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Bitmine Immersion Technologies has crossed the 5 million ETH threshold, holding 5,078,386 ether and raising its share of the total Ethereum supply to 4.21%, according to a disclosure dated April 27, 2026.
The Norwalk, Connecticut-based company reported total crypto, cash, and equity holdings of $13.3 billion. Its ETH position was valued at roughly $12 billion, based on a $2,369 per token price from Coinbase. Cash on hand was reported at $940 million.
Bitmine Chairman Tom Lee said the pace of accumulation has been faster than expected, stating that the company’s ETH holdings crossed 5 million during the past week. He described the milestone as a step toward acquiring 5% of the ETH supply, noting that it took 10 months to reach 5 million ETH.
Bitmine’s stated goal is to own 5% of all circulating ETH. At 4.21% of a reported 120.7 million ETH supply, the company is at about 84% of that target.
Lee attributed Bitmine’s conviction to macroeconomic and market developments, citing research that frames ETH as a “store of value” and collateral as digital assets are increasingly used in financial transactions. He said ETH has outperformed the S&P 500 by 1,696 basis points since the Iran War began and remains among the best-performing assets, alongside crude oil prices.
Of the 5.078 million ETH held, 3,701,589 tokens are currently staked, valued at $8.8 billion.
Bitmine operates MAVAN, the Made in America Validator Network, an institutional-grade staking platform designed to serve custodians and ecosystem partners. Lee said annualized staking revenues have reached $264 million. Using a 3.033% seven-day yield, Bitmine projects $363 million in annual staking rewards at full deployment. The Composite Ethereum Staking Rate (CESR), administered by Quatrefoil, is 3.028%.
Bitmine also launched MAVAN, the Made in America Validator Network, on Wednesday. The company said the launch instantly made MAVAN the world’s largest Ethereum staking platform.
With its current holdings, Bitmine is described as the largest ETH treasury globally and the second-largest crypto treasury worldwide, behind Strategy Inc. (Nasdaq: MSTR), which holds 780,897 BTC valued at $58.2 billion.
Lee said Bitmine maintained an increased pace of ETH buys in each of the past four weeks. He reported that the company acquired 101,901 ETH in the past week, describing it as the highest pace of buys since the week of Dec. 15, 2025.
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