Bitmine 4% ETH Stake and Saylor’s $1B Bitcoin Buy
Bitmine Immersion Technologies announced on April 12 that its Ethereum holdings exceeded 4% of the circulating supply, while MicroStrategy disclosed a $1 billion Bitcoin purchase around the same time.[1] These moves highlight ongoing corporate accumulation in crypto treasuries amid varying market conditions.[1][4]
Overview
- Bitmine holds 4,874,858 ETH as of April 12, equating to 4.04% of 120.7 million ETH in circulation; it added 71,524 ETH in the prior week.[1]
- Of Bitmine’s ETH, 3,334,637 tokens worth $7.4 billion are staked, yielding $212 million in annualized revenue.[1]
- Bitmine’s total assets stand at $11.8 billion, including $719 million in cash alongside crypto and equity holdings.[1]
- MicroStrategy acquired 13,927 BTC for about $1 billion at an average price of $71,902 per BTC, as reported on April 13.[1]
- Bitmine aims for 5% of ETH supply; recent buys put it 81% toward that target.[1]
- Bitmine uplisted to NYSE from NYSE American on April 9 under ticker BMNR.[1]
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Bitmine’s ETH Accumulation Hits 4% Threshold
Bitmine Immersion Technologies crossed 4% ownership of Ethereum’s circulating supply with 4,874,858 ETH held as of April 12.[1] The firm, led by Chairman Tom Lee, added 71,524 ETH in the week leading up to the announcement.[1] This positions Bitmine as the largest Ethereum treasury company and second-largest overall crypto treasury behind MicroStrategy.[1][4]
The company’s staking activity covers 3,334,637 ETH, valued at $7.4 billion, generating $212 million annually.[1] Full deployment of its MAVAN platform could increase this figure.[1] ETH traded up 1.8% in the prior 24 hours per Coingecko data cited in the release.[1]
Tom Lee noted ETH’s 17.4% gain since “the start of the war,” outperforming the S&P 500 by 1,830 basis points and gold.[1] Bitmine’s total portfolio reached $11.8 billion, with $719 million cash on hand.[1]
MicroStrategy’s Parallel $1B Bitcoin Acquisition
Michael Saylor’s MicroStrategy bought 13,927 BTC for roughly $1 billion at $71,902 average price, disclosed April 13.[1] This follows prior buys, reinforcing its Bitcoin-focused treasury strategy.[1][3]
MicroStrategy holds the largest corporate crypto treasury, outpacing Bitmine.[1][4] Recent purchases align with Bitcoin prices near $69,000-$71,000 levels amid institutional activity.[5] Saylor’s firm added nearly 18,000 BTC at around $71,000 in a related period, per mining analysis.[5]
On-Chain Verification of Bitmine’s ETH Holdings
Arkham Intelligence tracks top ETH holders, listing Bitmine with 914,000 ETH verified on-chain, part of its declared nearly 4.7 million ETH total worth over $10 billion.[4] Not all holdings appear fully on-chain, as Arkham notes for treasury firms.[4] Coinbase holds 4.2 million ETH ($9 billion), Binance 3.6 million ($7 billion) for customers, and BlackRock’s ETF 3 million ($6 billion).[4]
Bitmine targets 5% of supply, currently at 4.04% per its filing against 120.7 million circulating ETH.[1][4] Exchanges dominate top 20 addresses; U.S. government holds 62,000 seized ETH.[4]
| Top ETH Holders (Arkham Data, 2026) | Verified ETH | USD Value | Notes |
|---|---|---|---|
| Bitmine | 914K | Part of $10B total | Treasury; full 4.7M declared, not all on-chain[4] |
| Coinbase | 4.2M | $9B | Customer holdings[4] |
| Binance | 3.6M | $7B | Customer holdings[4] |
| BlackRock ETF | 3M | $6B | ETF assets[4] |
| Rain Lohmus (pre-sale) | 250K | $530M | Inaccessible wallet[4] |
| Vitalik Buterin | 224K | $480M | Accessible[4] |
This table uses Arkham’s latest figures, showing Bitmine’s scale despite partial on-chain visibility.[4]
Historical Buying Pace and Equity Raises
Bitmine acquired 566,776 ETH worth $2.03 billion between July 9 and July 25.[2] The firm expanded its at-the-market equity offering to $24.5 billion total capacity via SEC filing, up from $4.5 billion, with Cantor Fitzgerald as agent.[2] Proceeds may fund more ETH, BTC, or mining infrastructure; up to 3% commission applies.[2]
Stock closed at $58.98 on August 11 under BMNR.[2] Earlier phases: $2 billion on July 9, $4.5 billion by July 24.[2] This supports aggressive accumulation toward 5% goal.[1][2]
Custom Metric: ETH Accumulation Rate Comparison
Bitmine’s recent pace offers a unique lens via weekly inflows. Here’s a comparison of its buys against total ETH supply dynamics:
| Period | Bitmine ETH Bought | % of Circulating Supply Added | Weekly Avg. | Source |
|---|---|---|---|---|
| Past Week (to Apr 12) | 71,524 | 0.059% | 71,524 | [1] |
| Jul 9-25 (16 days) | 566,776 | 0.47% | ~211,000 | [2] |
| Cumulative to 4.04% | 4,874,858 | 4.04% | N/A | [1][4] |
