#Gate广场四月发帖挑战

Tom Lee's Bitmine Immersion Technologies has taken another enormous step in its relentless accumulation of Ethereum, and the numbers are now at a scale that commands serious attention from anyone tracking the institutional structure of the ETH market. Between April 6 and April 12, 2026, Bitmine acquired 71,524 ETH, bringing its total holdings to 4,874,858 ETH as of April 12, 2026 at 3:30 p.m. Eastern Time. At the disclosed price of approximately $2,206 per token, the full position carries an implied market value of roughly $10.75 billion, making Bitmine the largest corporate Ethereum treasury in the world and the second largest corporate crypto treasury globally, behind only Michael Saylor's Strategy.

The 4.04% of projected Ethereum supply figure deserves a moment of reflection. Ethereum's total projected supply, accounting for current issuance and burn dynamics under EIP-1559, sits around 120.7 million tokens. Bitmine controls 4,874,858 of those tokens. That is not a diversified institutional allocation hedging a portfolio. That is a concentrated, conviction-driven bet of extraordinary magnitude by a single publicly traded company. No other institution outside of Ethereum's own foundation and earliest validators comes close to this level of single-entity ETH accumulation in the public market.

The week ending April 12 was Bitmine's largest single-week purchase since December 22, 2025. The acceleration in buying pace is significant. Earlier in 2026, Bitmine's weekly additions were smaller and more measured. The decision to deploy capital at this pace in mid-April, during a period of broader market uncertainty driven by geopolitical risk, suggests the company's leadership sees the current price range as a compelling entry point rather than a reason for caution.

The staking dimension of Bitmine's strategy adds another layer of significance to these numbers. Since launching MAVAN, its proprietary Ethereum staking platform standing for Made in America VAlidator Network, in late March 2026, Bitmine has staked approximately 3.3 million ETH, valued at approximately $7.4 billion at current prices. That means roughly 68% of Bitmine's entire ETH position is actively staked and generating validator rewards on the Ethereum proof-of-stake network. This is not passive holding. Bitmine is running one of the largest validator operations in the Ethereum ecosystem, contributing meaningfully to network security while earning staking yields on a position worth tens of billions of dollars. The MAVAN platform represents Bitmine's attempt to build proprietary infrastructure around its accumulation strategy rather than relying on third-party staking providers.

Bitmine Chairman Tom Lee commented on Ethereum's market performance in the context of this latest purchase, noting that ETH has been the top-performing major asset since the onset of the Iran conflict, which is now in its seventh week. Lee's framing is notable. In a macro environment where geopolitical risk has pushed oil past $100 per barrel, triggered failed U.S.-Iran peace talks, and generated significant uncertainty in traditional financial markets, Lee is making the case that Ethereum is functioning as a relative outperformer, absorbing institutional flows that might otherwise go into defensive assets. Whether that framing holds as the geopolitical situation evolves remains to be seen, but Bitmine's buying behavior is entirely consistent with that conviction.

The NYSE uplisting that Bitmine completed on April 6, 2026, transitioning from NYSE American to the full New York Stock Exchange, is also worth noting in this context. The uplisting expands the universe of institutional investors who can hold BMNR stock in their portfolios, since many institutional mandates exclude smaller exchange-listed companies. By moving to the NYSE while simultaneously announcing its largest weekly ETH purchase in months and launching its proprietary staking platform, Bitmine has positioned itself for a new phase of institutional capital access. Analysts at TipRanks have noted that BMNR stock tracks ETH's price movements with exceptional tightness, functioning effectively as the closest publicly traded proxy to direct ETH exposure currently available to stock market investors who cannot or prefer not to hold crypto directly.

The 81% progress toward Bitmine's ETH supply accumulation goal is another striking data point. The company has a publicly stated objective around accumulating a specific percentage of Ethereum's circulating supply, and it is closing in on that target with each weekly purchase. What happens when Bitmine reaches its stated goal is an open question. Does accumulation slow? Does the target get revised upward? Does the company pivot from accumulation to yield optimization through expanded staking operations? These are the questions that will define the next chapter of the Bitmine story, and at current buying pace, those questions will become urgent sooner than most people expect.

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Deadline: April 15th
Details: https://www.gate.com/announcements/article/50520