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.
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