Bitmine Immersion Technologies said it pushed its Ethereum treasury close to its stated five-percent supply goal after another aggressive week of buying, reinforcing a balance-sheet strategy that now stands well ahead of other public ETH holders.
Bitmine’s Latest ETH Purchase Pushes Treasury Higher
In a company announcement dated April 12, 2026 at 3:30 p.m. ET, Bitmine said it held 4,874,858 ETH, alongside 198 BTC and $719 million in cash, giving it $11.8 billion in combined crypto and cash holdings.
Bitmine said that ETH balance equaled 4.04% of the 120.7 million ETH supply and left the company 81% of the way to its 5% target.
Thomas Lee said Bitmine acquired 71,524 ETH over the prior week, the fastest weekly accumulation pace since the week of December 22, 2025. The same release said 3,334,637 ETH of the treasury was already staked, underscoring that Bitmine is actively deploying a large share of the reserve rather than simply holding it idle.
“In the past week, we acquired 71,524 ETH which is the highest pace of buys since the week of December 22, 2025.”
Thomas “Tom” Lee, via Bitmine’s April 12, 2026 announcement
Why Nearing 5% of Ethereum Supply Matters
CoinGecko’s Ethereum treasury table ranks BitMine first with the company’s disclosed ETH balance and a 4.039% share of supply, ahead of SharpLink at 868,699 ETH and 0.720% and The Ether Machine at 496,712 ETH and 0.412%.
That gap is what makes the near-target language meaningful. A treasury sitting at 4.039% versus peers at 0.720% and 0.412% is not a marginal lead; it shows Bitmine’s balance-sheet strategy has become the dominant public-company ETH accumulation story. The data does not prove Bitmine can dictate Ethereum market structure, but it does make the company one of the clearest listed proxies for corporate conviction around ETH.
What Bitmine’s ETH Strategy Could Signal to the Market
This disclosure matters partly because it extends a plan Bitmine already put on the SEC record. In a July 3, 2025 Form 8-K, the company told investors it intended to use offering proceeds to acquire ETH and contribute that ETH to treasury operations, with at least 20% of net proceeds earmarked for income-producing blockchain activities.
Bitmine’s 2025 annual report says the company is focused on acquiring, holding and actively managing ETH as its primary treasury reserve asset, while also warning investors about evolving digital-asset regulation, staking, custody, AML and sanctions exposure, market-structure uncertainty, and exchange-listing risk. That combination makes the latest treasury expansion look less like a one-off trade and more like the continued execution of a high-conviction corporate ETH strategy that still carries clearly disclosed operational and regulatory risk.
For crypto investors, the cleanest read-through is strategic rather than speculative. Bitmine’s reserve build looks closer to the treasury signaling in Nigel Farage-Backed Stack BTC Buys £2M in Bitcoin, the institutional-access theme in BNP Paribas recently added Bitcoin and Ether ETNs for French retail, and the longer-horizon risk framing in Bitcoin Quantum Threat Priced In, Bernstein Says than to a short-lived trading headline.
The signal to watch now is not just the headline treasury size, but whether the company’s disclosed financing plan, staking posture, and latest weekly accumulation continue to compound into an even larger share of Ethereum’s outstanding supply. If they do, Bitmine will remain the public company most closely associated with concentrated ETH treasury exposure.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
