BitMine's ether stash climbs to 5.85 million tokens, nearing 5% supply target
Macro & Markets ·
The Ethereum-focused treasury firm added 32,447 ETH in a week, pushing its holdings to a level worth roughly $14.3 billion and putting it within reach of a long-stated accumulation goal.
BitMine, chaired by Tom Lee, now holds 5,847,611 ETH as of August 23, according to figures reported by CryptoPotato. That stockpile equals about 4.8% of Ethereum's total supply, meaning the company has reached 97% completion of its self-described plan to eventually own 5% of all ETH in circulation, a strategy it began pursuing last year. A separate release from the firm, distributed via PR Newswire, places its combined crypto and cash position at $14.9 billion.
The latest purchase was notably larger than recent buys, which had hovered around 10,000 ETH per week in prior periods. The jump comes as ether's price has moved sharply higher, a rally that The Block reports Lee described as overdue. Coverage from WuBlockchain also notes the firm's holdings crossing the 4.8%-of-supply threshold alongside the fresh acquisition.
Beyond accumulation, BitMine has continued expanding how much of its ETH is actively staked. More than 5 million tokens, or 87% of its total treasury, are now staked, generating estimated annualized revenue in the range of $330 million to $381 million depending on yield assumptions and platform allocation. The lower figure reflects a seven-day annualized yield of 2.67% under current conditions, while the higher estimate assumes the firm routes its entire holdings through its own staking platform, MAVAN.
The scale of the position underscores how concentrated a share of Ethereum's circulating supply has become tied to a single corporate treasury strategy, with implications for both staking yields available to smaller holders and the liquidity of ETH markets more broadly. Seven distinct outlets have corroborated the size of the purchase and the resulting treasury total, pointing to broad confirmation of the underlying figures even as valuations differ slightly depending on the ETH price used at time of reporting — $14.3 billion in one calculation versus $14.9 billion including cash and other crypto in another.
What remains unresolved is whether BitMine will complete the final 3% needed to hit its 5%-of-supply target, and over what timeframe. Also unclear is whether the recent price rally — which one comparison to prior similar weekly surges in July 2021 and May 2025 suggested could precede further gains of 167% and 170% — will hold, a comparison that carries no guarantee of repeating. How much of any future accumulation will be staked immediately, and whether yield estimates near 2.67% remain stable, will shape whether the $330–381 million revenue projection holds up in coming quarters.