Bitmine Nears 5% Ethereum Supply Goal With $11.6B ETH Treasury

Bitmine Immersion Technologies has significantly expanded its Ethereum treasury, revealing Monday that it now holds 5.28 million ETH as of May 17 — equivalent to roughly 4.37% of Ethereum’s circulating supply.

With ether priced around $2,191 at the time of disclosure, the company’s holdings are estimated to be worth approximately $11.6 billion. The milestone cements Bitmine’s status as the largest publicly known corporate holder of ETH and places it second among corporate crypto treasuries overall, trailing only Strategy and its massive bitcoin reserves.

The company added another 71,672 ETH over the past week alone, bringing it closer to its long-term objective of controlling 5% of Ethereum’s total supply. That target would require Bitmine to accumulate around 6.03 million ETH, a milestone chairman Tom Lee expects the company to achieve sometime next year.

Most of Bitmine’s ether is already generating yield. The company disclosed that approximately 4.71 million ETH — nearly 89% of its total holdings — has been committed to staking operations. Based on current returns of around 2.8%, the staking strategy is projected to produce roughly $289 million in annualized revenue.

Bitmine believes those returns could climb further once its entire ETH position is fully deployed through MAVAN, the company’s institutional staking platform. The network, known as the Made in America Validator Network, was initially designed to support Bitmine’s expanding Ethereum treasury and is now becoming a core part of its long-term infrastructure strategy.

Alongside its ether holdings, the company reported $685 million in cash reserves and several speculative investments outside its main treasury strategy. These include 202 BTC, a $200 million exposure to Beast Industries, and an $83 million stake in Eightco Holdings.

Shares of Bitmine Immersion Technologies ended Friday’s session at $19.87, falling nearly 10% on the day despite the company’s continued expansion into Ethereum accumulation and staking operations.