Bitmine increased its Ethereum treasury to 5,983,940 ETH after adding 27,562 ETH over the past week, bringing its holdings to roughly 4.9% of Ethereum’s estimated 122.1 million ETH circulating supply. At current prices cited in the company’s latest update, the Ether position was worth about $16.3 billion, placing Bitmine far ahead of other publicly tracked Ethereum treasury companies.
The latest purchase was worth about $75 million at prevailing ETH prices, although Bitmine did not disclose the average price it paid for the 27,562 ETH. The company reported total crypto assets, cash, marketable securities and other investments of $17.1 billion as of Sept. 20.
Bitmine’s stated goal is to acquire 5% of Ethereum’s supply under a treasury plan it calls the “Alchemy of 5%.” Based on its reported holdings, the company said it had reached 98% of that target, which it has set on a 15-month timeline. Reaching 5% would require the company to add roughly 121,000 ETH if Ethereum’s circulating supply remains near the reported level.
Ethereum staking now drives the treasury strategy
The scale of Bitmine’s ETH position is increasingly tied to staking rather than simply holding Ether as a balance-sheet asset. The company reported that 5,067,309 ETH was staked, valued at approximately $13.8 billion using the same pricing basis as its treasury update.
That total represents about 85% of its 5.98 million ETH holdings. Bitmine said its own staking activity generated an annualized yield of 2.62% over the seven-day measurement period. Annualized figures based on a short period can change sharply as validator rewards, network conditions and the amount of ETH participating in staking fluctuate.
Bitmine projected that staking its Ether through MAVAN and other staking partners could eventually produce $421 million in annualized ETH staking rewards. It separately projected $357 million in annualized staking revenue. The company did not provide further detail in the update on how it distinguishes rewards from revenue, or on the assumptions used for either estimate.
The staking allocation gives Bitmine a different financial profile from a treasury that holds an unstaked cryptocurrency position. Validator rewards can generate ETH-denominated returns, but the dollar value of those rewards depends on Ether’s market price. Staked ETH also involves operational and liquidity considerations, including validator management, unstaking timelines and exposure to service providers.
Holdings extend beyond Ether
Ether accounts for the overwhelming majority of Bitmine’s reported assets, though its portfolio includes Bitcoin, cash and equity holdings. The company reported holding 212 BTC valued at $18.1 million as of Sept. 20.
It also disclosed a $105 million stake in Eightco Holdings and a $180 million stake in Beast Industries. Bitmine reported $714 million in combined cash and marketable securities, giving it a pool of more liquid assets alongside the staked Ether position.
Those non-ETH holdings are small beside the company’s multibillion-dollar Ether treasury, but they show that Bitmine is not operating as a pure Ether vehicle. Cash and marketable securities can support operating expenses, staking infrastructure and potential purchases without immediately requiring sales of digital assets.
The company’s reported total asset figure of $17.1 billion also demonstrates how closely its balance sheet is linked to ETH price movements. With roughly $16.3 billion of Ether on its books at the cited market price, relatively modest percentage moves in ETH can translate into substantial changes in the company’s reported asset value.
Bitmine leads tracked Ethereum treasury companies
Data compiled by Strategic ETH Reserve placed Bitmine well ahead of the next-largest publicly tracked Ethereum treasury holders. Sharplink was listed with about 888,938 ETH, while The Ether Machine held approximately 496,712 ETH.
The gap underscores the concentrated nature of corporate Ether ownership among the companies monitored by the platform. Bitmine’s treasury is more than six times the size of Sharplink’s reported holdings and around 12 times larger than The Ether Machine’s.
Such comparisons also need to be read carefully. Treasury-company disclosures can reflect different reporting dates, custody arrangements, staking treatment and asset classifications. Bitmine’s position, for example, includes a large staked allocation, while the reported total is presented as Ether holdings rather than a distinction between readily liquid and staked tokens.
Ethereum’s supply mechanics also differ from Bitcoin’s fixed 21 million-coin cap. Ethereum’s circulating supply can change through issuance, staking activity and the network’s fee-burning mechanism. That means a 5% ETH supply objective is a moving target, even if changes in supply are gradual relative to Bitmine’s present holdings.
Corporate crypto treasuries remain dominated by Bitcoin
Bitmine’s Ether accumulation stands out within the smaller market for corporate Ethereum treasuries, while Bitcoin remains the dominant reserve asset among publicly traded crypto treasury companies.
Strategy, the company formerly known as MicroStrategy, reported holding 846,000 BTC valued at $71.9 billion, according to the figures provided. That amount represents more than 4% of Bitcoin’s 21 million supply cap, although Bitcoin’s presently circulating supply is lower than its eventual maximum supply.
The comparison shows two distinct treasury approaches. Strategy has concentrated on Bitcoin accumulation as a long-term corporate balance-sheet strategy. Bitmine is pursuing a similarly large ownership share of Ethereum, while putting most of its tokens into staking to seek additional ETH returns.
Bitmine’s next disclosures will show whether its approach remains focused on closing the final distance to its 5% supply target or shifts toward increasing the proportion of Ether deployed through staking partners. With more than five million ETH already staked, changes in its validator allocation and staking income may become as closely watched as its weekly Ether purchases.
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