Bitmine buys 101,901 Ethereum as total holdings hit 5.08M

Bitmine purchased 101,901 Ethereum, increasing the number of ETH tokens owned by the firm to 5,078,000 coins.

That amounts to a treasury valuation of about $12 billion, at $2,369 per ETH token, and the company now owns 4.21% of the total circulated supply. This is by far the biggest purchase made by the company within one week since mid-December 2025.

With cryptocurrency investments of $13 billion, $940 million in cash, and what Bitmine refers to as moonshots in companies like Eightco Holdings, worth $91 million, and Beast Industries, worth $200 million, the company now holds assets worth $13.3 billion.

Bitmine’s Ethereum purchase pace is ramping up

The latest acquisition didn’t happen in isolation. Bitmine has maintained a higher buying pace for four straight weeks. Back in January 2026, weekly buys sat around 40,000 ETH. By mid-March, the company pushed that to roughly 61,000 ETH in a single week. The week of April 13 brought 71,524 ETH. Now, the April 27 announcement puts last week’s haul at 101,901.

Each week has also moved the supply-ownership needle. Bitmine held roughly 3.5% of all ETH at the start of 2026. It’s now at 4.21%, with a stated goal of hitting 5%.

Tom Lee has been direct about the reasoning. In his view, ETH is in the final stages of what he calls a “mini-crypto winter.” He also pointed to ETH’s performance since geopolitical tensions escalated. The asset has outperformed the S&P 500 by 1,696 basis points since the Iran War started. He sees this as evidence of ETH functioning as a store of value under pressure.

The MAVAN staking platform is now a revenue engine

While the acquisition headlines continue to trend, Bitmine is earning money through staking. Bitmine currently holds 3,701,589 ETH, representing 73% of its total ETH balance, courtesy of MAVAN (Made in America Validator Network) by Bitmine.

Based on prevailing conditions, the annual income from staking is estimated at $264 million. Nonetheless, the full potential of MAVAN regarding the entire stake that Bitmine holds in terms of ETH would result in annual income from staking of $363 million.

The inception of MAVAN was an internal infrastructure project, but Bitmine intends to open MAVAN to institutional investors, custodians, and others. Yielding at 3.033%, the annualized basis is only slightly higher than the general staking rate for Ethereum at 3.028%.

Ethereum’s role in the broader investment thesis

The buying isn’t just about price appreciation. Lee has shared two structural reasons the company keeps accumulating.

First, traditional finance will keep using blockchain rails to conduct its business, regardless of temporary drops, because it already uses Ethereum’s blockchain to tokenize its assets on Wall Street.

Second, agentic AIs require public infrastructure to operate. Public Ethereum blockchain is superior to private blockchain solutions in that aspect, and its demand should keep rising as well.

Institutional backing for the hypothesis still holds strong. According to BNN, ARK’s Cathie Wood, Pantera, Founders Fund, Galaxy Digital, Kraken, DCG, and Bill Miller III are named supporters of BMNR. The daily trading volume for BMNR is around $845 million, which makes it the 129th most actively traded stock on the market.

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