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BitMine, the largest Ethereum treasury company, held 5,929,198 ETH as of September 7, worth approximately $14.79 billion at $2,495 per ETH and representing roughly 4.9% of Ethereum's 122 million total supply. The company added 28,086 ETH last week alone and has purchased ETH every single week since launching its treasury strategy on June 30, 2025.
BitMine's total balance sheet extends beyond ETH: it also holds 211 BTC and approximately $593 million in cash and marketable securities, bringing combined crypto, cash, and other investments to roughly $15.7 billion.
Why it matters
No single institutional holder has accumulated a position this concentrated in a major proof-of-stake network. At 4.9% of circulating supply, BitMine is 97% of the way to what it calls the "Alchemy of 5%" threshold, a milestone it expects to cross within weeks at its current acquisition pace. The consistency of weekly buying, unbroken since late June, signals a structural accumulation program rather than opportunistic trading.
Market impact
The staking dimension amplifies the story: 5,067,309 ETH, or about 85% of BitMine's holdings, are actively staked, generating annualized staking revenue projected at roughly $330 million. That yield profile transforms the ETH treasury from a passive balance-sheet bet into an operating revenue stream, a model that could attract institutional imitators and tighten the liquid float of ETH available on open markets.
Frequently asked questions
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What percentage of Ethereum's total supply does BitMine now control?
BitMine holds 5,929,198 ETH as of September 7, representing approximately 4.9% of Ethereum's 122 million total supply. The company says it is 97% of the way to its "Alchemy of 5%" milestone.
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How much annualized revenue is BitMine generating from staking its ETH?
BitMine has staked 5,067,309 ETH, about 85% of its total holdings, with current annualized staking revenue projected at roughly $330 million.
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How consistently has BitMine been buying Ethereum since launching its treasury strategy?
BitMine has purchased ETH every single week without interruption since launching its treasury strategy on June 30, 2025, adding 28,086 ETH in the most recent week alone.
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What is BitMine's total balance sheet value including cash and other assets?
Beyond its ETH position, BitMine holds 211 BTC and approximately $593 million in cash and marketable securities, bringing total crypto, cash, and other investments to roughly $15.7 billion.
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Why does BitMine's staking strategy matter for Ethereum's liquid supply?
With 5.07 million ETH locked in staking, BitMine is removing a significant portion of circulating supply from open markets. At 4.9% of total supply staked by a single entity, continued accumulation could meaningfully tighten ETH's tradeable float.
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