BitMine Nears 5% of Ethereum Supply After Buying 28,086 ETH
BitMine Immersion Technologies has expanded its Ethereum treasury to nearly 5% of the network’s total ETH supply after purchasing another 28,086 ETH. The latest acquisition takes the company’s holdings to 5.93 million ETH, reinforcing its position as the largest publicly listed Ethereum treasury.
BitMine Adds Another $70M in ETH
BitMine purchased 28,086 ETH during the week ending September 7. At the company’s reference price of $2,495 per ETH, the purchase was worth approximately $70 million.
The latest purchase brings BitMine's Ethereum holdings to:
- 5,929,198 ETH
- About 4.9% of Ethereum's 122 million ETH supply
- Approximately $14.8 billion in ETH at the reported reference price
- Roughly 171,000 ETH short of the 5% milestone
BitMine says it has now completed about 97% of its goal to accumulate 5% of Ethereum's supply.
BitMine Has Bought ETH Every Week
The company says its aggressive Ethereum accumulation strategy has continued every week since it launched its ETH Treasury Strategy on June 30, 2025.
The latest purchase follows a previous acquisition of 53,501 ETH, showing that BitMine continues to build its position even amid fluctuations in ETH's market price.
More Than 5 Million ETH Is Already Staked
BitMine is not simply holding its Ethereum.
The company reported that 5,067,309 ETH, or approximately 85% of its total holdings, is already staked through its MAVAN platform and external staking partners.
BitMine estimates that its current staking position could generate around $330 million in annualized revenue, based on a reported 2.61% seven-day annualized yield. If the company's entire ETH balance were eventually staked at the same rate, it estimates annual rewards could reach roughly $386 million.
These are projections, not guaranteed returns, because staking yields can change with Ethereum network conditions and validator participation.
BitMine's Total Assets Reach $15.7B
Ethereum represents the majority of BitMine's treasury, but the company also holds other assets.
As of September 7, BitMine reported:
| Asset | Holdings / Value |
|---|---|
| Ethereum | 5.93M ETH |
| Bitcoin | 211 BTC |
| Cash & marketable securities | $593M |
| Beast Industries stake | $180M |
| Eightco Holdings stake | $91M |
| Total reported holdings | $15.7B |
Tom Lee Remains Bullish on Ethereum
BitMine Chairman Tom Lee continues to argue that Ethereum could benefit from several long-term trends, including tokenization, stablecoins and blockchain-based AI applications.
Lee has also pointed to expected U.S. crypto legislation and increasing institutional interest as potential catalysts for digital assets. These views represent his market outlook rather than guaranteed future developments.
Why BitMine's Strategy Matters
BitMine's strategy represents one of the largest corporate bets on Ethereum.
By accumulating almost 5% of ETH supply and staking most of its holdings, the company is effectively combining:
ETH price exposure + staking income + long-term Ethereum adoption
However, the strategy also creates significant concentration risk. A major decline in ETH could materially reduce the value of BitMine's treasury, while staking revenue may not fully offset price losses.
What Happens If BitMine Reaches 5%?
At the current supply estimate, owning 5% of approximately 122 million ETH would require about 6.1 million ETH.
With 5.93 million ETH already held, BitMine needs roughly another 171,000 ETH to reach that level, although the exact amount can change as Ethereum's total supply changes.
If the company continues purchasing at a similar pace, the 5% milestone could become increasingly close.
What Investors Should Watch
The major factors to monitor are:
- BitMine's next ETH purchases
- Whether it reaches the 5% supply target
- ETH price performance
- Staking yield and revenue
- BitMine's BMNR stock performance
- Institutional demand for Ethereum
- Growth in tokenization and stablecoins
FAQ
How much Ethereum does BitMine own?
BitMine holds 5,929,198 ETH, representing approximately 4.9% of Ethereum's total supply based on the company's September 7 figures.
How much ETH did BitMine recently buy?
The company purchased 28,086 ETH, worth roughly $70 million at its reported reference price.
How much of BitMine's ETH is staked?
Approximately 5.07 million ETH, or around 85% of its holdings, is currently staked.
Is BitMine trying to control Ethereum?
No. Its stated objective is to accumulate 5% of Ethereum's supply as a treasury strategy. Holding 5% of ETH does not give the company control over the Ethereum network's governance or protocol.
Final Take
BitMine's latest 28,086 ETH purchase brings the company closer to one of the most ambitious corporate crypto treasury targets to date.
With 5.93 million ETH, nearly 5% of total supply, and more than 5 million ETH already staked, BitMine is making Ethereum the core of its corporate strategy.
The approach could benefit significantly if ETH appreciates and staking remains profitable, but the concentration also exposes the company to substantial cryptocurrency price risk.
