Bitmine’s Ethereum Treasury Reaches 4.87 Million ETH, Topping $10.7 Billion

• Bitmine said it now holds 4.87 million ETH, equal to roughly 4.04% of Ethereum’s total supply.
• At an ETH price of $2,206, the company’s holdings are worth about $10.7 billion, making it the largest corporate Ethereum treasury.

Bitmine Immersion Technologies has pushed its Ethereum treasury to a scale that now feels hard to ignore, even in a market already used to oversized crypto balance-sheet bets. The company said Monday that its holdings had reached 4.87 million ETH as of April 12, giving it control of around 4.04% of total ether supply. At $2,206 per ETH, that stash is worth roughly $10.7 billion, placing Bitmine at the top of the corporate Ethereum treasury rankings. Bitmine’s ether strategy moves into a different league Corporate Bitcoin treasuries have been a familiar story for a while. Ethereum treasuries, especially at this size, still look newer and a bit more experimental. That is part of what makes Bitmine’s latest disclosure stand out. The company is no longer just building a large ETH position. It is accumulating a share of supply that begins to matter at the market structure level. Once a corporate treasury gets above 4% of outstanding ether, the conversation shifts. It is no longer only about balance sheet exposure or upside to price. It starts to touch liquidity, staking dynamics and how much of the asset is being locked into long-term hands. That gives Bitmine a different profile from most listed crypto treasury companies, which still lean heavily toward Bitcoin. Second only to Strategy in the corporate crypto race Bitmine said its Ethereum holdings now make it the largest corporate Ethereum treasury globally and the second-largest corporate crypto treasury overall, behind only Strategy’s 766,970 BTC, which the company said is valued at around $54.5 billion. That comparison is useful because it shows where Bitmine now sits in the broader public-market crypto hierarchy. Strategy remains the dominant Bitcoin proxy. Bitmine, though, is becoming something else: a public-market vehicle for concentrated ether exposure at a scale few others can match.