At a reference price of $2,301 per token, that position is worth roughly $11.5 billion.
Ethereum News
Bitmine Immersion Technologies acquired 101,627 Ethereum between April 13 and April 19, its largest single-week purchase since Dec. 15, 2025, the company disclosed Mo nday in a press release and a Form 8-K filing with the U.S. Securities and Exchange Commission.
The transaction lifts the company's total Ethereum holdings to 4,976,485 tokens. At a reference price of $2,301 per token, that position is worth roughly $11.5 billion. Bitmine now controls 4.12% of the total circulating Ethereum supply of 120.7 million.
The company has a stated goal of accumulating 5% of all circulating Ethereum, a target it calls the "alchemy of 5%." Monday's update puts Bitmine 82% of the way there. No timeline for reaching that threshold has been specified.
Bitmine ranks as the largest public corporate holder of Ethereum globally. Among all corporate crypto treasuries, it sits second overall, behind Strategy's $58.2 billion Bitcoin position. Beyond its Ethereum holdings, the company holds 199 Bitcoin, $1.12 billion in cash, a $200 million stake in Beast Industries, and a $107 million stake in Eightco Holdings.
Chairman Tom Lee said the company has sustained an elevated buying pace for four consecutive weeks. He described Ethereum as being in the "final stages of the mini-crypto winter" and said the broader market downturn is closer to ending than many expect. Lee pointed out that every major crypto drawdown since 2015 coincided with an equity market decline of at least 20%, while the current 2026 equity pullback has stayed at 8%.
Lee also cited two ongoing demand drivers for Ethereum. The first is institutional tokenization activity building on the Ethereum blockchain. The second is demand from agentic AI systems that rely on neutral public ledgers for transaction settlement. He separately noted that Ethereum has risen 41% from its early February lows as geopolitical risk has pulled back, and described the asset as a leading store of value during the current conflict period.
Ethereum was trading near $2,312 on Monday, roughly 53% below its August 2025 all-time high of $4,946. The token gained 5.4% over the prior week. Bitmine shares closed Friday at $22.95 but fell by approximately 3.3% on Monday, and remain down nearly 59% over the past six months.
Bitmine reported 3,334,637 Ethereum currently staked through its Made in America Validator Network, or MAVAN platform, generating annualized staking revenues of $221 million. Lee projected that fully deploying the treasury through MAVAN and partner validators could push annual staking income to roughly $330 million, assuming a 2.88% yield. At ParisBlockchainWeek, Lee predicted Ethereum could exceed $60,000 over the next several years. Ethereum
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