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 the past week, pushing its total holdings to a value of roughly $14.3 billion.
BitMine's combined position now stands at 5,847,611 ETH, a figure that puts the company at 97% completion of its self-described plan to control 5% of Ethereum's circulating supply, according to cryptopotato.com. The buildup has continued even as ether's price swung sharply higher over the past week, with the firm's chair Tom Lee describing the move as one that had been overdue, per theblock.co.
Beyond simple accumulation, BitMine has put the bulk of its holdings to work through staking. More than 5 million ETH — 87% of the firm's total treasury — is currently staked, generating yield rather than sitting idle. Based on current staking returns, that activity could produce somewhere between $330 million and $381 million in annualized revenue, with the higher figure tied to routing the entire portfolio through the company's own institutional staking platform.
The scale of the position underscores how concentrated a share of Ethereum's supply has become in the hands of a single corporate holder. At 5.85 million ETH, BitMine's stake represents a meaningful fraction of the roughly 120-million-plus token supply, and the firm has signaled no pullback despite the asset's recent volatility.
The purchase pace itself has also picked up. Earlier weekly additions had been running closer to 9,000–10,000 ETH, making the latest 32,447-token purchase notably larger than the firm's recent norm.
What remains unclear is how BitMine will approach the final stretch toward its 5% target, and whether the pace of purchases will hold if ether's price continues to swing. Also unresolved is how much of the staking revenue projection will materialize in practice, since the estimates depend on yield rates and platform allocation that can shift over time.