Bitmine Immersion Technologies has reached 82% of its target to own 5% of all Ethereum in existence, according to a Monday disclosure.

The leading crypto treasury firm added 101,627 ETH last week, lifting its total ETH holdings to approximately 5 million ETH worth roughly $11.5 billion at current market prices.

At its current average accumulation rate, Bitmine is poised to reach its goal by mid-summer 2026. However, that outlook may be affected by changing market conditions, including potential price appreciation driven by demand visibility and constrained liquidity at scale.

In a statement, Bitmine’s Chairman Thomas “Tom” Lee said recent market trends suggest the “mini crypto winter” may be ending, as easing downside risks tied to the US-Iran conflict support market sentiment.

Ether’s prices have risen 41% from early February lows, with the asset outperforming the S&P 500 by 2,280 basis points since the conflict began and ranking among the best-performing assets alongside crude oil, Lee noted.

He reiterated that continued momentum is being driven by institutional tokenization and growing reliance on public blockchains by AI systems, underscoring Ether’s role as a “wartime store of value.”

“While many believe the crypto winter may last through the Fall of 2026, our view remains that the crypto winter is much closer to ending. Every major crypto winter since 2015 has coincided with an equity drawdown of at least 20%,” Lee highlighted.

“In fact, the 2025 crypto drawdown moved in sync with the 20% decline in the S&P 500. But in 2026, the equity decline has been milder at -8%,” he added.

Bitmine stakes 3.3 million ETH as yield outpaces network average

Staking operations are scaling in parallel. Bitmine has staked over 3,3 million ETH, representing 67% of total holdings, through its MAVAN institutional validator network and partner platforms.

The 7-day annualized yield stands at 2.88%, above the 2.76% Composite Ethereum Staking Rate, generating $221 million in annualized staking revenue and a projected $330 million at full deployment.

Total assets including crypto, cash and equity stakes amount to $12.9 billion. Cash stands at around $1.1 billion. Strategic equity positions include a $200 million stake in Beast Industries and $107 million in Eightco Holdings, notable for being among the few listed equities with direct OpenAI exposure.

Bitmine ranks second globally among crypto treasuries behind Strategy and first among ETH holders.

The company’s stock, which was uplisted on the NYSE on April 9, averaged $1.2 billion in daily trading volume over the past five days, ranking 80th among all US-listed equities.