• Bitmine (NYSE: BMNR) holds 5.078 million ETH worth roughly $12 billion, reaching 4.21% of the total supply in 10 months.
• Tom Lee says ETH has outperformed the S&P 500 by 1,696 basis points since the Iran War started.
• Bitmine’s MAVAN platform targets institutional staking at a projected $363 million annual reward rate.

The Norwalk, Connecticut-based company disclosed the figure on April 27, 2026, along with total crypto, cash, and equity holdings of $13.3 billion. The ETH position is valued at roughly $12 billion at $2,369 per token, based on Coinbase pricing. Cash on hand stands at $940 million.

Bitmine Chairman Tom Lee said the pace of accumulation has been faster than anticipated. “Bitmine ETH holdings crossed 5 million this past week,” Lee stated. The Bitmine executive added:

“This is a major milestone as the Company moves towards acquiring 5% of the ETH supply. And this pace of accumulation is astonishing, taking only 10 months to reach 5 million.”

The company’s stated goal is to own 5% of all circulating ETH. At 4.21% of the 120.7 million ETH supply, Bitmine is 84% of the way to that target. Lee pointed to macroeconomic conditions to explain the company’s conviction.

“Several recent research reports, including the latest research by Etherealize, argue ETH is a ‘store of value’ and will be held as collateral as digital assets are increasingly used in financial transactions. This new role for ETH has arguably been demonstrated by its outperformance since the Iran War commenced. ETH has outperformed the S&P 500 by 1,696 basis points since the war started and remains the single best performing asset in the world (beside crude oil prices),” Lee stressed.

Lee continued:

“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. In our view, there is a lot of meaning to ETH being the best ‘war-time store of value’ and to ETH being the asset leading since the war started.”

On the pace of recent buying, Lee added: “Bitmine has maintained the increased pace of ETH buys in each of the past four weeks, as our base case ETH is in the final stages of the ‘mini- crypto winter.’ In the past week, we acquired 101,901 ETH, which is the highest pace of buys since the week of Dec. 15, 2025.”

Of the 5.078 million ETH held, 3,701,589 tokens are currently staked, valued at $8.8 billion. Bitmine operates MAVAN, the Made in America Validator Network, an institutional-grade staking platform built to serve custodians and ecosystem partners. Lee noted annualized staking revenues have reached $264 million. At full deployment, Bitmine projects $363 million in annual staking rewards using a 3.033% seven-day yield. The Composite Ethereum Staking Rate (CESR), administered by Quatrefoil, sits at 3.028%.

Bitmine’s holdings make it the largest ETH treasury in the world and the second-largest crypto treasury globally, behind Strategy Inc. (Nasdaq: MSTR), which holds 780,897 BTC valued at $58.2 billion.

The company’s investor base includes Ark Invest’s Cathie Wood, Founders Fund, Pantera, Kraken, DCG, Galaxy Digital, Bill Miller III, MOZAYYX, and Tom Lee in a personal capacity. Bitmine also holds a $200 million stake in Beast Industries and a $91 million position in Eightco Holdings (Nasdaq: ORBS), which the company describes as one of the few publicly listed equities offering direct exposure to OpenAI.

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