Bitmine Closes in on 5% of Ethereum Supply With $16.3 Billion in ETH

Bitmine has expanded its Ethereum treasury to 5,983,940 ETH, putting the company within about 2% of its stated goal to accumulate 5% of Ethereum's circulating supply. At current prices, the holding is valued at roughly $16.3 billion. The company said it added 27,562 ETH—about $75 million—since its Sept. 14 update, without disclosing an average purchase price. Its ETH balance now represents more than 4.9% of Ethereum's estimated circulating supply of around 122.1 million tokens, meaning Bitmine has completed about 98% of its 15-month "Alchemy of 5%" strategy. Bitmine reported total holdings across cryptocurrencies, cash, marketable securities and other investments of $17.1 billion. In addition to Ethereum, it owns 212 Bitcoin valued at about $18.1 million and holds $714 million in cash and marketable securities. The company also cited a $105 million stake in Eightco Holdings and a $180 million position in Beast Industries. Chairman Tom Lee said the strategy reflects improving crypto fundamentals, growth in tokenization and renewed investor interest beyond artificial intelligence-related equities. He added that Ethereum outperformed other macro assets by 6,519 basis points during the quarter and expects stronger institutional participation in the fourth quarter of 2026. On staking, Bitmine said it has staked 5,067,309 ETH—about $13.8 billion—nearly 85% of its Ethereum holdings. Its staking operation generated a seven-day annualized yield of 2.62%, with projected annual staking revenue of about $357 million. The company estimates annual rewards could rise to roughly $421 million if it stakes its full ETH position through MAVAN and other partners. Bitmine also claims it has staked more Ethereum than any other entity globally. It remains the largest corporate holder of ETH; Strategic ETH Reserve data ranks Sharplink second with 888,938 ETH, followed by Ether Machine with about 496,712 ETH. Bitmine is ranked second among publicly traded crypto treasury companies overall, while Strategy holds the top spot with 846,000 Bitcoin worth about $71.9 billion—more than 4% of Bitcoin's maximum supply. Bitmine said the latest purchase keeps its 5% Ethereum target within reach while expanding staking income and preserving its lead among corporate Ethereum treasuries.