Bitmine ETH Holdings Reach 5.67M As Paper Loss Tops $9.5B

Bitmine Immersion Technologies says its Ethereum holdings have reached 5,672,956 ETH, making the NYSE-listed company the largest corporate ETH treasury and one of the biggest public-market crypto balance sheets behind Strategy.

The June 22 update said Bitmine’s crypto, cash, marketable securities and “moonshots” totaled $10.7 billion as of June 21 at 3:00 p.m. ET. The company’s crypto holdings included 5,672,956 ETH valued at $1,733 per ETH, 205 BTC, a $180 million stake in Beast Industries, a $104 million stake in Eightco Holdings, and $601 million in cash and marketable securities.

Bitmine said the ETH position represents 4.7% of Ethereum’s 120.7 million token supply, putting the company 94% of the way toward its “Alchemy of 5%” goal. Chairman Tom Lee said Bitmine acquired another 52,203 ETH over the past week and expects the company to reach its 5% ETH target sometime in 2026.

The update follows a string of aggressive purchases during a weak ETH market. Bitmine had already added $35.9 million in ETH as its treasury pushed closer to the 5% supply target, with onchain flows showing continued accumulation even as ETH traded far below last year’s highs.

Current Price Leaves Treasury Underwater

The scale of the ETH stack also makes the unrealized loss difficult to ignore. ETH recently traded near $1,764, leaving Bitmine’s 5.67 million ETH position worth about $10.0 billion at current prices.

If Bitmine’s average cost basis is roughly $3,440 per ETH, the implied aggregate acquisition cost is about $19.5 billion. At current ETH prices, that leaves the position down roughly $9.5 billion on paper.

The new company update values the ETH holdings at the market price used in the release, not at acquisition cost. That distinction matters for the balance-sheet debate because Bitmine can report a huge current crypto treasury while still carrying a position that remains deeply below estimated purchase price.

ETH’s weakness has put corporate Ethereum treasuries under the same scrutiny that Bitcoin treasury companies faced during earlier drawdowns. The question is no longer only how much ETH a company holds. Investors are also watching average cost, staking yield, preferred-share obligations, cash reserves, mNAV pressure and whether treasury accumulation improves shareholder exposure or simply concentrates downside risk.

MAVAN Staking Becomes The Yield Offset

Bitmine is trying to turn part of that balance-sheet pressure into a yield story through MAVAN, its Made in America Validator Network staking platform. The company said it now has 4,718,677 ETH staked, representing more than 83% of its total ETH holdings.

At the release price of $1,733 per ETH, the staked position was valued at about $8.2 billion. Bitmine said projected annualized staking revenue now stands near $223 million, while its staking operations generated a seven-day annualized yield of 2.73%.

That staking income does not erase a multibillion-dollar unrealized loss, but it does change the treasury model. A passive ETH balance sheet depends almost entirely on price recovery. A staked ETH treasury can generate recurring protocol yield, giving the company a cash-flow argument while it waits for the asset price to recover.

Bitmine’s model also sits inside a broader institutional Ethereum accumulation trend. Whale wallets recently added 350,000 ETH during a split market, while public-market investors have continued to watch whether ETH can regain momentum after one of its sharpest valuation resets.

Largest ETH Treasury Still Faces Price Test

Bitmine’s update also lands beside a fresh corporate-treasury move from Strategy, which raised its USD Reserve to $1.4 billion and bought another 520 BTC, taking its Bitcoin Reserve to 847,363 BTC. The timing puts two public crypto-treasury models side by side. Strategy is pairing new BTC accumulation with a larger dollar buffer for Digital Credit securities, while Bitmine is leaning on staked ETH yield through MAVAN to support a much larger Ethereum reserve that remains below estimated cost basis. Both companies are still adding during weak crypto pricing, but Strategy’s pressure sits around Bitcoin price, mNAV and credit coverage, while Bitmine’s sits around ETH recovery, staking income and whether the market rewards a deeply underwater ETH balance sheet.

Bitmine remains one of the clearest public-market bets on Ethereum as a reserve asset. The company describes itself as a Bitcoin and Ethereum network company, but its strategy is now overwhelmingly centered on ETH accumulation, staking and institutional exposure to Ethereum’s future role in tokenization and decentralized finance.

Lee framed the thesis around tokenization and AI demand, arguing that both could drive long-term blockchain growth. That view fits the broader market narrative around productive Ethereum collateral, tokenized assets, staking yield and institutional settlement rails.

The near-term numbers are less forgiving. Bitmine now reports 5,672,956 ETH, 4,718,677 staked ETH, $601 million in cash and marketable securities, and total crypto plus cash-related holdings of $10.7 billion. With ETH trading near $1,764 and the estimated average cost near $3,440, the company’s ETH reserve remains roughly $9.5 billion underwater while MAVAN staking becomes the main recurring yield source attached to the position.

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