Key Takeaways
- Bitmine holds 5.90M ETH, putting it at 4.9% of Ethereum’s 120.7M-token supply.
- Ethereum jumped about 33% in August while BMNR shares ripped roughly 38%.
- Bitmine hunts 5% ownership as Lee watches a mid-September Clarity Act vote.
The Connecticut-based company disclosed on Monday that its crypto, cash, marketable securities, and strategic investments totaled around $15.6 billion as of Aug. 30. Its 5,901,112 ETH stack alone represented roughly 4.9% of the Ethereum network’s 120.7 million circulating tokens, putting Bitmine about 98% of the way toward Tom Lee’s closely watched “Alchemy of 5%” target range.
Bitmine Scoops Up 53,501 ETH as the 5% Finish Line Nears
Bitmine grabbed another 53,501 ETH over the past week, keeping alive a buying streak that has run every week since the company launched its ethereum treasury strategy on June 30, 2025. The company also owns 211 bitcoin (BTC) worth $16.4 million, $541 million in U.S. dollars and marketable securities, a $180 million stake in Beast Industries, and an $81 million position in Eightco, a DAT that holds worldcoin (WLD).
The timing is hard to miss. Ethereum’s price trades near $2,450 per coin after one of its hardest runs of 2026. ETH ripped roughly 30% from the $1,800-$1,900 zone around Aug. 18-19 to the above $2,500 range days later. Even after giving back some ground over the past week, ether remains up roughly 33% over one month.
That move goes straight through Bitmine’s balance sheet and increasingly through its share price. BMNR shares closed Aug. 28 at $23.80 after dropping 7% that session, but shares still climbed roughly 38% during August alongside ether’s price rise. The stock remains about 45% lower over 12 months and nowhere near its 52-week high of $65.60.
Ethereum’s 33% August Rip Drags BMNR Higher With It
Bitmine’s massive exposure has effectively turned BMNR into a high-octane corporate proxy for ethereum. Lee has cited an 80% correlation between BMNR and ETH, which helps explain the stock’s violent rebound alongside ether and the downside shareholders face whenever the cryptocurrency rolls over.
Lee sees more behind the move than another speculative bounce. He continues to claim that ETH is the best-performing major macro asset so far in the third quarter, beating the S&P 500 by 5,430 basis points through Friday. One basis point equals one-hundredth of a percentage point.
Big-money demand has been doing plenty of the lifting. U.S. spot ether exchange-traded funds pulled in roughly $1.06 billion during August and about $1.4 billion across nine sessions beginning in mid-August. Meanwhile, shrinking ETH balances on exchanges mean fewer immediately tradable coins are sitting around waiting to be sold.
Bitmine Locks Up 86% of Its ETH as Staking Cash Piles Up
Bitmine is doing more than parking tokens on its books. With Ethereum being a proof-of-stake network, the company has staked 5,067,309 ETH, roughly 86% of its holdings, through its Made in America Validator Network, known as MAVAN, and other staking partners. Staking puts ETH to work securing the Ethereum network while earning ether rewards in return.
At ETH’s stated $2,511 valuation in Monday’s release, that staked pile was worth about $12.7 billion. Bitmine projects approximately $335 million in annualized staking revenue at a seven-day annualized yield of 2.63%. Lee explained that haul could eventually hit $390 million annually if Bitmine fully stakes its ETH through MAVAN and partners.
Ethereum’s $2,400 Line Stands Between Bitmine and More Upside
Now comes the part traders actually have to watch: whether ether can keep its August gains. Ethereum’s price remains more than 40% below year-ago levels, while heavily crowded bullish derivatives positioning leaves plenty of room for pain if the price cracks below roughly $2,400 per unit. Persistent exchange-traded fund (ETF) and treasury buying, however, could keep the comeback alive.
For Bitmine, that fight comes just as the company closes the final gap toward owning 5% of Ethereum’s supply. Lee noted that he is also watching a Clarity Act vote expected in mid-September and wagering that tokenization, institutional adoption and artificial intelligence (AI) applications can bring another wave of blockchain demand before 2026 runs out.
