- Bitmine now holds 5.4 million ETH, representing roughly 4.49% of Ethereum’s total supply.
- The company added nearly 26,500 ETH in the past week and says it is 90% of the way toward its 5% ownership target.
- More than 87% of Bitmine’s Ethereum holdings are staked, generating substantial annual staking revenue.
Bitmine continues to make one of the boldest bets in crypto. While many public companies are focused on Bitcoin treasury strategies, Bitmine has concentrated heavily on Ethereum, accumulating millions of ETH and steadily moving toward an ambitious ownership target that few thought possible just a year ago.
In its latest update, the NYSE-listed company disclosed total crypto, cash, and investment holdings worth approximately $11.6 billion as of May 31. The centerpiece of that portfolio remains Ethereum. Bitmine now holds 5,416,901 ETH, giving it control of roughly 4.49% of Ethereum’s total circulating supply. According to Chairman Tom Lee, the company is now about 90% of the way toward its long-term “Alchemy of 5%” objective.
Bitmine Keeps Buying Despite Market Weakness
Even as Ethereum continues trading well below previous highs, Bitmine has shown little interest in slowing its accumulation strategy. Lee revealed that the company purchased an additional 26,497 ETH over the past week alone, further expanding its already massive position.
The buying comes during a period when Ethereum has struggled to regain key resistance levels and remains under pressure from broader market uncertainty. Rather than viewing the pullback as a warning sign, Bitmine appears to see it as an opportunity. The company has repeatedly stated that current ETH prices do not accurately reflect what it believes are Ethereum’s long-term fundamentals.
That conviction has allowed Bitmine to become the largest Ethereum treasury company in the world and the second-largest crypto treasury overall behind Strategy.
Staking Has Become a Major Revenue Engine
One of the most important differences between Ethereum and Bitcoin treasury strategies is the ability to generate yield through staking. Bitmine has taken full advantage of that opportunity.
The company reported staking 4,718,677 ETH, representing more than 87% of its total Ethereum holdings. Based on an ETH price of approximately $2,003, those staked assets are valued at roughly $9.5 billion.
According to Lee, Bitmine’s current annualized staking revenue is projected to reach approximately $258 million. If the company eventually stakes all of its Ethereum holdings through its own validator infrastructure and partner platforms, annual rewards could climb to nearly $296 million based on current yield levels.
Building Ethereum Infrastructure Alongside Treasury Holdings
Bitmine is not simply accumulating Ethereum. The company is also investing heavily in infrastructure through its Made in America Validator Network, or MAVAN. The validator platform was initially developed to support Bitmine’s own treasury operations but could eventually expand to serve institutions, custodians, and other ecosystem participants.
This strategy gives the company exposure to multiple aspects of the Ethereum ecosystem. Investors gain potential upside from ETH price appreciation while also benefiting from staking rewards and validator-related services. As institutional interest in Ethereum continues growing, infrastructure assets could become increasingly valuable.
The Race to 5% Continues
Bitmine’s “Alchemy of 5%” goal remains one of the most ambitious accumulation strategies in crypto. Reaching 5% of Ethereum’s total supply would cement the company’s position as one of the most influential participants in the network’s ecosystem.
The challenge, however, is not just acquiring more ETH. The company must also navigate market volatility, staking risks, and changing investor sentiment while maintaining its aggressive accumulation pace. Ethereum still faces technical hurdles, and many analysts believe the asset needs to reclaim higher price levels before a stronger recovery can be confirmed.
For now, Bitmine appears committed to its strategy regardless of short-term market fluctuations. While many investors remain cautious about Ethereum’s near-term outlook, the company continues adding to its position and expanding its staking operations. If Bitmine reaches its 5% supply target in 2026 as planned, it could become one of the most significant corporate holders of a digital asset ever assembled.
