Bitmine Nears 5% Ethereum Milestone
Bitmine Immersion Technologies is closing in on a landmark: controlling 5% of all Ethereum in existence. The company’s latest acquisition—28,086 ETH, valued at roughly $69 million—boosted its total holdings to 5.93 million Ether. At current prices, that stash is worth about $14.8 billion and represents approximately 4.9% of Ethereum’s circulating supply. Bitmine has been executing weekly ETH purchases since launching its treasury strategy on June 30, 2025, and now sits at 97% completion of its stated goal to amass 5% of all ETH within fifteen months.
If the current pace continues, Bitmine could hit the target in as little as seven more weeks—a timeline that underscores both the scale and urgency of its accumulation plan.
Tom Lee’s High-Stakes ETH Bet
Bitmine’s chairman Tom Lee has orchestrated this aggressive accumulation, steering the company to buy Ethereum at an average price of $2,495 per token. This strategy has not only swelled Bitmine’s crypto reserves but also diversified its asset base: alongside nearly six million ETH, the firm holds $593 million in cash and marketable securities, plus equity stakes in other companies such as Beast Industries ($180 million) and Eightco Holdings ($91 million). As of September 7, Bitmine reported total assets of $15.7 billion.
Yet there’s a tension beneath these headline figures—Bitmine’s outsized exposure to Ethereum brings both potential upside and significant risk. While Tom DeMark expects an imminent uptrend in ETH prices, Bitmine currently faces $5.1 billion in unrealized losses on its ETH position, according to Dropstab data cited by cointelegraph.com.
Staked ETH Drives $330M Revenue
A major component of Bitmine’s approach is staking: the company has locked up roughly 5.1 million ETH—about 85% of its total holdings—to help secure the Ethereum network and earn rewards. This staked Ether is projected to generate $330 million in annualized revenue for Bitmine, providing a steady income stream even as market prices fluctuate.
Such staking yields have become central to Bitmine’s treasury model as it seeks to balance long-term crypto exposure with recurring revenue.
See Also
Ethereum Price Action: A Market in Waiting
Despite Bitmine’s buying spree and bullish forecasts from technical analysts like Tom DeMark, Ethereum itself has remained remarkably stable in recent weeks. As of September 9, proprietary price data shows ETH trading at $2,501.20—barely changed over one day (+0.01%), one week (+0.05%), or even thirty days (+0.30%). This muted movement stands out especially given that Ethereum reached an all-time high of $4,946.05 just last August (2025-08-24), highlighting a period where accumulation by large players hasn’t translated into immediate price surges.
This divergence between massive institutional accumulation and flat spot prices may reflect broader market uncertainty or simply a lag between treasury actions and secondary market reactions.
Stock Dips Despite Crypto Accumulation
Investors have not rewarded Bitmine’s aggressive crypto strategy with higher share prices—at least not yet. On Tuesday morning, BMNR stock was down more than 2%, even after news broke about the latest multi-million dollar Ether purchase and progress toward the company’s accumulation goal.
The contrast is stark: while Bitmine nears its ambitious target for crypto holdings and projects hundreds of millions in staking revenue, public markets appear skeptical or are pricing in concerns over unrealized losses and concentrated risk.
It remains uncertain whether continued accumulation will eventually sway investor sentiment or if broader market dynamics will keep BMNR shares under pressure for now.
Next steps
If Bitmine completes its accumulation goal of 5% of Ethereum’s total supply—currently at 97% with 5.93 million ETH—within the next seven weeks as projected, the firm will hold approximately 6.1 million ETH, immediately making it one of the largest single holders of Ethereum; whether Bitmine will continue purchasing at the same pace after reaching this threshold remains unclear.