| Target Remaining (to 5%) | ~1.2M est. | 0.96% | N/A | [1] |
Calculations based on 120.7M circulating supply; 81% to 5% goal implies ~1.2M ETH left.[1] This metric highlights acceleration, with July pace 3x recent weekly.[1][2]
Market Context and Unrealized Positions
ETH neared $4,500 in related coverage, with Bitmine dubbed the biggest whale.[2] Broader treasuries face scrutiny: Bitmine reported $6.6 billion unrealized loss at ETH ~$2,200, from average cost $3,849; holdings then ~4 million ETH or 3.5% supply, value down from $13.9B peak to $9.6B.[3]
MicroStrategy’s BTC average cost ~$75,000 saw minor unrealized losses below $74,500, post-2024/2025 gains erasure.[3] Bitmine’s ETH focus contrasts Strategy’s BTC-only.[3]
| Treasury Comparison | Asset Focus | Recent Buy | Unrealized Loss (Recent Low) | Avg Cost | Source |
|---|---|---|---|---|---|
| Bitmine | ETH | 71K ETH | $6.6B (~$2,200 ETH) | $3,849 | [1][3] |
| MicroStrategy | BTC | 14K BTC | Near $1B (~$74.5K BTC) | $75K | [1][3] |
Losses tie to price dips; Bitmine at 3.5-4.04% supply varying by report timing.[1][3]
On-Chain Flows and Holder Distribution
Exchanges hold most top ETH: Coinbase and Binance lead non-treasury.[4] Bitmine’s 4.7M declared vs. 914K verified suggests off-chain or custodied assets.[4] No direct exchange inflow data for Bitmine buys, but accumulation implies net withdrawal pressure.[1][2][4]
Long-term holders like pre-sale wallets (250K ETH inaccessible) and Vitalik (224K) show supply lockup.[4] U.S. government: 62K seized ETH.[4] Bitmine’s staking (68% of holdings) reduces liquid supply.[1]
Santiment-style supply-in-profit unavailable here, but Arkham clusters emphasize treasury concentration.[4] Over 12-36 months, treasury growth could lock 5-10% supply if goals met, assuming no sales; baseline sees steady adds, upside from equity raises.[1][2][4]
Original Angle: Staking Yield vs. Cash Holdings
Bitmine’s $212M annualized staking from $7.4B ETH implies ~2.86% yield ($212M / $7.4B).[1] Against $719M cash, this covers ~29% of cash pile annually.[1] Custom ratio: Staking Revenue / Cash = 29.5% coverage potential.
| Yield Metric | Value | Implication (12-36 Mo.) |
|---|---|---|
| Annual Staking Revenue | $212M | Covers 29% of $719M cash yearly[1] |
| Staked % of Holdings | 68% (3.33M/4.87M) | Locks supply; yield scales w/MAVAN[1] |
| Cash Buffer | $719M | Funds buys if markets dip[1] |
Over 24 months, full 5% stake at current yield could generate $260M+ annually, baseline assuming stable rates; upside if MAVAN boosts.[1]
Equity Offering Expansion Details
SEC supplement adds $20B to ATM program, totaling $24.5B for sales via Cantor.[2] Explicit uses: ETH/BTC buys, debt, buybacks, expansion.[2] Prior: $2B July 9, $4.5B July 24.[2] Stock at NYSE American then, now NYSE.[1][2]
This scale dwarfs typical miners; $20B is 10x initial.[2] No execution data post-filing, but ties to 566K ETH July buy.[2]
Risks and Uncertainties
Downside: ETH below $2,200 triggered $6.6B unrealized loss for Bitmine, potentially pressuring equity raises if prices stay low.[3] MicroStrategy faces leverage risks without BTC cash flow for debt.[3]
Uncertainties: Arkham verifies only 914K of Bitmine’s 4.7M-4.87M ETH, with discrepancies across sources (4.04% vs. 3.5%).[1][3][4] No on-chain flows confirm exact buy sources; projections to 5% assume continued equity sales without dilution impact.[1][2] Long-term: 12-36 month supply lockup varies by market; baseline steady, upside raises-dependent.[1][4]
Disagreements: Holdings reported 4M-4.87M ETH, losses at varying prices.[1][3][4] Missing: Real-time exchange flows, full on-chain clustering from Nansen/Santiment.
Custom Metric: Treasury Supply Share Evolution
Tracking % of ETH supply in treasuries:
| Entity | Current % ETH Supply | Prior (Est.) | 12-36 Mo. Projection (Baseline) |
|---|---|---|---|
| Bitmine | 4.04%[1] | 3.5%[3] | 5% target[1] |
| Exchanges | ~7-8% (top 2)[4] | Stable | Customer-driven[4] |
| ETFs (BR) | ~2.5%[4] | Growing | Inflow dependent |
Evolves from announcements; no Glassnode long-holder rate here, but treasury rise notable.[1][4]
Bitmine’s path to 5% ETH stake sustains via equity capacity, with 81% progress locked in at 4.04% as of April 12.[1]
- https://www.mexc.com/news/1024116
- https://www.tradingview.com/news/cryptonews:89ba77901094b:0-eth-nears-4-500-as-its-biggest-whale-bitmine-unleashes-20b-war-chest-to-buy-more-ethereum/
- https://www.ccn.com/analysis/crypto/bitmine-loss-strategy-how-bitcoin-ethereum-crash-crypto-treasury-firm/
- https://info.arkm.com/research/who-owns-the-most-ethereum-top-eth-holders-2026
- https://powermininganalysis.com/mining-news
