Bitmine Nears 5% Ethereum Ownership as Treasury Swells to 5.77 Million ETH
Bitmine Immersion Technologies has further expanded its Ethereum holdings, increasing its treasury to 5.77 million ETH, a stash valued at approximately $10.5 billion based on an ETH price of $1,820. The latest accumulation gives the company control of nearly 4.8% of Ethereum's circulating supply, reinforcing its status as the largest corporate holder of the cryptocurrency.
According to the company, the treasury grew by 27,801 ETH over the past week, bringing Bitmine within striking distance of its long-term objective of owning 5% of Ethereum's total supply. With Ethereum's circulating supply estimated at around 120.7 million ETH, the company says it has already achieved roughly 96% of that milestone.
Bitmine Chairman Tom Lee said the company remains committed to aggressively expanding its ETH reserves, citing growing real-world adoption of Ethereum. He pointed to the recent launch of Robinhood Chain as a key example, noting that millions of users are now interacting with blockchain applications where transaction fees are paid in ETH.
The company's Ethereum strategy is also generating passive income. Bitmine disclosed that 4.92 million ETH, representing more than 85% of its total holdings, has been committed to staking. Its staking operations currently produce a 2.70% seven-day yield, with projected annualized staking revenue estimated at $242 million. The company expects that figure could increase to roughly $284 million as its MAVAN validator infrastructure continues to scale.
In addition to its Ethereum treasury, Bitmine maintains a diversified digital asset portfolio. The company reported ownership of 206 BTC, along with strategic equity investments including a $180 million position in Beast Industries and a $69 million stake in Eightco Holdings. It also holds approximately $482 million in cash and marketable securities.
Despite the company's continued accumulation, Ethereum traded lower on Monday, slipping nearly 2% over the previous 24 hours to around $1,766. Even so, the cryptocurrency remains one of the market's most closely watched assets as institutional participation continues to grow.
Bitmine's stock also posted modest gains, with BMNR ending Friday's trading session at $14.98, up nearly 2% on the day. The company's expanding Ethereum treasury places it behind only Strategy's massive Bitcoin reserves among publicly known corporate crypto holdings.