Bitmine Tops 6 million ETH, Holds Nearly 5% of Ethereum Supply

Bitmine holds 6,001,302 ETH, worth about $16.1 billion, equal to more than 4.9% of Ethereum’s circulating supply, according to The Block’s report of the company’s statement.

The holding makes Bitmine the largest Ethereum treasury company by a wide margin. It also places a substantial share of circulating ETH under the control of one company, though the available data does not show how much of that supply is available to trade.

A 17,362 ETH weekly purchase

Bitmine acquired 17,362 ETH during the week since its Sept. 21 update. At current prices, the purchase is worth about $46.7 million. The company did not disclose the average purchase price.

The latest addition took Bitmine’s total to 6,001,302 ETH, which the company reached in under 15 months. Bitmine described the result as 98% of the way toward its “Alchemy of 5%” supply target.

Tom Lee said the company was already seeing what he called synergies and positive network effects from holding nearly 5% of total ETH supply. That claim has not been independently tested in the available reporting.

Most of the position is staked

Bitmine has staked 5,067,309 ETH, worth $13.6 billion. That is 84% of its holdings, based on the company’s figures reported by The Block. Lee said the company has staked more ETH than any other entity.

Bitmine’s staking operations produced a seven-day annualized yield of 2.62%. Lee projects annualized staking revenue of $358 million, rising to $424 million if all of Bitmine’s ETH becomes staked through MAVAN and its staking partners.

Staking locks the tokens from liquid use, but the reported yield and balance sheet are not enough to determine the effect on Ethereum’s available liquidity. A holder can stake ETH without permanently removing it from circulation, yet it cannot be sold or used in the same way while staked.

The difference matters. Bitmine’s 6.0 million ETH equals 4.9% of circulating supply, but its 934,000 unstaked ETH equals less than 1%, using the reported figures. The broader market impact would depend on how much of that unstaked balance is sold, lent or used as collateral, details the report does not provide.

The concentration gap is widening

SER data places Sharplink second among Ethereum treasury holders with about 888,938 ETH, followed by The Ether Machine with 496,712 ETH. Bitmine’s position is more than six times the size of Sharplink’s and 12 times the size of The Ether Machine’s, using those reported figures.

Bitmine is also the second-largest public crypto treasury company overall. Strategy held 847,666 BTC, worth $70.6 billion, after its latest weekly purchase, ahead of Bitmine in total asset value.

The figures show concentration in corporate ETH treasuries. They do not show whether Bitmine’s holdings are restricting trading depth or tightening liquidity. No independent order-book or market-depth data was available for that assessment.

The concentration is visible in the supply. The liquidity effect remains unmeasured. Bitmine could reduce that gap by selling unstaked ETH, but its latest purchase moved it in the opposite direction.