Lookonchain
Tom Lee's Bitmine bought 26,659 ETH, worth $61.88M, last week, bringing its cumulative ETH holdings to 5,206,790 — roughly $12.08B at current prices. The company has staked 4,712,917 of those ETH, or 90.51% of its stash, generating native yield on the bulk of the position.
Why it matters
Bitmine's ETH pile now represents more than 4.31% of the 120.7M total ETH supply, putting the firm 86% of the way to its stated "Alchemy of 5%" target just 11 months in. That scale makes Bitmine the largest publicly disclosed ETH treasury vehicle on the market — a counterpart, on the Ethereum side, to the corporate-Bitcoin-treasury playbook that defined the last cycle.
Market impact
The 26,659 ETH weekly add is small relative to the existing position, but the staking ratio is the real signal: 90.5% of Bitmine's ETH is locked in validators, not sitting on a hot wallet waiting to be sold. For ETH supply dynamics, that means a large slice of the float is effectively removed from circulation and accruing yield rather than available for liquidation. The next milestones to watch are the 5% supply target and whether other public vehicles — or ETH-adjacent DeFi treasuries — start replicating the model.
Source: [Bitmine Immersion Technologies (BMNR) Announces ETH Holdings Reach 5.21 Million Tokens, and Total Crypto and Total Cash Holdings of $13.4 Billion](https://www.prnewswire.com/in/news-releases/bitmine-immersion-technologies-bmnr-announces-eth-holdings-reach-5-21-million-tokens-and-total-crypto-and-total-cash-holdings-of-13-4-billion-302767842.html)
Frequently asked questions
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How much ETH does Bitmine now hold?
Bitmine holds 5,206,790 ETH, worth roughly $12.08B at current prices, after buying another 26,659 ETH ($61.88M) last week.
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What share of total ETH supply does Bitmine control?
Bitmine's holdings represent more than 4.31% of the 120.7M total ETH supply, putting the company 86% of the way to its 'Alchemy of 5%' target just 11 months in.
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How much of Bitmine's ETH is staked?
Bitmine has staked 4,712,917 ETH — 90.51% of its total holdings — locking the bulk of the position in validators and earning native yield.
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Who runs Bitmine?
Bitmine Immersion Technologies (BMNR) is chaired by Tom Lee of Fundstrat, making it the largest publicly disclosed ETH treasury vehicle in the market.
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Why does the staking ratio matter for ETH price?
With 90.5% of Bitmine's ETH locked in validators rather than held liquid, a large slice of supply is removed from circulation and accruing yield — a structural supply-side constraint rather than a sellable float.
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