BitMine Nears 5% of Total Ether Supply With 5.9 Million ETH Holdings
Key Takeaways
- •BitMine Immersion Technologies holds 5.9 million ETH, making it the world's largest corporate holder of Ether at about 4.9% of total supply.
- •The company's recent purchase of 53,501 ETH extended its buying streak to 65 consecutive weeks, and it is 98% of the way to its 5% supply target.
- •At an ETH price of roughly $2,500, BitMine's stake is worth approximately $14.8 billion.
- •BitMine has staked about 5.07 million ETH, or 86% of its holdings, with projected annualized staking revenue of around $335 million.
- •According to EverStake, staking now generates 60% of revenue for Ethereum treasury firms.
BitMine Immersion Technologies has amassed 5.9 million Ether, making it the world's largest corporate holder of ETH and putting it within reach of controlling 5% of Ethereum's total supply.
The company recently purchased an additional 53,501 ETH, extending its buying streak to 65 consecutive weeks. According to the company, its holdings now represent about 4.9% of Ethereum's 120.7 million ETH supply.
At an ETH price of roughly $2,500, the stake is worth approximately $14.8 billion. BitMine says it is 98% of the way toward its target of owning 5% of all ETH — a threshold that would require about 6 million tokens.
The scale of the position sets BitMine apart from a conventional corporate crypto treasury. It mirrors, at far greater speed and concentration, the playbook pioneered by MicroStrategy (now Strategy) with Bitcoin — a publicly traded company financing persistent purchases of a single crypto asset — but applies it to Ethereum, where BitMine is becoming one of the largest single holders, with a strategy built around accumulating and staking ETH rather than simply holding it.
BitMine's chairman, Tom Lee, said Ether, Bitcoin (BTC) and Solana (SOL) have been the three best-performing major assets since June 30, with ETH leading the gains. "We believe this sets the stage for institutions to add to their crypto holdings given the substantial…" pic.twitter.com/NaGZmqCPX3 — BitKE (@BitcoinKE) September 3, 2026
BitMine has already staked about 5.07 million ETH, or 86% of its holdings, generating an annualized staking revenue projection of about $335 million. Staking also serves a functional role on Ethereum: staked ETH helps secure the network, and the total amount staked network-wide affects reward rates, so a position of BitMine's size shifts the staking landscape as well as the circulating supply.
The accumulation raises a broader question for Ethereum: how much influence can a single publicly traded company gain by steadily taking ETH out of the market and putting it to work on the network? The question of concentration is one Ethereum watchers have tracked before — large staking pools and exchange custody have historically accounted for significant shares of staked ETH — but a single corporate treasury approaching 5% of total supply marks new territory for the network.
A related development: staking is now generating 60% of revenue for Ethereum treasury firms, according to EverStake.
