Bitmine Expands Ethereum Holdings by $47M, Approaches 5% Supply

Bitmine's Significant Ethereum Acquisition

Bitmine Immersion Technologies has elevated its Ethereum holdings to 6,001,302 ETH, valued at approximately $16.2 billion, representing 4.9% of the total circulating supply of 122.1 million tokens. This increase follows a recent acquisition of 17,362 ETH, worth nearly $47 million, as part of the company’s ongoing strategy to reach a 5% supply target, dubbed the "Alchemy of 5%." This initiative has been in place since mid-2025.

The firm has staked over 5 million ETH, which yields an annualized return of 2.62%. This staking operation is executed primarily through MAVAN, Bitmine’s own institutional staking platform. The total value of staked ETH is estimated at $13.7 billion, and if all ETH were staked, annual revenue could potentially rise to $424 million, according to CEO Tom Lee.

Bitmine's Financial Landscape

Overall, Bitmine’s asset portfolio extends to $17.2 billion, comprising Bitcoin, cash reserves, and stakes in innovative projects like Beast Industries and Eightco. The company has been adding Ethereum to its treasury on a weekly basis since the acquisition strategy began, claiming to have staked more ETH than any other organization globally.

Despite Ethereum's trading price of around $2,700—significantly lower than its peak—Lee maintains that it has been one of the best-performing macro assets this quarter, outperforming the S&P 500 by about 67 percentage points since June. He anticipates increased institutional investment in cryptocurrency as the market shifts, particularly looking toward late 2026.