Bitmine Immersion Technologies just made its most aggressive Ether play since December, scooping up 71,524 ETH over the past week to push its total holdings to 4.87 million tokens—roughly 4% of all Ethereum in existence.

At current prices around $2,366, that weekly purchase represents approximately $169 million. The company’s total ETH position is now worth over $11.5 billion.

The 5% Target

Bitmine isn’t slowing down. The company confirmed Monday it’s still gunning for 5% of global ETH supply, which would require accumulating another roughly 1.16 million tokens based on the current 120.7 million outstanding.

Chairman Tom Lee attributed the buying spree to Ether’s recent outperformance, pointing to tokenization demand from Wall Street and AI systems increasingly tapping public blockchains. ETH has climbed 7% over the past month, though it remains down about 25% year-to-date.

The company dwarfs its competition. According to CoinGecko data, the second-largest Ethereum treasury belongs to SharpLink with just 868,699 ETH—less than a fifth of Bitmine’s stack. The Ether Machine sits third at 496,712 ETH.

Staking for Yield

Bitmine isn’t just holding. About 3.33 million ETH sits staked through MAVAN, the company’s in-house platform, generating projected annual rewards of roughly $310 million at current yields.

The balance sheet also includes 198 BTC and $719 million in cash, giving Bitmine total crypto and cash holdings of $11.8 billion.

This announcement comes four days after Bitmine’s April 9 uplisting from NYSE American to the main New York Stock Exchange—a move that typically opens doors to deeper institutional capital pools.

Treasury Companies Diverge

While Bitmine loads up on ETH, the broader treasury landscape shows mixed signals. Exodus Movement was the only other Ethereum treasury company to add tokens in the past 30 days, picking up a modest 17 ETH.

Bitcoin treasuries tell a similar story of concentration. Strategy disclosed Monday it bought 13,927 BTC for $1 billion last week, pushing its holdings to 780,897 BTC—just shy of the 800,000 milestone. Japan’s Metaplanet added 5,075 BTC.

Miners moved the opposite direction. MARA Holdings sold 15,133 BTC while Riot Platforms offloaded 2,325 BTC, likely covering operational costs amid tight margins.

What to Watch

Bitmine’s path to 5% ownership would require roughly $2.7 billion more in purchases at current prices. With ETH up 7.6% in the past 24 hours alone, the company’s cost basis keeps rising—but so does the value of its existing stack. The real question: does concentrated ownership of this magnitude start affecting market dynamics, or does Ethereum’s $286 billion market cap absorb it without flinching?

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