Bitmine Immersion Technologies, the second-largest publicly traded crypto holding company, shared a detailed update on its Ethereum (ETH) strategy on Monday, along with broader figures about its crypto portfolio, including total holdings and so-called “moonshots.” The company reported that its combined crypto-related positions now total $13.3 billion, but the main focus for investors remains its Ethereum accumulation, which it says has reached a new high.
Bitmine Aims for 5% of Ethereum Supply
According to Bitmine’s disclosure, its ETH holdings have hit a record 5,078,386 tokens, valued at $2,369 per ETH. Thomas Lee, the company’s Chairman, highlighted that this milestone was reached in the past week, noting that Bitmine “crossed 5 million this past week.” He described it as a key step toward a long-term goal: acquiring 5% of the total Ethereum supply.
Lee remarked that the pace of accumulation has been “astonishing,” with Bitmine reaching the 5 million mark in about 10 months. Related Reading: ‘The Beat Goes On’ – Saylor Hints at Another Bitcoin Buying Spree
Lee also pointed to research supporting the idea of Ethereum as a “store of value.” He cited recent reports, including a study by Etherealize, arguing that ETH could increasingly be used as collateral as digital assets become more involved in financial transactions. In his view, Ethereum’s performance since the start of the Iran War has helped demonstrate this role.
Lee claimed that ETH has outperformed the S&P 500 by 1,696 basis points since the war began, and added that Ethereum remains the single best-performing asset in the world, aside from crude oil prices. He argued that this trend reinforces the idea of ETH as a particularly resilient asset in “war-time,” making it both meaningful and unique compared to other holdings.
Beyond valuation and performance, Lee linked Ethereum’s momentum to two larger trends. He said Ethereum benefits from Wall Street’s tokenization activity on the blockchain, as well as the rise of agentic artificial intelligence (AI) systems, which he argued increasingly require public and neutral blockchains.
Highest Purchase Pace Since December
Regarding trading pace, Lee said Bitmine has maintained an increased rate of ETH purchases over each of the past four weeks, describing this as evidence of an ongoing accumulation strategy even amid changing market conditions. He noted that in the most recent week, the company bought 101,901 Ethereum, calling it the highest pace of buys since the week of December 15, 2025.
Lee also linked the buying strategy to what he called Bitmine’s base case, stating that ETH is in the final stages of a “mini-crypto winter.” Related Reading: Dogecoin Trap Shows a Major Crash, But How Low Will the Price Go?
The company also provided details on its staking position. As of April 26, 2026, Bitmine reported that its total staked ETH stands at 3,701,589 tokens, valued at $8.8 billion using the $2,369 per ETH price. Additionally, Bitmine said its annualized staking revenues are now $264 million.
At the time of writing, Ethereum was trading at $2,292. Despite improving market conditions, it dropped 3% on Monday after failing to break through the $2,400 resistance level.
Featured image from OpenArt, chart from TradingView.com
Frequently Asked Questions
Here is a list of FAQs about Bitmines record Ethereum holdings written in a natural conversational tone with clear answers
BeginnerLevel Questions
1 What does it mean that Bitmine holds 5 million Ethereum
It means the company Bitmine owns 5 million ETH tokens Thats a huge amountworth billions of dollars at current prices Its like a company having a massive stash of gold in its vault
2 Why is the CEO feeling optimistic about this
The CEO likely believes Ethereums value will go up over time Holding that many tokens means if the price rises Bitmines assets become much more valuable It also shows confidence that Ethereums technology and future are strong
3 Is this a good sign for regular Ethereum investors
Often yes When a big company like Bitmine holds a record amount it can signal that experts believe in Ethereums longterm potential It might boost confidence among smaller investors but its not a guarantee of price increases
4 How does Bitmine even buy that much Ethereum
Bitmine likely buys ETH on cryptocurrency exchanges through private sales or by mining it They probably accumulate it over time not all at once
5 Could Bitmine sell all that Ethereum at once
Technically yes but it would be very risky Selling 5 million ETH quickly would crash the market price Companies usually sell large amounts slowly to avoid causing a panic
Advanced Practical Questions
6 What does this record holding mean for Ethereums supply
It means a significant portion of Ethereums total supply is now held by one company This reduces the amount available for others to buy which can create upward price pressure if demand stays the same
7 How does Bitmines holding affect Ethereums price volatility
It could increase volatility If Bitmine announces plans to sell prices might drop If they announce more buying prices could spike The market watches big holders like Bitmine closely
8 Is there a risk that Bitmine could manipulate the market with this holding
Theres a potential risk A large holder could coordinate buys or sells to influence prices However this is illegal in many jurisdictions Regulators