BitMine Immersion Technologies has lifted its Ethereum treasury to 5,847,611 ETH, worth about $14.7 billion at the prices used in its latest update, bringing the company within roughly 187,000 ETH of its stated goal to hold 5% of Ethereum’s supply.
The company said it acquired another 32,447 ETH during the past week, a purchase valued at approximately $81.5 million at current prices. BitMine did not disclose the average price paid for the additional ether. The update, released Monday, followed its previous holdings report on Aug. 17.
With Ethereum’s circulating supply estimated at about 120.7 million ETH, BitMine’s position represents roughly 4.8% of the total. The scale puts the company far ahead of other publicly disclosed Ethereum-focused treasury holders tracked by Strategic ETH Reserve, including SharpLink, with about 863,020 ETH, and The Ether Machine, with about 496,712 ETH.
BitMine moves closer to its 5% target
BitMine has branded its accumulation strategy the “Alchemy of 5%,” a plan overseen by chief executive officer Chi Tsang. At 5,847,611 ETH, the company would need about 187,400 additional ETH to reach a 6.035 million ETH target, based on the figures it disclosed.
That remaining amount is substantial in dollar terms—roughly $470 million using the implied ETH price from BitMine’s latest figures—but it is far smaller than the position the company has already assembled. The company’s pace of buying will be closely watched as it approaches a threshold few corporate treasuries have attempted in any major digital asset.
BitMine reported total holdings of crypto, cash, marketable securities and other investments worth $14.9 billion. Ether accounts for nearly all of that figure. Beyond ETH, the company disclosed holdings of 210 BTC, valued at $16.6 million as of Aug. 23, as well as an $89 million stake in Eightco Holdings and a $180 million stake in Beast Industries. Cash and marketable securities totaled $308 million.
The treasury’s concentration makes BitMine unusually exposed to Ethereum’s market performance. A sharp rise in ETH would quickly add to the reported value of its balance sheet, while a decline would have the opposite effect. The company’s strategy also increasingly depends on staking income rather than simply holding a large spot position.
More than 5 million ETH has been staked
BitMine said 5,067,309 ETH of its holdings had been staked, with a reported value of about $12.7 billion. That means approximately 87% of the company’s 5.85 million ETH position was earning staking rewards, according to chairman Tom Lee.
Staking involves locking ETH to help secure the Ethereum network in exchange for protocol rewards. For a holder operating at BitMine’s scale, the difference between leaving tokens idle and placing them into staking arrangements can amount to hundreds of millions of dollars annually.
Lee said BitMine’s seven-day BMNR yield was 2.67% on an annualized basis and cited projected annualized ETH staking rewards of $381 million, assuming the company fully stakes its holdings through MAVAN and other partners. He separately cited projected annualized staking revenue of $330 million.
The two projected figures appear to reflect different assumptions or staking bases, though BitMine did not detail the calculation behind each estimate in the information provided. The more immediate takeaway is that the company has moved most of its ether into yield-generating arrangements while retaining a sizable portion outside staking.
That structure may give BitMine additional financial flexibility as it continues accumulating ETH. Staked tokens can generate recurring rewards, but staking arrangements can also involve withdrawal timing, validator operations and counterparty considerations when external providers are involved.
Ether’s rally magnifies the treasury strategy
Lee said ETH rose 30% over the past week, describing the move as the asset’s largest weekly gain since May 2025. He also pointed to July 2021 as an earlier period with a comparable weekly advance.
The rally amplified the dollar value of BitMine’s treasury and reduced the amount of ETH it needs to buy to reach its percentage-of-supply goal, though it also makes each remaining token more expensive in dollar terms. At the implied price of roughly $2,500 per ETH in the company’s update, its remaining target would require hundreds of millions of dollars in additional purchases.
BitMine’s disclosed holdings are large enough to stand alongside the biggest public crypto treasury strategies, though the company remains well behind Strategy in total dollar scale. Strategic ETH Reserve listed Strategy with 840,447 BTC valued at $65.8 billion, equal to roughly 4% of Bitcoin’s fixed 21 million supply cap.
The comparison illustrates how different the two treasury models are. Strategy has accumulated Bitcoin over years through a combination of share issuance, convertible debt and other financing. BitMine is pursuing a much larger share of Ethereum’s circulating supply while seeking to generate income from the assets it holds.
A corporate holder owning nearly one in every 20 circulating ETH would occupy a distinct position in Ethereum’s market structure. BitMine’s progress toward its target now depends less on announcing the strategy and more on whether it can continue funding purchases without materially changing the risk profile of its balance sheet.
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