Ethereum’s MicroStrategy: Bitmine holds nearly 4.9 million ETH, representing 4% of the total supply, with crypto assets worth $11.8 billion

ETH0,87%
BTC1,43%

NYSE-listed company Bitmine Immersion Technologies (BMNR) announced on April 13 that its ether holdings have reached 4,874,858 ETH (about 4.04% of the total ETH supply). Combined with cash and other investments, the company’s total crypto and cash assets amount to $11.8 billion. The company is positioning itself like an “Ethereum version of MicroStrategy,” pushing into new territory for corporate-grade crypto asset holdings.

“5% Alchemy”: 81% completed in 9 months

Bitmine’s strategy is described by the company as “Alchemy of 5%”—targeting ownership of 5% of the total ETH supply. Over the course of 9 months, the company accumulated from zero to 4.04%, completing 81% of its goal. Based on the current ETH price of about $2,206, the market value of its ETH holdings is approximately $10.75 billion.

Of the 3,334,637 ETH (about $7.36 billion), ETH are in a staked state, with an estimated annualized staking income of about $310 million. This makes Bitmine not only a passive holder, but also one of the largest single validators in the Ethereum network.

Asset allocation overview

Asset type Quantity / Amount ETH holdings 4,874,858 ETH (4.04% of total supply) Staked ETH 3,334,637 ETH (192837465657483.91T) BTC holdings 198 BTC Cash $719 million Other investments $285 million (Beast Industries + Eightco) Crypto + cash total assets 192837465657483.91T Estimated annualized staking income $310 million

MAVAN: a validator network made in the USA

Bitmine launched an institutional staking service called MAVAN (Made-in-America Validator Network), positioning it as domestic Ethereum validation infrastructure in the United States. This move echoes the direction of U.S. government policies aimed at “localizing” crypto infrastructure.

On April 9, the company upgraded from NYSE American to the New York Stock Exchange (NYSE) main board. Over nearly 5 trading days, average daily trading volume reached $747 million, ranking it as the 117th largest by trading volume in the U.S.

ETH vs BTC: comparison of corporate holding strategies

Bitmine’s strategy is an interesting comparison to Strategy (formerly MicroStrategy)’s bitcoin strategy. Strategy holds about 780k BTC purely as a store of value; Bitmine holds nearly 4.9 million ETH—not only as a store of value, but also generating annualized cash flow of $310 million through staking.

Bitmine chairman Thomas Lee noted that since the start of the war, ETH has risen 17.4%, outperforming the S&P 500 by 1,830 basis points, “the best-performing asset.” The company has support from well-known institutions including ARK Invest (Cathie Wood), Founders Fund, Pantera Capital, and Galaxy Digital.

Estimated book losses of $4 billion

Bitmine did not disclose its specific average buy-in cost like Strategy did. But according to estimates from multiple media outlets, because ETH has fallen nearly 40% from its August 2025 highs, Bitmine’s book losses are about $4 billion. The company began building its position in July 2025, when ETH was in the $3,200–$3,500 range. Since then, although it has continued to add at lower levels and average down, its overall average cost remains far above the current $2,206.

Compared with Strategy’s bitcoin holdings (average price 75,577 vs. current price ~71,000, losses of about 6%), Bitmine’s ETH holdings face a significantly larger loss, reflecting Ethereum’s relatively weaker performance versus bitcoin in this cycle. However, Bitmine’s staking income (annualized $310 million) provides a cash-flow buffer that Strategy does not have.

Risks of concentrated holdings

A single company holds 4% of Ethereum’s total supply and continues to increase its stake—this level of concentration raises concerns at the governance level. Under Ethereum’s proof-of-stake (PoS) mechanism, large-scale staking implies significant influence over network consensus. If Bitmine were to face financial difficulties, be forced to unstake, and sell, it could deliver a double blow to both ETH price and network stability.

This article Ethereum version of MicroStrategy: Bitmine holds nearly 4.9 million ETH, 4% of total supply, and crypto assets of $11.8 billion first appeared on Chain News ABMedia.

Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to Disclaimer.

