Bitmine's ETH stash tops 6 million; annual staking rewards seen at $424 million
AI Market Summary
Bitmine's Ethereum treasury expanded to 6,001,302 ETH (~$16.1B), approaching a 5% circulating-supply target and making it the largest reported ETH treasury holder. With ~5.07M ETH staked, projected annualized staking rewards of ~$424M highlight significant yield-generation capacity and reinforce institutional-scale accumulation. Concentrated holdings and large-scale staking can tighten liquid supply and heighten sensitivity of ETH market structure to treasury and staking flows.
Impact level
● High
Affected assets
ETH/USDT-0.44%
AI Insight · ETH/USDTAI Insight
▲ Bullish
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Bitmine, chaired by Tom Lee, has added 17,362 ETH since its Sept. 21 update, lifting its Ethereum holdings to 6,001,302 ETH. At current prices, the position is valued at roughly $16.1 billion. The company did not disclose its average purchase price; the latest buy is worth about $46.7 million.
In an update released Monday, Bitmine said it held $17.2 billion in total crypto assets, cash, marketable securities and other investments. As of Sept. 27, it also owned 213 BTC valued at $17.8 million, along with a $115 million stake in Eightco Holdings, a $180 million stake in Beast Industries, and $672 million in cash and marketable securities.
Bitmine's ETH holdings now account for more than 4.9% of Ethereum's approximately 122.1 million ETH circulating supply, putting the firm at 98% of its 5% supply target within 15 months of launching its Ethereum treasury strategy.
Total staked Ethereum at Bitmine stands at 5,067,309 ETH, valued at about $13.6 billion. Lee said Bitmine has staked more ETH than any other entity globally. He added that once MAVAN and its staking partners fully stake Bitmine's ETH, annualized staking rewards are projected at $424 million, with annualized staking revenues projected at $358 million. Lee said the 5.1 million ETH staked represents 84% of Bitmine's 6.00 million ETH holdings, and that Bitmine's in-house staking operations produced an annualized seven-day yield of 2.62%.
Lee said he sees signs a crypto bull market is underway and began in late June, arguing institutions remain underweight crypto. He expects institutions to increase crypto exposure in the final months of 2026. He also said Ethereum is outperforming other macro assets by 6,728 basis points for the calendar quarter to date.
SER data ranks Bitmine as the largest Ethereum treasury holder, ahead of Joe Lubin's Sharplink with about 888,938 ETH and The Ether Machine with about 496,712 ETH.
Across public crypto treasury companies, Bitmine ranks second overall behind Strategy. Strategy reported Monday that after its latest weekly purchase it holds 847,666 BTC valued at $70.6 billion, more than 4% of Bitcoin's 21 million supply cap.
