Bitmine Immersion Technologies revealed on April 19, 2026 that its Ethereum treasury stands at 4,976,485 ETH – valued at $2,301 per token – with total crypto and cash holdings totaling $12.9 billion, up from $10.7 billion reported in the company’s March 30 disclosure when holdings reached 4.732 million ETH. The increase reflects both the continued accumulation and price appreciation of ETH since this filing.
At 4.12% of the total ETH supply of 120.7 million tokens, the position puts Bitmine within 23,515 ETH of its stated “5% Alchemy” goal – a threshold that, if crossed, would mean that a single corporate treasury would control one out of every twenty ether tokens in circulation. It is not a measure of liquidity. It’s a structural question.
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Bitmine ETH Treasury: Breakdown of the 4.976 million position
The balance sheet as of April 19, 2026 includes 4,976,485 ETH as primary holding, 199 Bitcoin, $1.12 billion in cash, a $200 million stake in Beast Industries, and a $107 million stake in Eightco Holdings (NASDAQ: ORBS), which provides indirect exposure to OpenAI. The ETH position alone, in spot, accounts for most of the $12.9 billion total – a concentration that reflects a deliberate strategy rather than a failure to diversify.
Bitmin ( @BitMNR) bought 101,627 $ETH ($234.7 million) last week.
They now hold a total of 4,976,485 $ETH is worth $11.49 billion and has 3,334,637 $ETH ($7.7 billion) in staking. pic.twitter.com/3R0o6erWi6
– Onchain Lens (@OnchainLens) April 20, 2026
Of the 4.976 million ETH held, 3,334,637 tokens – or approximately 67% of the treasury – are currently staked, representing a notional value of $7.7 billion at the April 19 price. This staked position currently generates annualized revenue of $221 million, with a projected run rate of $330 million once the entire treasury is deployed through MAVAN (Made in American VAlidator Network), Bitmine’s institutional-grade staking infrastructure launched earlier this year.
Bitmine’s staking program has been growing steadily and the MAVAN platform is now positioned to serve external institutional clients beyond Bitmine’s own treasury.
Bitmine’s 7-day staking yield stands at 2.88% annualized – slightly higher than the Ethereum composite staking rate of 2.76%, as administered by Quatrefoil. The 12 basis point outperformance over the benchmark rate is a data point the company attributes to the operational efficiency of its validation infrastructure. The remaining 33% of ETH – approximately 1.64 million tokens – is liquid, providing a balance between yield generation and balance sheet flexibility.
The pace of accumulation has accelerated. Bitmine acquired 101,627 ETH in the week ending April 19 alone – the highest weekly purchase rate since December 15, 2025 – and has maintained high purchases for four consecutive weeks. At this speed, the 5% threshold is arithmetically close. The remaining variable is whether capital availability or market conditions determine the timeline.
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Daniel Frances is a technical writer and Web3 educator specializing in macroeconomics and DeFi mechanics. Hailing from crypto since 2017, Daniel leverages his experience in on-chain analytics to write evidence-based reports and in-depth guides. He holds certifications from the Blockchain Council and is dedicated to providing “insight gain” that overcomes market hype to find real utility for blockchain.
