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Bitmine Controls 4.04% of Ethereum Supply, Treasury Value Tops $11.8B
Bitmine Immersion Technologies said it held 4,874,858 ETH as of April 12, equivalent to 4.04% of Ethereum's 120.7 million circulating supply. Using an ETH price of $2,206, the company valued its Ethereum position at about $10.7 billion.
Bitmine also reported total holdings of $11.8 billion across crypto, cash and equity positions, including $719 million in cash and 198 BTC. The disclosure followed its recent uplisting from NYSE American to the New York Stock Exchange.
The company said it is roughly 80% of the way to its stated goal of acquiring 5% of Ethereum's total supply. Chairman Tom Lee said Bitmine added 71,524 ETH over the past week, calling it the fastest weekly accumulation since the week of Dec. 22, 2025. The firm has built the treasury over roughly nine months and said it remains the largest corporate Ethereum treasury, ranking behind only Strategy among listed companies with sizable crypto reserves.
Bitmine added that 3,334,637 ETH—about 68% of its holdings—is staked. At the reported price, that staked portion is valued at roughly $7.4 billion. Based on a 2.89% seven-day staking yield, the company estimated annualized staking revenue at $212 million, rising to $310 million if its full ETH treasury were staked. Bitmine linked the expansion plan to MAVAN, its Made in America Validator Network, an institutional staking platform designed initially to support the firm's internal treasury and potentially serve custodians, institutions and ecosystem partners.
ETH rallied more than 6% on Monday to reclaim $2,300 as Bitmine released its update. The market held above the earlier $2,100 support area, with resistance near $2,400. Technical commentary cited a broader down-channel on the daily chart, with the 100-day moving average near $2,400 and the 200-day moving average around $2,900 above spot, while RSI readings improved from February lows. On the four-hour chart, traders highlighted support near $2,200 and a potential shift in short-term momentum on a break above $2,400.
Market data cited a lower exchange-held ETH supply, with the exchange supply ratio at 0.126, a multiyear low. Analysts often associate falling exchange balances with tighter spot supply. Bitmine's continued accumulation reinforces that supply narrative as the company edges closer to its 5% target.