Ethereum (ETH) is trading at $2,277 as of 28 April 2026, following significant institutional activity. The price represents a steep decline from its all-time high of $4,953.73 reached on 24 August 2025. However, the asset remains up 27-66% year over year amid Bitcoin's surge past $76,000.
Meanwhile, Bitmine Immersion Technologies (NYSE: BMNR) announced on 28 April 2026, that its Ethereum holdings have reached an unprecedented 5,078,386 ETH, representing 4.21% of the total 120.7 million ETH supply. Valued at approximately $12 billion at current prices, this milestone pushes the company's total crypto, cash, and equity holdings to $13.3 billion.
The current price action comes as institutional investor Bitmine accumulates a record-breaking 5 million ETH and spot Ethereum ETFs experience their strongest inflows in two months, suggesting underlying demand despite recent volatility.
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BITMINE LOCKS 74% Of Treasury In Yield Play
Bitmine Immersion Technologies (NYSE: BMNR), the world's largest Ethereum treasury company, chaired by Tom Lee, staked 112,040 ETH worth $260.13 million on 23 April in a single four-hour transaction via Lido Finance.
The move raised the firm's staked Ethereum to approximately 70% of its holdings, exceeding 160,000 ETH.
Two days later, on 25 April 2026, Bitmine staked an additional $259 million in ETH through eight transactions via Coinbase Prime, bringing total staked holdings to 3,701,589 ETH, representing 74.38% of its nearly 5 million ETH treasury valued at several billion dollars.
Bitmine's Move signals institutional confidence in Ethereum's proof-of-stake yields.
Staking involves locking ETH to validate transactions on Ethereum's proof-of-stake (PoS) network, which transitioned from energy-intensive mining in 2022's "Merge" upgrade. Validators who lock at least 32 ETH earn rewards for processing transactions and securing the network.
Bitmine uses liquid staking protocols, including Lido Finance and Coinbase Prime, which issue tradeable tokens (such as stETH) that represent staked assets. This approach maintains liquidity for decentralized finance (DeFi) applications while accruing staking yields.
The aggressive staking comes amid significant financial pressure on Bitmine. Recent quarterly reports showed revenue in the low tens of millions but net losses in the billions. The company has pivoted from cryptocurrency mining hardware to positioning itself as an Ethereum investment vehicle.
Earlier in April, Bitmine staked 61,232 ETH, valued at $142 million, increasing total staked holdings to 3,395,869 ETH, valued at $8.7 billion, approximately 2.8% of all staked Ethereum on the network. The firm operates through the Made in America Validator Network (MAVAN), emphasizing US-based, regulatory-compliant staking infrastructure.
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