Bitmine Crosses 4% of ETH Supply as Saylor Reveals Another $1B BTC Buy

Bitmine Immersion Technologies has crossed a significant threshold in its long-running accumulation campaign, announcing Sunday that its ETH holdings have surpassed 4% of the asset’s total circulating supply.

As of April 12, Bitmine held 4,874,858 ETH, representing 4.04% of the 120.7 million ETH in circulation. The company said its combined crypto, cash, and “moonshot” equity holdings total $11.8 billion, including $719 million in cash.

The company said it acquired 71,524 ETH in the past week alone, bringing it 81% of the way toward its stated goal of owning 5% of the network’s supply.

“ETH is now the best performing asset since the start of the war, with a 17.4% gain and outperforming the S&P 500 by 1,830 basis points,” said Chairman Tom Lee in the company’s Sunday release, adding that ETH’s outperformance over gold “demonstrates ETH is the wartime store of value.”

ETH is up 1.8% over the past 24 hours, according to Coingecko.

Bitmine also disclosed that 3,334,637 of its ETH, valued at $7.4 billion, is now staked, generating $212 million in annualized staking revenue. The figure is expected to rise as its proprietary MAVAN (Made in America Validator Network) platform reaches full deployment.

Bitmine uplisted to the New York Stock Exchange from the NYSE American on April 9, trading under the ticker BMNR. The company is the world’s second-largest crypto treasury overall, behind Strategy, and Michael Saylor widened that gap on Monday, disclosing that Strategy had acquired 13,927 BTC for approximately $1 billion at an average price of roughly $71,902 per bitcoin.

As of April 12, Strategy holds 780,897 BTC acquired at an average price of $75,577, accounting for roughly 3.8% of the circulating Bitcoin supply.

Lee cited the GENIUS Act and the SEC’s Project Crypto as structural tailwinds, comparing their potential impact on financial services to Nixon’s 1971 decision to end the Bretton Woods gold standard.

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