BitMine Adds 8,573 ETH, Reaches 4.9% of Ethereum Supply

BitMine Immersion Technologies has added another 8,573 ETH to its treasury, bringing its total Ethereum holdings to 6,060,506 ETH. The latest purchase puts the company close to controlling 5% of Ethereum’s circulating supply, reinforcing its position as the largest publicly listed Ethereum treasury.

The company, chaired by Fundstrat co-founder Tom Lee, now holds approximately 4.9% of Ethereum’s 122.2 million circulating ETH. BitMine has continued purchasing ETH every week since launching its Ethereum treasury strategy on June 30, 2025.

Its latest update also puts the company’s total assets at approximately $14.5 billion, including its Ethereum holdings, smaller Bitcoin reserves, cash, and investments in other companies.

BitMine moves closer to its 5% Ethereum target

BitMine’s latest purchase brings its ETH holdings to 6,060,506 tokens. Its stated goal, known as the “Alchemy of 5%,” is to accumulate 5% of Ethereum’s total supply.

At a circulating supply of 122.2 million ETH, that target represents approximately 6.11 million tokens. BitMine is therefore around 49,500 ETH away from reaching its stated goal.

The company has maintained a steady buying strategy since June 2025, adding Ethereum through weekly purchases rather than relying on a single large acquisition. Its accumulation has made it one of the most significant corporate holders of ETH.

In its previous update on October 26, BitMine reported holdings of 6,051,933 ETH, meaning the latest purchase increases its treasury by another 8,573 tokens. Altcoin Buzz previously covered BitMine’s progress toward the 5% supply target.

86% of BitMine’s ETH is staked

BitMine is also putting most of its Ethereum holdings to work through staking. Approximately 86% of its ETH treasury is currently staked, allowing the company to earn rewards for helping secure the Ethereum network.

The company projects around $358 million in annualized staking revenue at its current staking level. It expects this figure could increase to approximately $415 million as more of its holdings are deployed through its staking operations.

A central part of this strategy is MAVAN, short for Made in America VAlidator Network. BitMine developed the platform to support its own Ethereum treasury before expanding it to serve institutional investors, custodians, and ecosystem partners.

These revenue figures are projections, not guaranteed earnings. Actual staking rewards can change depending on network conditions, validator performance, staking participation, and ETH prices.

Ethereum staking is also growing across the wider network. Bitwise data recently showed that total staked ETH reached a record 43.8 million in Q3 2026, representing 35.9% of supply, while gross staking yields declined to 2.63%. Altcoin Buzz examined the record staking figures and falling yields in its recent report.

Bitcoin and other investments add to BitMine’s assets

Ethereum remains the core of BitMine’s treasury, but the company also holds smaller amounts of Bitcoin and investments outside the crypto market.

Its reported portfolio includes stakes in Beast Industries and Eightco Holdings, alongside cash and other financial assets. Together, these holdings contribute to BitMine’s reported total asset value of approximately $14.5 billion.

This broader portfolio means the company is not solely dependent on Ethereum staking rewards. However, ETH remains the dominant asset in its treasury, making its overall financial position closely tied to Ethereum’s market performance.

Tom Lee’s Ethereum strategy continues

BitMine’s continued accumulation reflects Tom Lee’s long-term conviction in Ethereum. The company is positioning itself around the growth of Ethereum-based financial infrastructure, including staking, tokenization, and institutional blockchain adoption.

Its strategy also highlights the growing role of publicly traded companies as major holders of digital assets. While Bitcoin treasury companies have attracted much of the attention, BitMine is pursuing a similar approach with Ethereum.

Reaching 5% of Ethereum’s supply would be a significant milestone for the company. However, the concentration of such a large amount of ETH in one corporate treasury also raises questions about market exposure, liquidity, and the influence of large holders.

For now, BitMine continues to accumulate ETH while expanding its staking operations. Its next milestone is clear: reaching the 5% supply target and growing the revenue generated from its Ethereum holdings.