Bitmine Immersion Technologies now controls more than 4% of all Ethereum (ETH) in circulation after buying 71,524 tokens in a single week, its fastest accumulation pace since late December.
Bitmine ETH Holdings
The company disclosed that its total holdings reached approximately 4.87 million ETH as of Apr. 12, putting it 81% of the way toward its stated goal of owning 5% of the entire ETH supply.
Bitmine launched its Ethereum treasury strategy nine months ago and has steadily increased weekly purchases over the past four weeks.
The latest filing also showed the firm holds 198 Bitcoin (BTC), equity stakes worth $200 million in Beast Industries and $85 million in Eightco Holdings, and roughly $719 million in cash. Shares of Bitmine (BMNR) closed more than 4% higher on the day, adding about 1% in after-hours trading.
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Tom Lee Wartime ETH Thesis
Bitmine Chairman Thomas Lee, co-founder of Fundstrat, argued that ETH has proven itself during the ongoing geopolitical conflict. He said the token gained 17.4% since the crisis began, outperforming the S&P 500 by 1,830 basis points and gold by 2,743 basis points.
"Ethereum continues to benefit from the dual tailwinds of Wall Street tokenizing on the blockchain and from agentic AI systems increasingly needing public and neutral blockchains," Lee said.
He framed ETH as a "wartime store of value," a label that carries weight given Bitmine's position as the largest corporate Ethereum treasury in the world.
ETH climbed more than 7% in the prior 24 hours to trade near $2,369.70 as broader risk sentiment improved. Still, Bitmine's aggressive positioning comes with considerable risk, as the firm's unrealized losses on its crypto holdings exceed $6 billion.
Bitmine Accumulation History
Bitmine has steadily grown its ETH position since launching its treasury strategy in mid-2025.
The company held about 3.66% of the ETH supply at the end of February and crossed the 3.98% mark by early April. Its weekly purchases averaged between 45,000 and 50,000 ETH through much of that period before the recent acceleration to 71,524 tokens. The firm also recently uplisted from NYSE American to the New York Stock Exchange, effective Apr. 9.