4.8 Million ETH and Counting
Bitmine Immersion Technologies (NYSE: BMNR) announced on April 6, 2026 that its Ethereum holdings have reached 4,803,334 ETH, valued at approximately $10.2 billion at $2,123 per token. The company now controls 3.98% of ETH’s total circulating supply of 120.7 million tokens, putting it within reach of its self-described “Alchemy of 5%” target — a goal it set nine months ago and is now over 79% of the way toward achieving.
In the past week alone, Bitmine acquired 71,252 ETH — its highest weekly purchase rate since late December 2025. Total holdings including cash and other positions now stand at $11.4 billion, comprising 4.8 million ETH, $864 million in cash, 198 BTC, a $200 million stake in Beast Industries, and a $92 million position in Eightco Holdings.
Table 1 — Bitmine Holdings Snapshot (April 6, 2026)
| Asset | Amount | Value (at $2,123/ETH) |
|---|---|---|
| ETH (total) | 4,803,334 | ~$10.2 billion |
| ETH (staked via MAVAN) | 3,334,637 | ~$7.1 billion |
| Bitcoin (BTC) | 198 BTC | ~$13.2 million |
| Cash | — | $864 million |
| Total holdings | — | $11.4 billion |
MAVAN: Staking 3.3 Million ETH
Of Bitmine’s total ETH position, 3,334,637 tokens are currently staked through MAVAN — the Made in America Validator Network — the company’s proprietary Ethereum staking infrastructure. Staked ETH generates an annualized yield of approximately 2.78%, producing $196 million in annualized staking revenue at current rates. At full deployment — when all 4.8 million ETH is staked — Lee projects annual staking rewards of $282 million.
Bitmine describes MAVAN as the premier Ethereum staking destination for institutional investors, with a focus on security, performance, and resilience. The company holds more staked ETH than any other entity in the world, according to its own disclosure.
“At scale, when Bitmine’s ETH is fully staked by MAVAN and its staking partners, the ETH staking reward is $282 million annually.” — Tom Lee, Chairman, Bitmine Immersion Technologies
NYSE Uplisting Effective April 9
Bitmine has also been approved to uplist from NYSE American to the New York Stock Exchange, effective at the opening of trading on April 9, 2026. The company’s shares will continue to trade under the ticker BMNR. NYSE American is a smaller-company market operated by NYSE Group; moving to the main NYSE board typically signals a company meeting higher listing standards and is intended to attract a broader institutional investor base.
BitMine Adds 71,000 ETH in Its Largest Weekly Buy of 2026
Context: The Ethereum Treasury Strategy
Bitmine is the world’s largest corporate holder of Ethereum and ranks second globally among all crypto treasury companies, behind Strategy Inc. (formerly MicroStrategy), which holds 762,099 BTC valued at $51 billion. Bitmine’s ETH-first approach is a deliberate departure from the Bitcoin treasury model that most institutional crypto holders have adopted.
Lee framed this week’s accelerated buying as a directional bet, describing the current moment as “the final stages of the mini-crypto winter.” ETH was trading around $2,034 at the time of the announcement. The company originally pivoted from Bitcoin mining to Ethereum accumulation roughly nine months ago and has been acquiring tokens at an average rate of 45,000 to 50,000 ETH per week, with last week’s 71,252 ETH representing a meaningful step-up from that pace.
