Bitmine nears historic Ethereum threshold after record weekly ETH accumulation

Bitmine Immersion Technologies has reached an all-time high on Ethereum after acquiring more than 71,000 ETH over the past week, lifting its holdings to nearly 4.9 million ETH. The company’s continued accumulation is reinforcing a narrative that Ethereum’s liquid supply is being squeezed, a development investors often view as a longer-term bullish signal as institutional interest in Ethereum grows.

Holdings and portfolio size

Bitmine said it held 4,874,858 ETH as of April 12, 2026, which it valued at at least $2,206 per coin at the time of disclosure. That position represents about 4.04% of Ethereum’s projected total supply of roughly 120.7 million ETH.

Beyond Ethereum, Bitmine disclosed additional assets including 198 Bitcoin, $719 million in cash, and equity in Beast Industries and Eightco Holdings. The company stated its combined crypto, cash, and investment portfolio totals about $11.8 billion.

Acceleration in ETH buying

The most significant update was the pace of accumulation. Bitmine gained nearly 71,524 ETH in the last week of trading, marking its fastest buying rate since late December 2025. The company attributed the increase in purchases over the prior four weeks to what it described as “indicative” confidence that Ethereum may be emerging from a “mini-crypto winter.”

Staking reduces liquid supply

Bitmine is not only buying Ethereum; it is also staking a large portion of its assets. As of April 13, 2026, the company said 3,334,637 ETH—about 68% of its holdings—had been staked. At the reported ETH pricing, the staked amount is worth approximately $7.4 billion.

Staking removes coins from active trading circulation because locked ETH cannot be freely sold. When large holders stake substantial quantities, the available supply in markets can decrease, which may intensify bullish sentiment if demand rises.

Staking performance and revenue

Bitmine reported that its staking operations are generating $212 million in annualized revenue. The company also projected that, assuming future yields, annual rewards could reach up to $310 million if all of its ETH were fully staked.

For performance, Bitmine cited a 7-day staking yield of 2.89%, slightly above the overall Composite Ethereum Staking Rate of 2.73%.

MAVAN validator network

To support its staking strategy, Bitmine created MAVAN, Made in America Validator Network, an institutional staking platform. Initially designed to manage Bitmine’s own Ethereum treasury, the system is projected to expand for custodians, institutional investors, and partners. The company said part of its ETH is already staked using MAVAN.

Market context and comparative performance

Bitmine linked its Ethereum strategy to broader market trends, including institutional adoption and blockchain-based financial infrastructure. The company highlighted tokenization of traditional assets and the growing use of public blockchains by AI-driven systems as drivers for Ethereum demand.

Bitmine also pointed to Ethereum’s performance during recent geopolitical uncertainty. In its internal comparison, ETH gained 17.4% since the start of the ongoing Iran conflict, outperforming both the S&P 500 and gold over the same period.

Scale among corporate crypto holders

Bitmine’s treasury size places it among the largest crypto-holding public companies globally. The firm ranks second overall behind Strategy Inc., which reportedly holds over 766,000 Bitcoin. However, Bitmine said it remains the largest known corporate holder of Ethereum.

Trading activity and potential impact

Trading activity around Bitmine stock has also increased. The company cited data showing an average daily trading volume of about $747 million over five days, placing it among more actively traded U.S.-listed equities. Higher liquidity in the stock may attract additional institutional investors seeking Ethereum exposure through traditional markets.

Taken together, Bitmine’s continued accumulation and large-scale staking reinforce a supply-side narrative closely watched by Ethereum investors. If major holders keep locking up ETH while institutional demand grows, the amount of liquid Ethereum available for trading could tighten further.