Ethereum Treasury Giant Bitmine Now Holds 4.59% of Total ETH Supply

Bitmine currently holds 5.54 million ETH worth billions, equal to 4.59% of the supply, despite ongoing crypto market weakness.

Ethereum treasury company Bitmine accumulated 126,971 ETH over the past week. According to the latest update, the firm reported total crypto, cash, and ‘moonshots’ holdings of $9.6 billion, including 5.54 million ETH priced at $1,630 per token, 204 Bitcoin, a $180 million stake in Beast Industries, an $88 million position in Eightco Holdings, and $247 million in cash.

Bitmine said its ETH stack equals 4.59% of the 120.7 million ETH supply, as the latest market downturn coincided with aggressive buying.

Bitmine Keeps Buying

Chairman Thomas ‘Tom’ Lee said the pullback did not reflect strengthening fundamentals, and instead argued that improving AI systems will increase demand for decentralized and hardened networks like Ethereum. Lee reiterated that the market is in the early stages of “crypto spring.” The announcement read,

“Bitmine is 92% of the way to the ‘Alchemy of 5%’ in just 11 months.”

Additionally, Bitmine revealed that it has staked almost 4.72 million ETH worth about $7.7 billion. This means that more than 85% of holdings are now staked, and staking yields are reported at 2.99% over seven days. Annualized staking revenues are projected at $230 million, alongside potential rewards reaching $270 million at scale.

Just last week, Bitmine filed to launch a public offering of 3 million shares of its 9.50% Series A Perpetual Preferred Stock. According to its SEC filing, the proceeds may be used for general corporate purposes, including buying additional ETH and other digital assets, expanding staking and validator infrastructure via its MAVAN platform, working capital needs, strategic investments in the Ethereum ecosystem, and possible share repurchases under its buyback program.

The preferred shares carry a 9.50% annual dividend on a $100 stated value, payable in cash when declared, while missed payouts accumulate and the effective rate can climb up to 15% over time. Bitmine has applied to list the shares on the NYSE under the ticker “BMNP.”

Strategy’s Fresh Purchase

Bitmine is still one of the few big digital asset treasury companies continuing to buy crypto, while many others have stopped accumulating and have started selling as prices fell sharply this year. The firm now holds the largest Ethereum treasury and the second-largest global treasury, behind Strategy.

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Strategy recently added 1,550 BTC for a little over $100 million at an average price of $65,332, which pushed its total holdings to 845,256 BTC bought at an average cost of $75,680. The Saylor-led company also sold a small part of its BTC holdings last week for the first time since 2022.