Bitmine Immersion has increased its Ethereum holdings to 5,206,790 ETH, worth about $12.1 billion, after adding 26,659 ETH over the past week, according to filings dated May 10. The Ethereum-focused treasury firm now reports total crypto and cash reserves of $13.4 billion.
Share of Ethereum supply and balance sheet details
The company’s Ethereum position represents roughly 4.3% of Ethereum’s current circulating supply of about 120.7 million ETH, solidifying its role as a major force in the network.
Alongside its Ethereum stake, Bitmine Immersion holds:
- 201 Bitcoin valued at approximately $16.3 million
- $88 million in equity from Eightco
- $775 million in cash
The firm’s strategy centers on Ethereum, contrasting with other large public treasuries that are more heavily exposed to Bitcoin.
Staking dominates strategy and revenue
Bitmine Immersion has staked 4,712,917 ETH—more than 90% of its total Ethereum holdings—valued at around $11 billion at current prices. These staked tokens are generating annualized staking revenues of about $319 million based on a recent seven-day yield of 2.86%.
The company projects that annualized revenues could rise to roughly $352 million once its holdings are fully deployed across partner platforms, underscoring a focus on yield generation and productive use of reserves rather than passive holding.
Chairman Thomas Lee has framed this approach as a deliberate effort to pull liquidity out of the open market by both holding and staking ETH, reducing the actively traded float of the asset.
Accumulation pace slows after early goal achievement
The firm has slowed its weekly Ethereum accumulation from more than 100,000 ETH per week earlier this year. Management said the adjustment reflects the fact that key internal milestones were met ahead of schedule, rather than a shift away from its long-term Ethereum thesis.
Bitmine Immersion had previously signaled a goal of approaching 5% ownership of Ethereum’s supply by mid-July 2026. With its current 4.3% share already secured, the company is easing the pace of purchases while continuing to emphasize staking and yield.
Largest institutional holder of Ethereum
Data from SER shows Bitmine Immersion remains the largest institutional holder of Ethereum. The next largest reported treasuries are:
- SharpLink with 872,984 ETH
- The Ether Machine with 496,712 ETH
This concentration of holdings underscores Bitmine Immersion’s growing influence over Ethereum’s available supply and overall market structure.
Second-largest public crypto treasury after Strategy
On a broader crypto basis, Bitmine Immersion ranks as the second-largest public treasury. It trails only Strategy, which holds 818,869 Bitcoin, valued at roughly $66.5 billion and representing more than 3.9% of Bitcoin’s fixed 21 million cap.
Strategy’s Bitcoin-centric positioning has introduced notable earnings volatility. The company recently disclosed a net loss of $12.54 billion for the first quarter of 2026, driven largely by unrealized losses on its Bitcoin holdings—highlighting the contrasting risk profile with Bitmine Immersion’s staking-heavy Ethereum approach.
Growing market presence and NYSE uplisting
Bitmine Immersion’s expansion has been backed by firms including Ark Invest, Founders Fund, Pantera, and Galaxy Digital. The company completed an uplisting from NYSE American to the New York Stock Exchange on April 9, 2026.
The move has boosted liquidity and visibility, with the stock now among the most actively traded in the U.S., recording an average daily trading volume of about $816 million.
Market impact and Ethereum price context
The scale of Bitmine Immersion’s Ethereum accumulation, coupled with its staking program, is constraining the freely traded float of the second-largest digital asset. This supply reduction comes as Ethereum’s price consolidates below a widely watched resistance band between $2,400 and $2,500.
Analysts note that:
- A sustained break above this range could trigger renewed upside momentum and open a path toward the $3,000 level in the coming weeks.
- Failure to clear resistance may lead to a pullback toward the $2,200 support zone before the next major move.
Lee has described the current environment as one where firming prices coexist with subdued and often bearish sentiment—a pattern he associates with earlier stages of prior market cycles.
Broader crypto market: strong inflows, weak sentiment
Across the wider market, large capital allocations continue to build. U.S. spot Bitcoin ETFs have recorded six consecutive weeks of net inflows, a sign of ongoing accumulation by sizable capital pools.
Bitcoin is trading above $80,000, yet the Fear & Greed Index remains in “Fear” territory. This mismatch between persistent buying and cautious sentiment mirrors the conditions Lee highlighted around Ethereum, suggesting a broader disconnect between on-chain and capital flows on one side and prevailing market mood on the other.
Curious about Ethereum’s long-term potential? Deepen your understanding of ETH with our guide, learn more about Ethereum here.
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