BitMine's Ethereum stash tops 5.9 million tokens, nearing 5% of supply
DeFi & Yields ·
The largest Ethereum treasury company disclosed holdings worth close to $14.8 billion as of early September, with most of its ETH now staked for yield.
BitMine reported holding 5,929,198 ETH as of Sep. 7, valued at roughly $14.79 billion based on a price of $2,495 per ETH, according to wublockchain.xyz. That total represents about 4.9% of Ethereum's 122 million circulating supply, a stake large enough to make the company one of the more concentrated holders of the asset. The firm added 28,086 ETH over the past week alone, continuing a buying streak it says has run every week since it began its treasury strategy on June 30, 2025.
Beyond ETH, BitMine's balance sheet includes 211 BTC and roughly $593 million in cash and marketable securities. Combined with its crypto holdings, the company's total crypto, cash, marketable securities and other investments come to about $15.7 billion, according to the same report.
A large share of the ETH position is not simply sitting idle. As of Sep. 7, BitMine had staked 5,067,309 ETH, equal to about 85% of its total holdings, generating an annualized staking revenue currently projected at roughly $330 million. Staking that much of a single treasury's ETH ties a significant portion of the company's balance sheet to Ethereum's proof-of-stake validator rewards rather than price appreciation alone, giving the firm a recurring revenue stream tied directly to network activity and issuance rates.
The disclosure underscores how corporate treasury strategies built around Ethereum have scaled since mid-2025, with BitMine's weekly accumulation pattern suggesting a deliberate, ongoing acquisition program rather than a one-time allocation. Not disclosed is how the company plans to manage risk if ETH's price or staking yields decline, nor whether the 85% staking ratio will be adjusted as holdings grow. It also remains unclear how BitMine's approach compares with other treasury vehicles pursuing similar strategies, or what portion of its $15.7 billion total valuation could shift with market conditions before its next disclosure.