BitMine nears 5% Ethereum supply with $11B

BitMine Immersion Technologies reported $11.4 billion in total crypto and cash holdings as it prepares to uplist to the New York Stock Exchange on April 9.

The company holds 4,803,334 Ethereum tokens, representing 3.98% of total supply, as it accelerates toward its goal of accumulating 5% of all ETH.

“ETH remains the second best performing asset since the start of the war, with a 6.8% gain and outperforming the S&P 500 by 1,130bp,”

Said BitMine chairman Tom Lee.

BitMine has increased its Ethereum accumulation pace in 2026, purchasing more than 71,000 ETH in the past week, up from roughly 33,000 weekly in January.

“And ETH beating gold by 1,840bp demonstrates ETH is the wartime store of value,”

Said Lee.

The company has staked over 3.3 million ETH, generating a 2.78% annual yield and approximately $196 million in annualised staking revenue.

BitMine’s strategy marks a shift from Bitcoin mining to Ethereum treasury accumulation, positioning it behind Strategy as the second-largest crypto treasury firm globally while testing institutional demand for ETH exposure.

At the time of reporting, Ethereum price was $2,115.44.