Bitmine Immersion Technologies has reached an all-time high on Ethereum after acquiring over 71,000 $ETH in the last week, bringing its holdings to almost 4.9M $ETH.
The company’s continued accumulation is bolstering the narrative that Ethereum’s liquid supply is being squeezed. That combination of aggressive buying and a shrinking circulating supply is seen as a longer-term bullish signal for investors, particularly as institutional focus and interest in Ethereum increase.
Bitmine stated it held 4,874,858 $ETH as of April 12, 2026, at least worth $2,206 per coin at the time of disclosure. That accounts for around 4.04% of Ethereum’s projected total supply of about 120.7 million $ETH.
Beyond Ethereum, the company revealed funds of 198 Bitcoin, $719 million in cash, and equity in Beast Industries and Eightco Holdings. The company said its combined crypto, cash, and investment portfolio totals about $11.8 billion.
The most significant update was the pace of accumulation. Bitmine gained nearly 71,524 $ETH in the last week of trading, registering its fastest buying rate since late December 2025. It cited the increase in purchases over the prior four weeks as “indicative” of confidence that Ethereum might be emerging from what it called a “mini-crypto winter.”
Bitmine’s rapid accumulation has made it one of the largest holders of Ethereum globally and a dominant force in institutional crypto treasuries. Its position now places it alongside the most influential corporate crypto balance sheets in the world.
Large-scale staking reduces liquid supply and boosts the yield narrative
In addition to buying Ethereum, Bitmine is also staking a significant portion of its assets. As of April 13, 2026, the company stated that 3,334,637 $ETH, some 68% of its holdings, had been staked.
At the reported $ETH pricing, the amount staked is worth approximately $7.4 billion. Staking removes coins from the active trading circulation, since locked $ETH cannot be freely sold. Where large holders place large stakes, the available supply of commodities at the market decreases.
This can enhance bullish fervor, particularly when demand rises, and the available stock falls. Bitmine reported that its entire staking operations are currently generating $212MM in annualized revenue.
The firm projects that, under the assumption of future yields, annual rewards could reach up to $310 million if all of its $ETH were fully staked.
It provided a 7-day staking yield of 2.89%, just above the overall Composite Ethereum Staking Rate of 2.73%. To underpin this strategy, Bitmine has created MAVAN, Made in America Validator Network, an institutional staking platform. At first designed to manage Bitmine’s own Ethereum treasury, the system is projected to grow for custodians, institutional investors, and partners.
Part of the company $ETH is already staked using MAVAN. By combining accumulation with staking, Bitmine effectively removes millions of $ETH from circulation and generates yield.
This two-pronged approach of both reducing supply and generating income is increasingly determining how large entities act towards Ethereum as a treasury asset.
Institutional demand and macro backdrop strengthen Ethereum narrative
Bitmine’s leadership linked its Ethereum strategy to broader market trends, including institutional adoption and blockchain-based financial infrastructure. The company highlighted tokenization of traditional assets and the growing use of public blockchains by AI-driven systems as key drivers for Ethereum demand.
The firm also noted that Ethereum has performed strongly during recent geopolitical uncertainty. According to Bitmine’s internal comparison, $ETH gained 17.4% since the start of the ongoing Iran conflict, outperforming both the S&P 500 and gold during the same period. While such comparisons depend on specific timeframes, they reflect a growing perception among some investors that Ethereum may act as a digital store of value in certain conditions.
Bitmine’s treasury size also places it among the largest crypto-holding public companies globally. The firm ranks second overall behind Strategy Inc., which reportedly holds over 766,000 Bitcoin. However, Bitmine remains the largest known corporate holder of Ethereum.
Trading activity around Bitmine stock has also increased. The company cited data showing an average daily trading volume of about $747 million over five days, placing it among the more actively traded U.S.-listed equities. Rising liquidity in the stock market may attract additional institutional investors seeking exposure to Ethereum through traditional markets.
Taken together, Bitmine’s continued accumulation and large-scale staking reinforce a supply-side narrative closely watched by many Ethereum investors. If major holders continue locking up $ETH while institutional demand grows, the amount of liquid Ethereum available for trading could tighten further.
