Ethereum Supply Milestone
Bitmine Nears Five Percent Ethereum Supply After Latest Crypto Acquisition
Anonymous
Bitmine has acquired another 17,362 ETH, bringing its treasury to 6,001,302 ETH, worth roughly $16 billion. The company says that represents about 4.9% of Ethereum’s circulating supply and puts it 98% of the way toward its goal of holding 5%, a target it has pursued through weekly purchases since 2025. Bitmine has staked 5,067,309 ETH, or about 84% of its holdings, and projects $358 million in annualized staking revenue, potentially rising to $424 million if all its ETH is staked. Chairman Tom Lee says the company sees signs of a crypto bull market and expects institutional investors to increase their crypto exposure; a separate analysis notes that staking performance and revenue may become more important to Bitmine’s outlook as its accumulation nears the target.
Key Points
1
Bitmine’s broader portfolio totals $17.2 billion and includes 213 BTC, $672 million in cash and marketable securities, a $115 million stake in Eightco Holdings, and a $180 million stake in Beast Industries.
2
The 5% target is not a fixed number of ETH: at the current supply, Bitmine is about 103,700 ETH short, but Ethereum issuance and token burns can change the amount needed to reach the threshold.
3
Bitmine’s MAVAN staking network has been opened to outside investors, potentially allowing the validator business to grow without the company financing all the additional ETH that passes through its infrastructure.
4
ETH derivatives open interest declined in the latest snapshot, suggesting Bitmine’s long-term accumulation was not matched by a similar increase in short-term leveraged positioning.
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