Bitmine Builds $13.3B Ethereum Treasury, Targets 5% of Total ETH Supply

According to CoinDesk, Bitmine Immersion Technologies has amassed an Ethereum treasury valued at $13.3 billion and is aiming to control 5% of ETH's total supply. Market attention has centered on the $1,800 level. On April 28, the Ethereum Polymarket contract was priced above $1,800, with the outcome marked 100% "Yes". The market is treating Bitmine's accumulation as a constructive signal for Ethereum's role as a reserve asset, and traders continue to watch for sustained pricing above $1,800. Bitmine's footprint in Ethereum's proofofstake ecosystem, via its MAVAN infrastructure, has also fed expectations that $1,800 is effectively priced in. On April 28, reported USDC trading activity showed an actual volume of $8,140 and a notional value of $10,388. Prices saw a maximum move of a 50-point drop before rebounding quickly, suggesting the market absorbed a modest shock without a broader repricing. Across submarkets, the April 28 term structure was described as consistent, with no meaningful divergence in confidence levels. Bitmine is now described as the largest corporate holder of ETH, surpassing the Ethereum Foundation. Observers note the size of its position could affect consensus dynamics and broader market behavior. With a stated 100% approval rate, traders are viewing Bitmine's holdings as a potential stabilizer that could reduce near-term volatility risk. Market participants are advised to track Bitmine's announcements and any shifts in staking operations, as changes in strategy or ETH holdings could ripple through the wider Ethereum market. Regulatory developments around corporate cryptocurrency holdings are also a key swing factor for sentiment.