Bitmine Surpasses 6M ETH, Closing In on 5% of Ethereum Supply

Bitmine Adds 12,532 ETH as Treasury Reaches $16.2 Billion

Bitmine’s latest announcement revealed that the company acquired another 12,532 ETH over the preceding week, extending a purchasing streak that Chairman Tom Lee says has continued without interruption since June 30, 2025.

“Over the past week, we acquired 12,532 ETH. Bitmine’s track record of consistent buying of crypto is unmatched by any public company in the world. Bitmine has bought ETH each and every week since the inception of the ETH Treasury Strategy on June 30, 2025,” Lee disclosed Monday morning.

As of Oct. 11, the company’s holdings included 6,028,946 ETH valued at approximately $15.34 billion, using an ethereum price of $2,544. Its broader portfolio includes 214 BTC, $612 million in cash and marketable securities, a $180 million investment in Beast Industries, and an $85 million stake in Eightco Holdings.

Bitmine is now 99% of the way toward its stated ambition of controlling 5% of Ethereum’s token supply. At the reported supply level of 122.1 million ETH, reaching that threshold would require approximately 6.105 million tokens, leaving roughly 76,000 ETH to go.

$12.9 Billion Staked and $400 Million in Potential Annual Rewards

Beyond accumulating ethereum, the digital asset treasury (DAT) firm Bitmine has been putting its substantial holdings to work. The company reported that 5,067,309 ETH, approximately 84% of its treasury, are currently staked, representing $12.9 billion at its reference price.

That position generates staking rewards, which Bitmine estimates currently translate into approximately $336 million annually. Lee believes the figure could climb considerably as the company expands its Made in America Validator Network (MAVAN).

Bitmine states:

“At scale (when Bitmine’s ETH is fully staked by MAVAN and its staking partners), the projected ETH staking reward would be $400 million on an annualized basis (using 2.61% 7-day BMNR yield).”

Launched earlier this year, MAVAN has expanded beyond Bitmine’s internal treasury operations to serve institutional investors, custodians and other participants seeking Ethereum staking infrastructure.

Tom Lee Sees the Biggest Crypto Bull Market Ahead

Lee isn’t exactly keeping his market expectations under wraps. “We believe Bitmine is positioned to outperform the crypto bull market that we expect to be coming, as the company has strengthened its competitive position over the past year in the midst of a crypto winter (bear market),” Lee explained on Monday.

The chairman argues that tokenization, generational wealth transfers, artificial intelligence and corporate cryptocurrency treasuries could help fuel the next market expansion. Lee also highlighted Bitmine’s relative stock performance during the first nine months of 2026, when ethereum declined 10% while BMNR slipped just 3%.

The company remains the world’s largest publicly traded ethereum treasury, trailing only the bitcoin-centric DAT Strategy in reported aggregate crypto treasury value. Yet Bitmine’s extraordinary concentration in a single cryptocurrency cuts both ways. The same enormous position that offers considerable upside during a bull market exposes shareholders to substantial losses if ethereum prices deteriorate.

With its 5% accumulation target nearly achieved, Bitmine’s next challenge may be proving that owning such a large slice of ETH translates into lasting shareholder value. The company’s stock shuddered this past week, losing 12.8% during the last five trading sessions and opening lower on Monday during pre-markets. Still, over the last three months, Bitmine’s BMNR shares are up more than 55%.