BitMine Holds Nears 4% of Ethereum Supply as ETH Price Hits Weekly High

BitMine Immersion Technologies (BMNR), the publicly traded Ethereum treasury firm chaired by Tom Lee, added 71,252 ETH (approximately $152 million) in the week ending April 5, 2026, bringing its total holdings to 4.803 million ETH valued at roughly $10.3 billion and representing 3.98% of the circulating token supply.

The purchase, the largest weekly acquisition since December 2025, came as Ethereum’s price hit a weekly high of $2,165 on April 6, up 5.4% over 24 hours, with BitMine shares rising approximately 6% to $20.64.

BitMine Accelerates Weekly ETH Purchases to Largest Since December

BitMine has maintained an increased pace of ETH buys for four consecutive weeks, with the latest acquisition of 71,252 ETH marking the highest weekly pace since the week of December 22, 2025, when the company added 98,852 ETH. Executive Chairman Tom Lee stated that BitMine’s base case remains that Ethereum is in the final stages of a “mini-crypto winter,” and the firm continues to accumulate despite ongoing geopolitical pressures from the Middle East conflict.

The company has previously stated its intention to accumulate 5% of the circulating ETH supply. With its latest purchase, BitMine now holds just shy of that target at 3.98% of all Ethereum tokens in circulation.

Holdings Approach 4% of Circulating Supply with Substantial Staking Revenue

BitMine’s total staked ETH stands at 3,334,637 tokens, valued at approximately $7.1 billion based on current prices of $2,123 per ETH. This represents approximately 69% of the company’s total ETH holdings. According to BitMine’s estimates, when its full complement of Ethereum is staked, the firm will earn approximately $282 million in annual staking revenues.

Tom Lee noted that Bitmine has staked more ETH than any other entity in the world, reinforcing the company’s position as the largest Ethereum treasury globally. The staking yield provides a recurring revenue stream that supports the firm’s long-term holding strategy.

Tom Lee Cites Ethereum as Top 2 Wartime Asset

Lee has touted Ethereum as a strong investment amid the ongoing Iran conflict, stating that ETH remains the second best-performing asset since the war began six weeks ago, with a 6.8% gain and outperforming the S&P 500 by 1,130 basis points. He also noted that ETH has beaten gold by 1,840 basis points, demonstrating what he calls Ethereum’s role as a “wartime store of value.”

According to Fundstrat research cited by Lee, Ethereum has outperformed Bitcoin, gold, real estate, energy stocks, and major tech equities on a relative basis since the US-Israeli conflict with Iran escalated in late February. Lee estimates current war spending at approximately $30 billion per month in additional government outlays, which could rise to $100 billion if the conflict broadens, creating a persistent fiscal stimulus that benefits high-beta assets like Ethereum and Bitcoin.

Lee further argued that the drag from higher oil prices is smaller than many investors assume, with each $10 increase in crude adding only $4 billion to $5 billion per month in consumer pressure. This arithmetic means the net macro effect still leans toward stimulus rather than contraction, making crypto more attractive as both liquidity and risk assets.

Market Performance and Outlook

Ethereum has gained more than 8% over the past month, significantly outperforming traditional indices such as the S&P 500 (down 2%) and the Nasdaq (down 1.80%). The second-largest crypto asset remains approximately 57% below its all-time high of $4,946.

BitMine’s shares (BMNR) have gained over 9% in the last month but remain down 67% over six months, reflecting broader market pressures. Despite this, Lee emphasized that Ethereum continues to benefit from dual tailwinds: Wall Street’s tokenization of real-world assets on blockchain and the increasing need for public, neutral blockchains to support agentic AI systems.

FAQ

How much ETH does BitMine hold and what percentage of circulating supply does it represent?

BitMine holds 4.803 million ETH, valued at approximately $10.3 billion, representing 3.98% of the circulating Ethereum token supply. The company has stated its intention to accumulate 5% of the circulating supply.

What is Tom Lee’s view on Ethereum’s performance during the Middle East conflict?

Tom Lee has called Ethereum the second best-performing asset since the war began, with a 6.8% gain that has outperformed the S&P 500 by 1,130 basis points and beaten gold by 1,840 basis points. He argues that crypto’s role as a “wartime store of value” is strengthening.

How much staking revenue does BitMine generate from its ETH holdings?

BitMine has staked 3,334,637 ETH (approximately 69% of its total holdings), valued at $7.1 billion. The company estimates annual staking revenues of approximately $282 million when its full Ethereum holdings are staked.