Key Takeaways
- Bitmine now holds 5,983,940 ETH, roughly 4.9% of ether’s circulating supply.
- Bitmine has staked $13.6 billion in ETH, turning its treasury into a major revenue engine.
- Tom Lee says Bitmine is 98% toward its 5% ETH goal, with about 121,000 tokens left.
One Company Is Closing In on 5% of All ETH
There are roughly 122.1 million ETH circulating worldwide, and Bitmine Immersion Technologies now owns 5,983,940 of them. Put another way, nearly one out of every 20 ether belongs to a single publicly traded company. On Monday, Bitmine announced it added another 27,562 ETH last week, extending a buying streak that hasn’t missed a week since June 30, 2025.
At $2,688 per ETH, the stash is worth about $16.1 billion. And the finish line is suddenly close. Bitmine needs roughly another 121,000 ETH to reach its long-advertised goal of owning 5% of the circulating supply.
The $13.6 Billion Pile Is Already Working
Alongside this, simply owning nearly 6 million ETH isn’t really the business anymore. Bitmine has already staked 5,067,309 ETH, about 85% of its treasury, and $13.6 billion at Sunday’s reference price. Most runs through MAVAN, Bitmine’s institutional staking operation.
The company says its own operations generated a 2.62% seven-day annualized yield, putting projected annual staking revenue at $357 million. Stake the entire ETH pile at the same rate and management estimates that figure reaches $421 million. That means a treasury strategy that began as relentless accumulation is turning into a sizable operating business.
Lee Says the Crypto Bull Market Is Already Here
Additionally, Bitmine’s bet leaves an enormous amount riding on one volatile asset. Alongside its ETH, the company holds 212 bitcoin, $714 million in cash and marketable securities, plus stakes in Beast Industries and Eightco Holdings. Altogether, Bitmine values its crypto, cash and “moonshot” holdings at $17.1 billion.
While holding all of that, crypto bull Tom Lee isn’t sounding cautious.
“We believe a crypto bull market is underway, having started in late June, driven by a multitude of factors including the rotation from AI back to crypto, strengthening crypto fundamentals centered around both tokenization and AI and lastly, the ending of the 4-year cycle. With only little more than a week left in calendar third quarter (3Q26), the outperformance of ethereum as a macro asset continues to strengthen. Quarter to date, ETH is outperforming by 6,519bp, dwarfing other macro assets,” Lee emphasized.
The Last 121,000 ETH
The traditional finance (TradFi) market has noticed Bitmine. BMNR closed Friday at $25.99, up 8.79%, after roughly 65 million shares changed hands. Yet anyone looking at the longer tape gets a reality check. BMNR stock has remained about 56% lower over the past 12 months.
Still, Bitmine is now 98% of the way toward its “Alchemy of 5%” target. Another 121,000 ETH would get it there at current supply levels. What started as a corporate treasury experiment has left Bitmine within striking distance of owning one-twentieth of the circulating ether supply. After 64 straight weeks of buying, whether the company actually stops at 5% is becoming the more interesting question.
