Marina Lyubimova
The company added 28,086 ETH last week, worth roughly $68 million, bringing its total holdings to 5.93 million ETH. That puts the value of its Ethereum treasury at close to $15 billion.
With Ethereum’s supply at roughly 122 million tokens, BitMine now controls about 4.9% of all ETH — just 0.1 percentage point below its stated “Alchemy of 5%” target.
BitMine’s ETH position in numbers:
- 5.93 million ETH — total holdings
- ~$15 billion — estimated value of the ETH treasury
- 28,086 ETH / ~$68 million — latest weekly purchase
- 4.9% — share of Ethereum’s total supply
- 5.07 million ETH — currently staked
- 85% — share of BitMine’s ETH deployed in staking
- 2.61% — annualized staking yield
- ~$330 million — estimated annual staking revenue
The scale makes the latest $68 million purchase look relatively small. It represents less than 0.5% of BitMine’s existing ETH position. At the current treasury size, a 1% move in Ethereum translates into roughly $150 million in changes to the market value of the company’s holdings. A 10% move would imply about $1.5 billion.
Most of those tokens are not sitting idle. BitMine has approximately 5.07 million ETH in staking, representing about 85% of its Ethereum holdings. At a seven-day annualized staking yield of 2.61%, the company estimates that its current staked position could generate around $330 million in annual staking revenue.
If the entire ETH treasury were eventually staked through MAVAN and other partners, BitMine estimates annualized staking rewards could rise to approximately $386 million.
Ethereum dominates the balance sheet. BitMine reported approximately $15.7 billion in total crypto, cash, securities and other investments. In addition to its ETH position, the company held $593 million in cash and marketable securities, 211 BTC, a $180 million stake in Beast Industries and a $91 million position in Eightco Holdings.
The pace of accumulation is also notable. BitMine has continued buying ETH every week since launching its Ethereum treasury strategy on June 30, 2025.
Its holdings have consequently moved closer to the 5% threshold. By September 7, the treasury had reached 5.93 million ETH, while approximately 6.1 million ETH would represent 5% of a 122 million-token supply.
That leaves a gap of only around 170,000 ETH. At $2,500 per ETH, closing that gap would require roughly $425 million in additional purchases. At $3,000, the same amount of ETH would cost about $510 million.
BitMine has also become one of the largest publicly traded corporate crypto holders. Its Ethereum position makes it the largest corporate ETH treasury, while its overall crypto holdings put it behind Strategy in the broader corporate digital-asset treasury ranking.
The market has responded strongly. BMNR shares gained about 99% quarter-to-date through early September, while average daily trading volume reached roughly $1.1 billion over the five sessions through September 4.
The $68 million weekly purchase is therefore no longer the most important number in BitMine’s Ethereum story. The numbers to watch are 5.93 million ETH and 4.9% of supply. BitMine is now within roughly 170,000 ETH of its goal of controlling one out of every 20 Ethereum tokens.
Marina Lyubimova
