Ethereum: BitMine Approaches 5% of Total ETH Supply

Five percent of all ETH, or nothing. BitMine Immersion Technologies has accumulated an additional 27,562 ETH in one week and now holds a reserve of 5,983,940 ethers, which is 4.9% of the total supply. The company, which currently holds the most ETH in the world, is slowly approaching the target set by its president Tom Lee.

In addition to its valuable ETH, BitMine currently weighs in at $17.1 billion, with $714 million readily available. This allows it to continue purchasing ETH to reach its goal.

Key Points

• BitMine holds 5,983,940 ETH after a weekly purchase of 27,562 ethers, representing 4.9% of the total supply.
• Approximately 120,000 ETH, nearly $330 million, remains to reach the 5% target set by Tom Lee.
• 5,067,309 ETH are staked, accounting for 85% of the treasury and $13.6 billion at a price of $2,688.
• Total assets reach $17.1 billion, including $714 million in cash and negotiable securities.

Ethereum: BitMine 120,000 ETH Away from the 5% Mark

Since June 2025, BitMine has been purchasing ETH on a weekly basis. This week, the company made a purchase of 27,562 ethers, representing nearly $74 million at an average purchase price of $2,688.

With a total of 122 million ETH in circulation, BitMine and its 6.1 million ETH hold nearly 5% of the total circulating supply. Thus, about 120,000 ethers are needed, or $330 million, to surpass the 5% threshold set by its president. In practice, it will take less than five weeks at the current pace to reach this milestone.

At BitMine, this project to hold 5% of the total ETH supply is affectionately called Alchemy of 5%. This plan was established in the summer of 2025, following a fundraising of $250 million, which allowed the Bitcoin mining company to gain exposure to ETH. Like Michael Saylor and his company Strategy, BitMine has seen its stock price BMNR multiply by 5 since June 2025. For reference, BitMine has more than doubled the number of ETH held in the span of a year. Indeed, in September 2025, the company held 2% of the total supply.

Far behind BitMine, SharpLink Gaming retains its second place among companies holding the most ETH.

Staking: What BitMine's Ethereum Treasury Really Earns

Of the 5,983,940 ETH, BitMine has staked just over 5 million, which is 85% of its treasury, valued at approximately $13.6 billion. With an average APR of 2.5% per year on Ethereum staking, the company could earn annually 127,000 ETH from staking rewards, amounting to about $341 million. A significant sum that, at this rate, would be enough to cover the necessary balance to reach 5% in just under a year.

Thus, unlike Strategy, which must raise debt or issue shares to accumulate more BTC, BitMine sees its number of ETH grow passively through staking.

However, this model remains dependent on the stock price. As long as BMNR trades above the value of its ETH, each issuance of securities finances new purchases and increases the number of ETH per share. The mechanics reverse below that, and any issuance dilutes existing shareholders. Several publicly traded crypto treasury companies have learned this lesson the hard way and have redirected their resources toward buying back their own shares.

With $714 million in available cash and 5.07 million ethers generating yield, BitMine has the means to surpass its 5% threshold without issuing additional shares. With a total of about 36 million ETH deposited in staking with validators, BitMine's share represents nearly 14% of all ETH staked on the network.

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