Bitmine's Ethereum treasury nears 5.8 million tokens as buying pace slows
DeFi & Yields ·
Bitmine Immersion Technologies, chaired by Tom Lee, added nearly 10,000 ETH over the past week, pushing total holdings to 5,787,414 ETH worth more than $11 billion, according to CryptoPotato.
The latest purchase of 9,946 ETH was slightly larger than the prior week's addition but well below the pace set in June, when the firm bought over 52,000 ETH in a single stretch. Bitmine's accumulation strategy dates to June 30, 2025, and the company's press release, cited in a filing shared via PR Newswire, puts total crypto and cash holdings at $11.8 billion. Bitmine remains underwater on the position, with its average purchase price roughly double current levels.
The firm has stated its goal of accumulating 5% of Ethereum's total supply, and now sits at less than 0.2% short of that target, according to CryptoPotato, while separate reporting from Decrypt frames the current stake at 4.8% of circulating ETH supply. The company already controls close to one in every 20 ETH in existence.
Beyond accumulation, Bitmine has staked more than 4.9 million ETH — about 85% of its total holdings — through its institutional platform, MAVAN. A seven-day annualized staking yield of 2.65% projects roughly $254 million in annual revenue from staking alone; if the firm follows through on plans to allocate its entire ETH position to staking, that figure could rise to approximately $300 million.
The accumulation has coincided with corporate capital-return activity: The Block reports Bitmine repurchased 6.1 million common shares as part of a $4 billion buyback program running alongside the treasury build. Chairman Tom Lee has pointed to the strengthening ETH/BTC pair and recent price momentum — ETH has posted daily gains near 5% and touched a two-month high approaching $2,000 — as supporting his view that $2,000 and $2,500 mark the next hurdles for a broader recovery, a development also noted by WuBlockchain.
What remains unresolved is how quickly Bitmine will close the gap to its 5% supply target given the slower recent buying cadence, and whether staking yields hold steady as validator unstaking activity across the network has fallen to near zero. The firm's underwater average cost basis also leaves open the question of how sustained ETH price weakness would affect its balance sheet even as staking revenue accrues.