Bitmine buys 101,745 ether as holdings rise to 5.18 million ETH
Updated
Updated · CoinDesk · May 4
Bitmine buys 101,745 ether as holdings rise to 5.18 million ETH
1 articles · Updated · CoinDesk · May 4
The purchase was worth about $238m, lifting the firm's ETH stake to roughly 4.29% of outstanding supply and total crypto and cash holdings to $13.1bn.
Chairman Tom Lee said progress on the US CLARITY Act and stronger market conditions signal a new crypto spring, while Bitmine has staked more than 4.36 million ETH.
The staking position, over 84% of holdings, generates about $297m in annualised revenue as the company bets on tokenisation, AI-related blockchain use and Ethereum's broader role in finance.
Is Bitmine's $238M ETH purchase a visionary move or a massive gamble against the market's cautious sentiment?
The CLARITY Act promises a new crypto era, but will it foster true innovation or just favor established giants?
How will on-chain AI and tokenized assets on Ethereum truly disrupt traditional finance and big tech incumbents?
Bitmine's Aggressive Ethereum Accumulation Hits 4.29% of Circulating Supply, Driving Market and Centralization Risks
Overview
In April 2026, Bitmine uplisted on the NYSE and made its largest Ethereum purchase, increasing its holdings to 5.18 million ETH, about 4.29% of the circulating supply and 86% of its 5% target. This aggressive accumulation is driven by Bitmine's belief in Ethereum as a resilient store of value amid geopolitical tensions and its potential growth from Wall Street tokenization and AI adoption. Bitmine stakes most of its ETH via the MAVAN platform, generating substantial yield that funds further purchases. While this strategy strengthens Bitmine's market position and supports Ethereum's network security, it also raises concerns about centralization risks, prompting efforts to maintain decentralization.