Bitmine Now Holds Nearly 5 Million ETH — And the Chart Just Flipped

Ethereum’s SuperTrend indicator has flipped bullish for the first time in over a year, and Bitmine Immersion Technologies just posted its biggest weekly buy of 2026. The two events arrived together. Whether that is coincidence or confirmation depends on who you ask, but Bitmine’s numbers are not subtle.

The company now holds 4,976,485 ETH, worth approximately $11.52 billion at current prices. That figure covers only the ETH position. Add 199 BTC, $1.12 billion in cash, and more than $307 million in what the company calls “moonshot” investments — including Beast Industries and Eightco Holdings — and total assets reach roughly $12.9 billion.

Biggest Weekly Buy Since December 2025

Bitmine acquired 101,627 ETH in the past week alone. Thomas “Tom” Lee, Chairman of Bitmine and head of Fundstrat research, confirmed the pace directly.

“In the past week, we acquired 101,627 ETH, which is the highest pace of buys since the week of December 15, 2025.” — Tom Lee, Chairman, Bitmine Immersion Technologies

That single week of buying cost the company over $230 million at current ETH prices. It also pushed Bitmine to 4.12% of total ETH supply, putting the company at 82% progress toward its stated target of 5% — what Bitmine internally calls the “Alchemy of 5%.”

Of the nearly 5 million tokens held, 3,334,637 ETH are already staked through MAVAN, Bitmine’s own institutional-grade validator network. At current yields, that staked position generates approximately $221 million in annual revenue. At full deployment, the company projects that figure rising to around $330 million per year.

SuperTrend Flip Adds a Technical Layer

The timing of Bitmine’s buying spree aligns with something technical analysts have been watching. Crypto analyst alicharts, posting on X, flagged that ETH’s SuperTrend indicator has turned bullish for the first time in more than 12 months. The SuperTrend is a trend-following tool commonly used by traders to identify when an asset has shifted from a bearish to a bullish structure.

“SuperTrend flips bullish on Ethereum $ETH for the first time in over a year.” — alicharts, on X

Crypto analyst CryptoPatel, on X, also noted the holdings update, pointing to the scale of Bitmine’s position alongside the technical context.

Lee has drawn a broader macro argument around ETH’s recent performance. He said Ethereum has risen 41% from its early February lows and has outperformed the S&P 500 by 2,280 basis points since the onset of US-Iran tensions. He framed ETH as the top-performing non-commodity asset globally during that period.

“There is a lot of meaning to ETH being the best wartime store of value and to ETH being the asset leading since the war started.” — Tom Lee, Bitmine Chairman

Staking Revenue and the MAVAN Infrastructure Play

Bitmine’s accumulation strategy is not purely price-directed. The company launched MAVAN, short for Made in America VAlidator Network, as an institutional staking platform that now extends beyond Bitmine’s own treasury. The infrastructure is open to custodians and external institutional clients seeking validator infrastructure.

That revenue angle separates Bitmine’s model from Strategy Inc., the Bitcoin treasury company led by Michael Saylor. Strategy holds 780,897 BTC valued at around $58.2 billion, making it the world’s second-largest corporate crypto treasury overall. Bitmine holds the top position specifically in Ethereum. Unlike Bitcoin, ETH’s proof-of-stake architecture lets holders earn yield by validating the network — and Bitmine is now building external revenue on top of that.

Lee also addressed the broader crypto cycle timing. He pushed back on the view that a crypto winter could extend through late 2026.

“Every major crypto winter since 2015 has coincided with an equity drawdown of at least 20%. The 2025 crypto drawdown moved in sync with the 20% decline in the S&P 500.” — Tom Lee, Bitmine

BMNR stock now ranks 80th among US equities by daily dollar trading volume, averaging $1.2 billion per day over the past five trading sessions, according to Fundstrat and Statista data. That places it behind Uber Technologies and ahead of D-Wave Quantum among 5,704 listed US stocks.

For retail investors in markets like Kenya and across East Africa who track ETH price action, the dual signal here matters. A SuperTrend flip paired with aggressive institutional accumulation at this scale has historically preceded sustained moves. Whether the timing holds is another question entirely.