What happened
Bitmine Immersion Technologies, the second-largest public crypto treasury company by reported holdings, published a portfolio update Monday that put its ether stack at 5,078,386 tokens. At the company's $2,369 per ETH reference price that's worth about $12 billion, and Bitmine said its total crypto-related positions, including what it calls 'moonshots,' come to $13.3 billion.
Chairman Thomas Lee, per the disclosure first reported by NewsBTC, said the company crossed the 5 million mark 'this past week.' He pegged the acquisition pace at roughly ten months from a standing start to five million coins, calling it 'astonishing.' Lee said Bitmine bought 101,901 ETH in the most recent week, which he described as the firm's heaviest weekly buy since the week of December 15, 2025.
The staking footprint is the second number worth flagging. Bitmine said 3,701,589 of its ETH, valued at $8.8 billion at the same reference price, was staked as of April 26, 2026. Annualized staking revenue from that position runs at $264 million by the company's math, which works out to roughly a 3% gross yield on the staked notional.
Why it matters
A single corporate buyer absorbing 101,901 ETH in a week is not a rounding error. At current circulating supply near 120.7 million, Bitmine's existing 5.08 million tokens represent about 4.2% of all ETH outstanding. Lee's stated 5% target would push the company past 6 million coins, which puts a recurring, size bid into the order book regardless of macro tape.
The second-order effect is the staking lock-up. With 73% of Bitmine's ETH staked, the bulk of that supply sits behind exit-queue mechanics rather than on exchange order books. That structurally tightens float and changes how liquidations and forced sells would have to clear. Bitmine's stack alone now exceeds the holdings reported by most spot ETH ETFs, which makes the company a price-relevant treasury akin to MicroStrategy's role in bitcoin.