Bitmine Accumulates 4.29 Percent Of Total ETH Supply, Reaching 13.1 Billion In Assets

Tom Lee's (@fundstrat) @BitMNR has crossed a significant threshold in its Ethereum accumulation strategy, reporting total holdings of 5.18 million $ETH — equivalent to 4.29% of the entire global supply. Combined with cash and other positions, the firm's total assets now stand at $13.1 billion.

A Treasury Built on Scale

According to an official company announcement on May 4, 2026, Bitmine's holdings as of May 3 comprised 5,180,131 $ETH at $2,336 per token, alongside 200 Bitcoin, $700 million in cash, a $200 million stake in Beast Industries, and an $83 million position in Eightco Holdings (NASDAQ: ORBS). The $13.1 billion figure encompasses all of these crypto, cash, and so-called "moonshot" holdings.

Central to the firm's strategy is its staked position. Bitmine currently has 4,362,757 $ETH staked — representing roughly $10.2 billion at current prices — through MAVAN, its Made-in-America Validator Network. The platform was initially built to support Bitmine's own treasury, but MAVAN intends to expand to serve institutional investors, custodians, and ecosystem partners seeking institutional-grade staking infrastructure. Annualised staking revenues currently stand at $297 million, with full-scale projections pointing to $352 million annually.

Management has framed the ETH accumulation and MAVAN expansion as positioning Bitmine as the world's largest Ethereum treasury and a key beneficiary of Wall Street tokenisation trends and rising blockchain demand from AI-driven systems. The firm also holds the #2 spot among global crypto treasuries overall, behind Strategy Inc. (NASDAQ: MSTR), which reportedly owns 818,334 BTC valued at $64.2 billion.

The Road to 5%

Chairman Tom Lee has long spoken of what the company calls the "Alchemy of 5%" — a target to control 5% of total $ETH supply. With 4.29% now secured, the firm is approximately 86% of the way toward that goal. Bitmine's $ETH holdings represent 4.29% of the total ETH supply of 120.7 million tokens.

The company's NYSE uplisting in April 2026 and heavy trading volume reinforce its role as the largest Ethereum treasury and a liquid proxy for institutional ETH exposure. BMNR now ranks as the 173rd most traded stock in the US, recording average daily dollar volume of $625 million over a five-day period ending May 1, 2026, according to Fundstrat data.

The rapid pivot from Bitcoin mining to Ethereum treasury management has been one of the more dramatic corporate transformations in the digital asset space this cycle. This shift from Bitcoin mining toward a digital asset treasury and Ethereum staking model, including operation of the MAVAN validator network, is reshaping how the company is positioned in the digital asset ecosystem. Whether the strategy delivers long-term returns at this scale of concentration remains the central question for investors watching $BMNR.

Sources:
Bitmine Immersion Technologies Official Press Release – PR Newswire
Bitmine Immersion Technologies Ethereum Holdings – The Block

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