Bitmine ramps up Ether buys, pushes holdings toward 5% of total supply

Bitmine Immersion Technologies said Monday that it purchased 71,524 Ether over the past week, bringing its total holdings to about 4.87 million tokens.

The company said the position represents roughly 4.04% of the total Ether (ETH) supply, based on about 120.7 million tokens outstanding, as it continues to pursue a target of acquiring up to 5% of global supply. Its balance sheet also includes 198 Bitcoin (BTC) and about $719 million in cash.

Bitmine said the latest purchase marks its fastest weekly pace of Ether accumulation since December 2025.

According to data from CoinGecko, Bitmine is the largest Ethereum treasury company by a wide margin, with SharpLink holding about 868,699 ETH and The Ether Machine holding 496,712 ETH.

It is also one of the few Ethereum treasury companies to increase its holdings over the past 30 days. Exodus Movement was the only other company in the dataset to do so, adding 17 ETH to reach a total of 1,857 ETH.

Chairman Tom Lee said Ether has outperformed traditional assets in recent weeks, citing demand tied to tokenization activity on Wall Street and growing use of public blockchains by AI systems.

Ether is up about 7% over the past month, limiting its year-to-date decline to about 25%, according to CoinGecko data.

A portion of the holdings is staked through MAVAN, the company’s in-house platform, with about 3.33 million ETH currently staked and projected annual rewards of roughly $310 million based on recent yields.

The announcement follows Bitmine’s April 9 debut on the New York Stock Exchange after uplisting from NYSE American, a move that typically signals stricter listing standards and broader access to institutional capital.

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Strategy buys as most treasury companies hold or sell

Bitmine wasn’t the only crypto treasury company to buy in recent days, as Strategy on Monday also disclosed another major accumulation, bringing its Bitcoin’s total holdings closer to 800,000 BTC.

The world’s largest public BTC holder said it acquired 13,927 Bitcoin for $1 billion between April 6 and April 12, at an average price of $71,902 per coin, below its overall average purchase price of $75,577. Strategy now holds 780,897 BTC, purchased for a total of $59.02 billion, with just over 19,000 BTC remaining to reach the 800,000 mark.

Bitcoin treasury activity over the past 30 days shows a divergence between accumulation and selling. Strategy led buying by a wide margin, adding 42,166 BTC, while Japan’s Metaplanet increased its holdings by 5,075 BTC. Smaller additions came from companies like Strive, which added 430 BTC.

In contrast, Bitcoin miners drove most of the selling, with MARA Holdings offloading 15,133 BTC, while Riot Platforms reduced holdings by 2,325 BTC.

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