In brief
- Bitmine owns 6,001,302 ETH, valued around $16.2 billion, which is approximately 4.9% of the total circulating supply.
- Since June 30, 2025, the company has been purchasing Ethereum weekly, having acquired 17,362 tokens worth roughly $47 million just last week.
- Over five million of these tokens are currently staked, yielding an annualized rate of 2.62% over the past week.
Bitmine Immersion Technologies has reached a significant milestone, holding six million ETH, bringing Tom Lee’s company closer to its goal of capturing 5% of the total supply, which they’ve been aiming for since mid-2025.
The company secured 17,362 ETH in the last week, translating to nearly $47 million based on a snapshot price of $2,698 that was noted in its press materials. As of Friday afternoon, it had 6,001,302 ETH, valued at about $16.2 billion, which represents about 4.9% of the available 122.1 million tokens. Bitmine refers to this aim as the “Alchemy of 5%,” claiming it’s reached 98% of that target in just 15 months.
When factoring in other assets, Bitmine’s total holdings jump to $17.2 billion. This includes 213 BTC, $672 million in cash and marketable securities, and equity stakes—$180 million in Beast Industries and $115 million in Eightco, a firm that Bitmine highlights as a rare public investment option for indirect exposure to OpenAI.
Bitmine’s staking business
Bitmine has staked 5,067,309 ETH, accounting for 84% of its total holdings, worth approximately $13.7 billion, primarily using its own institutional staking platform, MAVAN. This platform was initially created for its treasury and has since become available to external investors.
With a 7-day annualized yield of 2.62%, Lee projects the current staking revenue could total around $358 million annually, which could rise to $424 million if all holdings are staked. He claims, “Bitmine has staked more ETH than any other organization in the world.”
Since implementing this strategy on June 30, 2025, Bitmine has consistently added to its Ethereum holdings, a record Lee asserts is “unmatched by any public company globally.”
Currently, ETH is trading near $2,700, which is considerably lower than its peak values. However, Lee suggests it’s been the top-performing macro asset recently, having outstripped the S&P 500 by around 67 percentage points since late June.
Lee observes a shift in the market. He believes a crypto bull run started in late June and mentions, “In our view, institutions remain underexposed to crypto and we anticipate they will ramp up their additions in the last months of 2026.”
Bitmine has now become the largest Ethereum treasury and the second-largest corporate crypto treasury overall, following behind Strategy, which holds 847,666 BTC worth nearly $71 billion. Notable investors include ARK’s Cathie Wood, Founders Fund, Pantera, Kraken, Galaxy Digital, and Bill Miller III.
