- Bitmine purchased more than 101,000 ETH in a week, using newly created wallets to manage holdings separately and streamline tracking and staking operations.
- The company’s total ETH holdings now stand near 5 million, bringing it close to controlling 5% of Ethereum’s circulating supply, a significant milestone for any single entity.
- A large portion of these holdings is staked, generating steady annual returns, as Bitmine continues to focus on yield generation and long-term accumulation strategy.
Latest blockchain data shows that Bitmine’s three newly created wallets received a combined 101,627 Ethereum (ETH) from BitGo, one of the largest crypto custodians in the US. Bitmine Immersion Technologies is a listed firm focused on Ethereum treasury management and trading under the ticker BMNR on the New York Stock Exchange.
Bitmine Doubles Down on its Ethereum Hodling
The transfer is Bitmine’s largest Ethereum purchase in a single week in 2026. It comes at a time when ETH prices are stabilizing above $2,300. The market had seen volatility earlier in the week following the KelpDAO exploit, which triggered uncertainty across several DeFi platforms.
It seems that Tom Lee(@fundstrat)’s #Bitmine just bought another 100,000 $ETH($233.7M).
3 newly created wallets likely linked to #Bitmine just received 100,000 $ETH($233.7M) from #BitGo.https://t.co/VnKrwzQHZlhttps://t.co/NrHBKt8qHThttps://t.co/4719alwDwy pic.twitter.com/zAOPMrXhZq
— Lookonchain (@lookonchain) April 23, 2026
The use of new wallets resembles a similar pattern seen in Bitmine’s past activity. The company often separates fresh buyouts from its existing holdings. This approach helps simplify staking operations and improves transparency for institutional tracking. It also allows clearer auditing of funds on-chain.
With this latest acquisition, Bitmine’s total Ethereum holdings have reached close to 4.97 million ETH. This puts the company near the threshold of holding 5% of Ethereum’s circulating supply. Such a position is rare for a publicly listed firm, especially one focused on a single crypto asset.
A large portion of these holdings is already staked. Data shows that around 68% of Bitmine’s ETH is currently locked in staking contracts. The firm had earlier staked over 61,000 ETH, bringing its total staked value to nearly $7.9 billion. Based on recent yield levels, the company is generating annual staking revenue of over $200 million
Instead of holding assets passively, firms like Bitmine are now seeking ways to generate income from their holdings. Ethereum’s proof-of-stake model makes this possible through staking rewards.
Currently, more than 36 million ETH is locked in staking contracts. This represents over 30% of the total supply. Yields typically range between 2.8% and 3.4% annually, depending on network conditions.
Another factor shaping Ethereum’s supply is its burn mechanism. Introduced through an upgrade in 2021, the system removes a portion of transaction fees from circulation. This reduces supply during periods of high network activity. At the same time, new issuance continues at a controlled pace.
As of April 2026, Ethereum’s total supply stands at around 120 million tokens. The network is experiencing mild inflation of about 0.23% annually. However, supply can tighten during periods of heavy usage, which increases the burn rate.
The leadership of Bitmine, especially Tom Lee, has expressed great confidence in the future of Ethereum. ETH has increasingly been seen by the company’s chairman, Lee, as an important store of value in uncertain circumstances. He further said current price levels are a chance to buy rather than a setback.
Much of the company’s strategic approach has changed over the years. Bitmine, which was established in 2019, originally a Bitcoin mining infrastructure site, later decided to pivot and announced a move toward Ethereum holdings in 2025. The shift was backed by a $250 million private placement, and represented its business model’s pivot. Bitmine has focused on acquiring and staking ETH at scale since then.
