TheBlock
Bitmine Immersion Technologies added 9,926 ETH to its corporate treasury over the past week, lifting total holdings to 5,815,164 ETH, worth roughly $11 billion. The position represents 4.8% of Ethereum's 120.7 million circulating supply and sits 96% of the way toward the company's stated "alchemy of 5%" target. Ether traded above $1,900 on Monday, leaving the asset roughly 61.7% below its August 2025 all-time high of $4,946.05.
Why it matters
Bitmine is now the largest corporate ETH holder globally and the second-largest corporate crypto treasury overall, behind only Strategy's $58 billion bitcoin stack. Of the 5.82 million ETH held, over 5 million tokens valued at $9.6 billion are staked through the company's MAVAN platform and external staking partners, putting staked ETH at 87% of total holdings. Bitmine projects annualized staking revenue of $250 million from the position, framing the corporate treasury as a yield-generating balance-sheet asset rather than a passive reserve.
Chairman Tom Lee tied the build-out to a broader ETH/BTC rotation thesis. He noted the ratio has moved above its multi-year downtrend at 0.02994, attributing the shift to markets beginning to price in "tokenization and agentic-AI applications" on Ethereum. Past ETH bull cycles were driven by ICOs (2017-2018), NFTs (2020-2021), and stablecoins (2025); Lee framed Wall Street tokenization and agentic-AI settlement as the next leg.
Market impact
The treasury expansion comes alongside aggressive capital return. Bitmine repurchased 1.7 million common shares over the past week, bringing total repurchases since July 1 to 20.8 million shares under a previously authorized $4 billion buyback program. Beyond ETH, the company holds 210 BTC, a $180 million stake in Beast Industries, and a $73 million stake in Eightco Holdings, plus $78 million in cash and marketable securities.
The structural read: Bitmine is positioning ETH as a treasury reserve with staking-native yield, mirroring Strategy's bitcoin-treasury playbook on the Ethereum side.
Frequently asked questions
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How much ETH does Bitmine hold now?
Bitmine holds 5,815,164 ETH, worth roughly $11 billion, after adding 9,926 ETH over the past week. The position represents 4.8% of Ethereum's 120.7 million circulating supply.
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How much of Bitmine's ETH is staked?
Over 5 million ETH, valued at $9.6 billion, are staked through Bitmine's MAVAN platform and external staking partners. Staked ETH makes up 87% of total holdings.
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How much staking revenue does Bitmine project?
Bitmine projects annualized staking revenue of $250 million from its staked ETH position. That yield is what positions the corporate treasury as a productive balance-sheet asset.
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What is Bitmine's "alchemy of 5%" target?
The "alchemy of 5%" is Bitmine's stated goal to hold 5% of Ethereum's 120.7 million circulating supply. The company is now 96% of the way toward that target.
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What is Tom Lee's thesis on the ETH/BTC ratio?
Chairman Tom Lee noted the ETH/BTC ratio has moved above its multi-year downtrend at 0.02994. He attributed the move to markets pricing in tokenization and agentic-AI applications landing on Ethereum.
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