Related Articles

ETH rises 0.65% in 15 minutes: ETF fund inflows and leverage long accumulation resonate to lift spot prices

Between 2026-04-17 09:15 and 2026-04-17 09:30 (UTC), ETH fluctuated within the 2351.53 to 2376.99 USDT range. The 15-minute return recorded +0.65%, with a swing of 1.08%. Within this range, buying pressure significantly strengthened, with trades dominated by medium-sized orders, which increased market attention and amplified short-term volatility. The main drivers behind this anomaly are continued inflows of institutional capital into ETH spot ETFs, especially with cumulative net inflows over the past 4 days exceeding $212 million. On April 17 alone, the ETF added an additional $9.5 million in inflows, and spot buy orders expanded in sync within 15 minutes. Leveraged long positions in the derivatives market are the second-largest catalyst. From April 14 to 17, ETH futures open interest grew 26% week over week, indicating that capital via multiple paths is simultaneously betting on an upside move. The funding rate being neutral suggests the leveraged structure is temporarily healthy. In addition, global macro market risk appetite has rebounded (geopolitical tensions easing, and the Federal Reserve keeping rates unchanged), driving a broad rebound across mainstream risk assets, and the crypto market has attracted liquidity accordingly. At the industry level, major financial institutions are advancing filings for ETFs and trust products. Mining companies have increased their ETH holdings and also maintained active staking activity, further reinforcing medium- to long-term market expectations. Multiple factors overlap and resonate, amplifying volatility. On-chain transfers remain generally stable, and there is no abnormal concentration of fund flows migrating between exchanges. What needs attention is that although the current market is lifted by the resonance of institutional capital and leverage, the continuous growth of futures positions combined with the spot price failing to rise above the 2400 USDT area will bring the risk of forced liquidation. Meanwhile, if ETF subscription inflows slow down or macro liquidity reverses, ETH spot support could weaken. Please focus on tracking ETF net inflows, changes in futures open interest, the macro news backdrop, and nearby support and resistance levels, and stay alert to short-term volatility and potential abrupt adjustments. For more real-time market information, please keep watching.

GateNews2h ago

Spot Bitcoin and Ethereum ETFs Post Strong Inflows, BlackRock IBIT and ETHA Lead

Spot Bitcoin ETFs saw $26 million in inflows on April 16, led by BlackRock's IBIT with $81 million. Ethereum ETFs also performed well, with BlackRock's ETHA gaining $30.51 million, highlighting ongoing institutional interest in crypto markets.

GateNews2h ago

Ethereum Foundation Uncovers 100 North Korean Operatives Infiltrating Web3 Companies

The Ethereum Foundation's ETH Rangers Program revealed a major security threat from North Korean operatives infiltrating Web3 companies. The investigation uncovered about 100 operatives, flagged 53 projects, and recovered over $5.8 million. The foundation urges improved hiring processes and global cooperation for enhanced security.

GateNews3h ago

22,000 BTC Options and 100,000 ETH Options Expire Today; BTC Max Pain at $72,000

On April 17, 22,000 BTC options are expiring with a 1.05 Put/Call ratio and a $72,000 maximum pain point, totaling $1.65 billion. Additionally, 100,000 ETH options are expiring with a 0.95 Put/Call ratio and a $2,250 maximum pain point, valued at $460 million.

GateNews3h ago

Ethereum Q1 2026 Base Layer Transactions Hit Record 200.4 Million, Surpassing 200M for First Time

Ethereum achieved a record high of 200.4 million transactions in Q1 2026, driven by Layer 2 activity and stablecoin growth, despite ETH prices being over 50% lower than their August 2025 peak.

GateNews3h ago

Ethereum Foundation: Ketman project identifies 100 North Korean agents within six months

According to an ETH Rangers project recap report published by the Ethereum Foundation on April 17, 2026 (Thursday), within its six-month funding period the Ketman project funded by the Ethereum Foundation identified 100 North Korean IT workers using false identities to infiltrate Web3 organizations, and contacted roughly 53 crypto projects to warn them they may have hired active North Korean agents.

MarketWhisper5h ago
Comment
0/400
No comments