Bitmine adds $74 million in ETH, lifting its stake to 4.9% of supply
AI Market Summary
Bitmine disclosed a major ETH purchase and now holds ~5.98M ETH (~4.9% of supply), with ~85% staked and sizable projected staking income. Concentrated corporate accumulation and sustained weekly buying can tighten liquid supply and signal stronger institutional-style treasury demand for ETH. Management also framed improving tokenization fundamentals and rotation back into crypto, alongside higher risk appetite evidenced by recent short liquidations.
Impact level
● High
Affected assets
ETH/USDT+5.28%
AI Insight · ETH/USDTAI Insight
▲ Bullish
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CoinDesk reported that U.S.-listed Bitmine Immersion Technologies disclosed it bought an additional 27,562 ether, valued at about $740 million using the reference price cited. The purchase lifts the company's total ETH holdings to 5,983,940 ETH, valued at roughly $16.1 billion.
Based on Bitmine's figures, Ethereum's circulating supply is about 122.1 million ETH, putting Bitmine's position at 4.9% of total supply. The company said it is now within about 2% of its internal goal of reaching a 5% stake.
Bitmine said it has kept a steady buying cadence since launching its Ethereum treasury strategy on June 30, 2025, adding to its holdings essentially on a weekly basis. It also described itself as the world's largest corporate ETH treasury, and the second-largest crypto treasury overall behind Strategy.
The company also disclosed other assets in its portfolio. As of last Saturday, total holdings were about $17.1 billion, including cash, other tokens and select equity investments. Disclosed positions include 212 Bitcoin, $714 million in cash and marketable securities, about $180 million in shares of Beast Industries, and about $105 million in Eightco Holdings.
Bitmine added that it has staked 5,067,309 ETH through the MAVAN platform, representing about 85% of its ETH holdings. The company estimates that the staked portion could generate annualized income of about $357 million.
Chairman Tom Lee said the crypto market has entered a new uptrend since late June, arguing that capital is gradually rotating out of AI stocks and back into crypto, tokenization-related fundamentals are improving, and institutional allocations remain low, which could support additional positioning in the fourth quarter. The report noted these views largely reflect management commentary.
On market action, the article said bitcoin briefly climbed above $85,000 over the weekend, with more than $648 million in short positions liquidated, pointing to a pickup in risk appetite. The original report also said Lee is scheduled to deliver a keynote on Sept. 30 at Korea Blockchain Week.
