH in the past week, marking one of its fastest accumulation periods to date.
According to the official release, as of April 26, the company reported holding 5,078,386 ETH, alongside smaller Bitcoin reserves, equity stakes, and cash, taking total crypto and related holdings to about $13.3 billion.
At the time of writing, Ethereum is trading around $2,310.72, down 1.13% over the past 24 hours, according to CoinMarketCap. Additionally, its market cap stands at $278.98 billion, down 1.01% over the same period, while trading volume is $16.44 billion, showing an increase of 118% from the previous day.
Weekly accumulation drives rapid growth
The latest purchases added 101,901 ETH in a single week, accelerating Bitmine’s push toward controlling a larger share of Ethereum’s total supply. The firm now holds roughly 4.2% of all ETH in circulation, approaching its stated target of 5%.
The pace stands out given the timeline—Bitmine reached the 5 million ETH mark in under a year, reflecting a sustained accumulation strategy rather than opportunistic buying.
Treasury strategy centers on Ethereum
While the company maintains exposure to Bitcoin and other investments, Ethereum has become the core of its balance sheet. The treasury composition suggests a deliberate shift toward ETH as a primary long-term asset rather than a diversified crypto basket.
This positioning places Bitmine among the largest known ETH holders globally, with its treasury size trailing only major Bitcoin-heavy firms like Strategy Inc. in overall digital asset reserves.
Majority of holdings now staked
A significant portion of Bitmine’s ETH, over 3.7 million coins, is currently staked, representing roughly 73% of its total holdings. This allows the company to generate yield while maintaining exposure to price movements.
The firm estimates annualized staking revenue in the hundreds of millions of dollars, based on current network yields. Staking activity is expected to increase further as more of its ETH is deployed.
MAVAN platform supports institutional staking
To manage its growing treasury, Bitmine has developed an internal staking infrastructure called MAVAN (Made in American Validator Network). Initially designed for in-house use, the platform is being positioned to support external institutional participants.
The system enables large-scale staking operations while maintaining custody and operational control, aligning with the company’s broader strategy of integrating infrastructure with asset accumulation.
Expansion follows NYSE uplisting
The latest disclosures come shortly after Bitmine moved its listing to the New York Stock Exchange earlier in April, shifting from the NYSE American while retaining its BMNR ticker.
The uplisting places the company among a small group of publicly traded firms with large-scale crypto treasuries, offering investors direct exposure to Ethereum holdings through equity markets.
Positioning in the global crypto treasury race
With over 5 million ETH on its balance sheet, Bitmine has established itself as the largest known Ethereum treasury. Its accumulation strategy, combined with staking operations, reflects a model that blends long-term holding with yield generation.
The latest purchases reinforce that approach, as the firm continues to increase its exposure rather than slow accumulation after reaching a milestone level.
Also Read: On-Chain Data: Ethereum Foundation Holdings Could Reach Zero by 2027
