Bitmine Tops 4% of Ethereum Supply With Nearly 5M ETH; Total Assets Reported at $12.9B

Bitmine (NYSE: BMNR) has amassed nearly 5 million ether, pushing its holdings above 4% of Ethereum's circulating supply of about 120.7 million tokens, according to CoinDesk. The Connecticut-based firm said it has reached 82% of its "5% Alchemy" target, roughly nine months after rolling out an accumulation strategy focused on major altcoins. Bitmine puts total assets—including cryptocurrencies, cash, and what it calls "Moonshot" investments—at $12.9 billion. The company said that tally includes its ETH position, $1.12 billion in cash reserves, and $107 million in equity holdings in Eightco, which it describes as one of the few publicly traded companies offering investors indirect exposure to OpenAI. Bitmine has also ramped up staking. Of its nearly 5 million ETH, more than 3.33 million is actively staked via its proprietary validator platform, MAVAN (Made in America Validator Network), a position it values at about $7.7 billion at current market prices. The company says MAVAN is built for internal use and institutional clients, positioning security and performance as key differentiators as validator reliability draws increasing scrutiny. By staking at scale, Bitmine is not only seeking yield but also removing supply from the market while becoming a direct participant in Ethereum's proof-of-stake infrastructure. The company's buying has drawn close attention from the market, with backers cited as Cathie Wood (ARK Invest), Founders Fund, Pantera Capital, Kraken, Galaxy Digital, and DCG—all aligned with a goal of securing 5% of the ETH supply. BMNR has become one of the most actively traded U.S. stocks, averaging $1.2 billion in daily trading value over the past five sessions, ranking 80th by volume. Bitmine argues that its stock liquidity is a competitive edge versus other crypto-treasury companies and says the heavy turnover reflects institutional participation and investor confidence. Since listing on the NYSE on April 9, BMNR has attracted interest from traditional investors seeking regulated equity-market exposure to Ethereum without holding the token directly. Bitmine said roughly 24,000 ETH is still needed to reach the 5% threshold, with purchasing momentum accelerating and the company on pace to hit its target ahead of schedule.