Bitmine Immersion Technologies Inc. (NYSE: BMNR) has expanded its already substantial Ethereum position through a private over-the-counter transaction with the Ethereum Foundation, acquiring 10,000 ether for approximately $22.9 million. The deal, completed at an average price of $2,292.15 per ETH, brings Bitmine's total holdings to 5,078,386 ETH, representing 4.21% of Ethereum's total supply of 120.7 million tokens.
Strategic Accumulation Continues
This marks the third OTC sale between the two parties this year and the second time in two weeks that 10,000 ETH changed hands. The previous transaction, executed at an average of $2,387 per ETH, occurred two weeks ago, following a 5,000 ETH sale in March at roughly $2,043 per token. The Ethereum Foundation stated that proceeds from these sales will fund core operations, including protocol research and development, ecosystem programs, and community grants.
Bitmine Chairman Thomas "Tom" Lee highlighted the company's aggressive accumulation strategy, noting that Bitmine acquired 101,901 ETH last week, its fastest buying streak since mid-December. The firm is pursuing its "Alchemy of 5%" strategy, aiming to secure 5% of all circulating ETH. "This is a major milestone as the Company moves towards acquiring 5% of the ETH supply," Lee said in an April 27 statement.
Staking Operations Generate Revenue
Beyond passive holding, Bitmine has staked 3,701,589 ETH—valued at $8.8 billion using the April 26 reference price—through its MAVAN (Made in America Validator Network). Staking involves locking tokens to support blockchain operations in exchange for rewards. According to Lee, annualized staking revenue currently stands at $264 million, with potential rewards rising to $363 million if Bitmine stakes its entire ETH position.
As of April 27, Bitmine reported total assets of $13.3 billion, including 5,078,386 ETH, 200 bitcoin, $940 million in cash, and stakes in Beast Industries and Eightco Holdings.
Market Performance and Risks
BMNR closed at $21.88 on Friday, up 2.2% from the prior close, giving the company a market capitalization just shy of $10 billion. Ether traded near $2,327. The stock's performance is now closely tied to Ethereum's price movements, staking yields, and capital market access. In a quarterly filing, Bitmine flagged potential risks including shifts in ETH prices, staking payouts, regulatory changes, custody challenges, cybersecurity costs, and liquidity for digital-asset issuers.
The competitive landscape remains fluid. While Strategy Inc. remains the dominant name in bitcoin-focused corporate treasuries, companies like SharpLink, Bit Digital, and BTCS have begun holding ether. Bitmine, however, has outpaced these peers in both speed and scale of ether adoption.
Auditor Change
In a regulatory filing on Friday, Bitmine announced it has replaced auditor Bush & Associates CPA LLC with KPMG LLP, effective for the quarter ending May 31 and the full year ending August 31. The company stated there were no disputes with the former auditor regarding accounting policies, disclosures, or audit procedures.
With its growing ETH exposure, Bitmine positions BMNR as a proxy for Ethereum's price, staking yields, and the company's ability to maintain investor confidence amid market volatility.
