Bitmine’s 5.54M Ethereum bet puts its 5% supply goal within reach

Bitmine Immersion Technologies has raised its Ethereum treasury to 5.54 million ETH, putting the company closer to its goal of owning 5% of the network’s supply.

Bitmine adds 126,971 ETH during market pullback

In a Monday announcement, Bitmine said its holdings reached 5,543,872 ETH as of June 7. At the company’s reference price of $1,630 per ETH, the position was worth about $9.04 billion. Its wider portfolio included 204 Bitcoin, $247 million in cash, a $180 million Beast Industries stake and an $88 million Eightco position.

The company bought 126,971 ETH during the week, increasing its total from 5,416,901 ETH. As previously reported, the earlier balance represented 4.49% of Ethereum’s supply. Bitmine now says it controls 4.59% of the estimated 120.7 million ETH supply, placing it 92% of the way toward its “Alchemy of 5%” target.

Staked Ethereum reaches 4.72 million tokens

Bitmine reported 4,718,677 staked ETH, valued at about $7.7 billion using the same reference price. That amount equals more than 85% of its total Ethereum holdings. The company uses its Made in America Validator Network, known as MAVAN, and other staking partners to earn rewards while supporting Ethereum transactions.

“Annualized staking revenues are now projected at $230 million,” Chairman Tom Lee said. 

Bitmine reported a seven-day annualized staking yield of 2.99%. It estimated that staking its full ETH balance through MAVAN and partner platforms could raise annual rewards to about $270 million, though returns may change with network conditions.

A separate report examined whether Bitmine’s growing stake could add concentration risks around Ethereum. Bitmine says MAVAN focuses on security, performance and resilience. Its expanding staked balance also makes validator operations a key part of the treasury model.

Tom Lee maintains the 5% Ethereum strategy

Lee said Bitmine increased buying because the latest ETH price decline did not match what he described as stronger Ethereum fundamentals. “We increased our buying,” Lee said, adding that the company expects to reach its 5% supply goal during 2026 as planned. The target would require Bitmine to hold about 6.04 million ETH if supply remains near 120.7 million.

The company links its Ethereum strategy to growing use of public blockchains for tokenized financial assets and artificial intelligence systems. Those remain forward-looking views from Bitmine’s management. The company held 5.42 million ETH and 4.72 million staked tokens before the latest purchase.

BMNR trading remains high as treasury expands

Bitmine reported average daily BMNR trading volume of $829 million over five sessions through June 5. The company ranked its shares as the 148th most traded stock in the United States, behind Workday and ahead of Pfizer.

The company describes its treasury as the largest disclosed corporate Ethereum position. It ranks second among public crypto treasuries behind Strategy, based on figures included in the release. Bitmine also retains cash and smaller equity positions alongside its main ETH holding at present.