- Bitmine purchased another 17,362 ETH worth nearly $47 million, bringing its total holdings to 6,001,302 ETH valued at approximately $16.2 billion.
- The company now controls about 4.9% of Ethereum’s 122.1 million circulating supply, putting it 98% of the way toward its “Alchemy of 5%” target.
- Bitmine has staked 5,067,309 ETH worth around $13.7 billion, with projected annual staking revenue of approximately $358 million at the current yield.
Bitmine Immersion Technologies has crossed the six million ETH mark as Tom Lee’s company moves closer to its goal of holding 5% of Ethereum’s circulating supply.
The company acquired another 17,362 ETH over the past week, worth just under $47 million using a snapshot price of $2,698.
As of Friday afternoon, Bitmine held 6,001,302 ETH worth approximately $16.2 billion.
That represents about 4.9% of Ethereum’s 122.1 million circulating supply. Bitmine says it has now completed 98% of its “Alchemy of 5%” accumulation target just 15 months after beginning the strategy.
Bitmine Stakes More Than 5 Million ETH
Bitmine has staked 5,067,309 ETH, representing approximately 84% of its Ethereum holdings.
The staked position is worth around $13.7 billion and is primarily deployed through MAVAN, Bitmine’s institutional staking platform.
At a seven-day annualized yield of 2.62%, Lee estimates Bitmine’s current staking position could generate approximately $358 million in annual revenue.
That figure could rise to around $424 million if the company eventually stakes its entire Ethereum position.
“Bitmine has staked more ETH than other entities in the world,” Lee said.
Bitmine has continued purchasing Ethereum every week since launching its treasury strategy on June 30, 2025.
Total Holdings Reach $17.2 Billion
Bitmine’s total holdings are valued at approximately $17.2 billion when its Ethereum position and other assets are combined.
Beyond its six million ETH, the company holds 213 BTC and approximately $672 million in cash and marketable securities.
Bitmine also holds two equity investments it describes as “moonshots.”
Those include a $180 million position in Beast Industries and a $115 million investment in Eightco, which Bitmine describes as one of the few publicly listed vehicles providing indirect exposure to OpenAI.
The company is now the largest corporate Ethereum treasury and the second-largest corporate crypto treasury overall behind Strategy.
Tom Lee Expects More Institutional Crypto Demand
Ethereum currently trades around $2,700, but Lee remains positive about the broader crypto market.
He said a crypto bull market began in late June and argued that institutions remain underweight digital assets.
“In our view, institutions are still underweight crypto and we expect them to be adding to their exposure in the final months of 2026,” Lee said.
Bitmine’s backers include ARK’s Cathie Wood, Founders Fund, Pantera, Kraken, Galaxy Digital and Bill Miller III.
With more than six million ETH accumulated, Bitmine now needs roughly another 100,000 ETH to reach the approximately 6.1 million tokens represented by its 5% target based on the cited circulating supply.
