BitMine adds 71,524 ETH, targets 5% supply; uplists NYSE

Published: 2026-04-13 14:50:01 |

BitMine Immersion Technologies (BMNR) says it made its biggest weekly Ethereum (ETH) purchase since December, buying 71,524 ETH for about $157 million. Its Ethereum treasury now totals 4,874,858 ETH (over $10.7B), representing more than 4% of circulating ETH supply. The company increased its ETH buying pace for four straight weeks, adding roughly $150 million of ETH per week. Chairman Tom Lee ties the accumulation to a “mini-crypto winter” base case nearing the end and the goal of holding 5% of circulating ETH (“alchemy of 5%”). On staking, BitMine reports it has already staked 3,334,637 ETH (about $7.3B) and expects more than $300M/year in ETH rewards once fully deployed. It also launched MAVAN (Made in America Validator Network) to scale institutional-grade staking. Separately, BMNR uplisted from NYSE American to the main NYSE and received a reported 300% increase to its authorized share buyback program (up to about $4B). Traders may watch ETH flows closely because treasury-driven buying and staking expansion can reinforce near-term demand.

Bullish

BitMine’s repeated, large spot ETH purchases (with a rising weekly cadence) directly increase treasury-driven demand for Ethereum. The scale is meaningful—over 4% of circulating ETH supply held in the treasury—so sustained buying can tighten available sell pressure and support ETH pricing. Staking adds a second layer of potential bullishness. With 3.33M ETH already staked and expectations for $300M+/year in rewards once fully deployed, ETH is further locked away from liquid supply, which can reduce short-term sell availability. MAVAN expansion supports longer-term staking capacity, reinforcing the demand narrative. The NYSE uplisting and an expanded share buyback authorization can also be marginally supportive for BMNR’s equity sentiment, but the direct market impact here is on ETH. Traders should still watch for execution details and whether additional buying continues at the pace stated, yet the overall direction of ETH flow implied by this update is positive for near- to mid-term momentum.