Bitmine Nears 5% Ethereum Supply Target After $16.4 Billion Accumulation

The latest acquisition continues a weekly buying streak initiated by Chairman Tom Lee on June 30, 2025. With current holdings accounting for 4.9% of the 122.1 million token supply, Bitmine remains on a clear path to its stated ownership target. The firm has aggressively deployed this capital, staking 5,067,309 ETH—roughly 84% of its total treasury—through its MAVAN platform and various partners. This staking strategy generated $45.7 million in revenue during the quarter ending May 31, representing nearly the entirety of the company’s quarterly earnings. Based on a 2.63% annualized yield, the firm projects annual staking rewards of $363 million, a figure that would climb to $431 million if the remaining unstaked balance were committed to the network.

Beyond its Ethereum focus, Bitmine maintains a diverse balance sheet totaling $17.4 billion, which includes 214 Bitcoin, $643 million in cash, and significant equity positions in companies like Beast Industries and Eightco Holdings. Despite broader macroeconomic pressure, including rising bond yields and a hawkish Federal Reserve, Chairman Tom Lee remains optimistic about the asset's trajectory. He recently noted that Ethereum outperformed the S&P 500 by 6,832 basis points during the third quarter of 2026. As the company continues to expand its treasury, it has simultaneously pursued an aggressive stock buyback program, repurchasing 21 million BMNR shares through the first nine months of the year.