BitMine Nears 5% Ethereum Supply Target as Treasury Hits $11.8 Billion

Bitmine has built its corporate strategy around accumulating Ether and generating staking income, making it one of the largest institutional holders of the cryptocurrency. The scale matters because a single company now controls nearly 5% of circulating ETH, sharpening investor focus on institutional demand, ownership concentration and the amount of Ether readily available for trading as the token outpaces Bitcoin.

In its latest weekly update as of July 21, 2026, Bitmine said it added 7,430 ETH, lifting its treasury to 5.78 million tokens, or about 4.8% of Ether’s circulating supply. Roughly 85% of the company’s ETH holdings are staked, while its combined cryptocurrency assets and cash reserves are valued at $11.5 billion.

BitMine has made Ethereum (ETH) its primary treasury asset, using continued purchases and staking to build the world’s largest Ethereum treasury. Its long-term goal is to hold close to 5% of ETH’s circulating supply. Chief Executive Tom Lee believes the Ethereum network’s applications and yield-generating capacity remain supportive, and that short-term price volatility does not alter the company’s strategy.

In the week through July 19, 2026, BitMine deployed about $92 million during a market decline to buy an additional 127,000 ETH, raising its total holdings to 5.54 million ETH. About 4.72 million ETH had been staked to earn an annualized yield. Lee described the recent selling pressure as a “surface phenomenon” unrelated to fundamentals.

BitMine is the world’s largest corporate Ethereum treasury holder and has made accumulating and staking ETH central to its asset strategy. The company aims to hold 5% of Ethereum’s total supply and is now closing in on that threshold, making its moves consequential for market liquidity, corporate crypto allocations and the Ethereum staking ecosystem.

In the latest week, BitMine bought another 76,000 ETH, lifting its holdings to 5.62 million ETH, or about 4.66% of total supply. Its treasury value at one point approached or exceeded $10 billion. The company also raised $270 million through a preferred-stock offering during the same period and staked more than 83% of its holdings. Subsequent reports showed its position had risen further to about 5.7 million ETH, worth approximately $8.9 billion.

BitMine Immersion Technologies, a publicly traded U.S. crypto treasury company, has continued adding Ether to its corporate assets. Its holdings are closing in on a target of 5% of Ethereum’s circulating supply, potentially giving a single company control over a substantial share of the token supply while allowing it to generate cash flow through staking. The strategy has drawn market attention.

According to its latest announcement, BitMine spent $237 million to buy about 110,000 ETH last week, lifting its total holdings to 5.39 million ETH, or about 4.4% of circulating supply. The company has staked about 4.7 million ETH through its MAVAN network, which it estimates could generate more than $276 million in annual cash flow. A more recent report said its holdings had surpassed 5.54 million ETH as it advances toward its 5% target by year-end.

Bitmine Immersion Technologies (BMNR) is pursuing its “Alchemy of 5%” strategy, which aims to hold 5% of the world’s ETH supply and earn returns through proof-of-stake staking. The concentration of such a large share of supply in one publicly traded company reflects its long-term bullish view on Ethereum and could also affect market liquidity and corporate crypto-asset allocation trends.

On April 23, 2026, Bitmine staked 75,600 ETH worth about $176 million after receiving 100,000 ETH valued at roughly $234 million. That brought its cumulative staked holdings to 3.471 million ETH, or 70% of its 4.976 million ETH portfolio. By May 25, the company had added another 111,942 ETH in one week, lifting total holdings to 5,390,404 ETH, or about 4.47% of supply, while raising its staking ratio to 87%.

BitMine Immersion Technologies has amassed Ether on its corporate balance sheet, aiming to control 5% of the global circulating supply while generating yield through staking. The strategy has made it the world’s largest corporate holder of ETH, while closely tying its valuation to the token’s price, regulatory developments and the risks of concentrated ownership.

BitMine said on March 23, 2026, that its total assets had reached $11 billion and that it held 4,660,903 ETH, equal to 3.86% of supply. It added 65,341 tokens worth about $138 million in one week. Holdings had exceeded 5.18 million tokens by May 7. Chairman Tom Lee said the company would slow its purchases as it approached the 5% target and viewed the CLARITY Act as a positive catalyst.

Bitmine Immersion Technologies is shifting fully from bitcoin mining to Ethereum treasury management and staking. It currently holds more than 4.87 million ETH, with its strategy centered on token appreciation and staking yields. Similar to MicroStrategy’s approach, the heavy concentration in a single asset leaves its financial performance directly exposed to swings in ETH prices.

Bitmine’s latest 10-Q showed that ETH staking revenue rose sevenfold from the previous period in the first quarter of 2026. However, falling ETH prices generated a $3.78 billion unrealized loss, contributing to a quarterly net loss of about $3.8 billion. The filing also disclosed an average acquisition price of about $3,794 per ETH, underscoring the concentrated exposure created by its continued buying strategy.