BitMine Expands Ethereum Treasury, Eyes 5% Milestone
BitMine Immersion Technologies has purchased an additional 27,180 Ether (ETH), worth approximately $68 million, boosting its total Ethereum reserves to 5.96 million ETH. This represents 4.9% of the total circulating supply, inching the company closer to its self-imposed 5% target—dubbed the “Alchemy of 5%.”
Weekly Accumulation Strategy
Since launching its crypto strategy on June 30, 2025, BitMine has executed weekly Ethereum buys. The latest transaction was roughly in line with the prior week’s $69 million acquisition. The company now needs only about 144,000 more ETH to cross the 5% threshold.
BitMine already holds the largest Ethereum treasury of any company globally and ranks second among all corporate crypto treasuries, trailing only Strategy Inc., which holds 845,080 BTC valued at about $71 billion.
Staking Generates Recurring Revenue
BitMine’s total crypto portfolio is valued at $15.8 billion, comprising 5.96 million ETH, 212 BTC, and $549 million in cash and securities. The company also holds equity stakes in Beast Industries and Eightco Holdings, valued at roughly $180 million and $98 million, respectively.
Approximately 85% of BitMine’s ETH (5,067,309 ETH) is currently staked, yielding a seven-day annualized return of 2.62%. That translates to annualized staking revenue of $334 million. Chairman Tom Lee has indicated that if all ETH were staked, revenue could reach $392 million annually. BitMine uses its institutional validation platform, MAVAN, which launched in early 2026.
This scale makes BitMine a major Ethereum validator, but it also raises concerns about concentration risk, given that the firm aims to control nearly 5% of the total supply.
Exchange Supply Hits Multi-Year Low
Ethereum balances on centralized exchanges have fallen to just 14.88 million ETH as of September 8—the lowest level in 11 years, according to CryptoQuant. Since July 2025, over 6.42 million ETH has left exchange wallets. While reduced exchange supply suggests fewer tokens are readily available for sale, it does not guarantee higher prices. Tokens can return from private wallets or staking platforms, and the ultimate price impact depends on whether demand rises in tandem.
Market participants are closely monitoring spot volumes, ETF flows, whale activity, and price momentum as signals of genuine demand. If buying pressure increases while exchange supply remains constrained, Ethereum could see upward price support. Conversely, weak demand could render the supply drop irrelevant.
Leave a Reply