BitMine Immersion Technologies now controls 5,777,468 ETH, nearly 4.8% of Ethereum’s circulating supply of 120.7 million tokens.
Over the past week alone, the company added 7,430 ETH, maintaining a rapid accumulation pace that pushes it close to a significant threshold: 6.035 million ETH or 5% of total supply.
The company’s chairman Tom Lee, who calls this milestone the “alchemy of 5%,” has hinted that the buying spree may slow as they approach this benchmark.
BitMine’s transformation from Bitcoin miner to Ethereum heavyweight marks a strategic pivot with far-reaching implications for corporate crypto treasuries and the broader market.
Currently, about 85% of BitMine’s Ethereum holdings, roughly 4.92 million ETH, are staked through its MAVAN validator network, generating a 7-day yield of 2.99%. This locked-up stake reduces liquid Ethereum supply, potentially influencing market availability and price dynamics.
Alongside Ethereum, BitMine’s balance sheet features 206 Bitcoin, a $180 million stake in Beast Industries, $69 million in Eightco Holdings (ORBS), and nearly $482 million in cash and marketable securities, bringing total crypto and liquid assets to $11.5 billion.
BitMine has also repurchased 5.5 million of its own shares at an average price of $15.62, signaling confidence and capital recycling during this accumulation phase.
The company’s stock, traded under ticker BMNR on the NYSE, has become one of the most actively traded equities in the U.S., with daily volumes reaching billions of shares. Institutional investors include ARK Invest led by Cathie Wood, Founders Fund, and Pantera Capital.
BitMine’s aggressive accumulation and staking strategy highlights a growing trend where public companies are directly shaping crypto asset supply and liquidity, with potential ripple effects on Ethereum’s price discovery and staking ecosystem.
This article does not constitute financial advice. Investors should conduct their own research.
