Bitmine has bought an additional 26,497 ether worth about $52 million, raising its total holdings to 5,416,901 ETH, the company said Monday. At current market prices, the ether treasury is valued at roughly $10.6 billion, making Bitmine the second-largest corporate holder of digital assets after Strategy, which reportedly controls more than $60 billion in bitcoin.
The firm now holds about 4.49% of Ethereum’s estimated 120.7 million circulating supply. Bitmine aims to own 5% of all ether by 2026, a target it has pushed back from an earlier goal of July this year after a period of rapid accumulation.
Market backdrop and stock performance
Ether is trading near $1,978, down about 30% since the start of the year and roughly 60% below its all-time high of $4,946. The broader digital asset market has been under pressure even as major equity benchmarks remain near record levels.
Bitmine’s stock trades around $19 per share, down 1.40% on the day and 39% year-to-date, underscoring skepticism over the firm’s aggressive digital asset strategy despite its growing on-chain footprint.
Accumulation strategy and recent activity
Bitmine added nearly 112,000 ETH in the past week alone, stepping up purchases as Ethereum’s price dipped. Chairman Tom Lee has described the company’s approach as opportunistic accumulation during periods of market weakness, arguing that current prices do not reflect Ethereum’s underlying fundamentals.
The company’s target of owning 5% of ether’s circulating supply would require continued large-scale buying over the next two years, potentially tightening available supply if the pace is sustained.
Staking operations and revenue
Of Bitmine’s 5.4 million ETH, about 4.7 million coins are currently staked, generating annualized revenue of roughly $258 million based on a recent seven-day yield of 2.73%, according to company disclosures.
Filings show Bitmine stakes primarily through external partners alongside its Made in America Validator Network. The firm projects that once its full ether treasury is staked, annualized rewards could reach about $296 million at current yield levels, creating a recurring revenue stream less dependent on spot price moves.
Balance sheet and other holdings
Beyond ether, Bitmine holds 203 bitcoin, a $180 million stake in Beast Industries, a $93 million position in Eightco Holdings, and approximately $446 million in cash.
The combination of large ether reserves, diversified digital asset exposure, and substantial cash holdings positions the company as one of the most visible corporate participants in the crypto market.
Listing status and institutional backing
Bitmine completed its uplisting to the New York Stock Exchange from NYSE American on April 9. The move was supported by prominent institutional backers, including Ark Invest, Founders Fund, and Pantera.
While the company’s balance sheet and on-chain presence have expanded, the disconnect between its growing ether position and its declining share price highlights ongoing uncertainty among market participants over the long-term payoff of aggressive crypto accumulation strategies.
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