Bitmine Immersion Technologies purchased 101,901 ETH worth approximately $236 million in the week ending April 27, 2026, bringing its total holdings to 5,078,386 tokens representing 4.21% of Ethereum's circulating supply. The company accumulated over 5 million ETH in roughly 10 months after pivoting from bitcoin mining to a digital asset treasury strategy in June 2025. Despite holding $6.5 billion in unrealized losses, Bitmine maintains $13.3 billion in total crypto and cash holdings, with approximately 73% of its ETH staked generating $264 million in annualized revenue through its Mavan platform launched in March 2026. Chairman Thomas Lee defends the strategy by describing ETH as the best wartime store of value amid the Iran conflict.
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