Bitmine Nears 5% Ethereum Supply Goal With 5.7 Million ETH Holdings

• Bitmine acquired 27,084 ETH reaching 5.7 million holdings Monday alone.
• Lee cited market weakness despite positive Ethereum ecosystem developments continuing.
• Russell 1000 inclusion and staking strengthen Bitmine’s institutional growth outlook.

Bitmine Immersion Technologies has expanded its Ethereum treasury once again, bringing the company within striking distance of its long-standing goal of owning 5% of Ethereum’s circulating supply. The latest purchase increased its holdings to 5.7 million ETH, cementing its position as the world’s largest corporate Ethereum holder.

According to a company announcement released on Monday, Bitmine acquired 27,084 ETH during the past week, raising its total holdings to 5,700,040 ETH. That amount now represents approximately 4.7% of Ethereum’s 120.7 million circulating supply, meaning the company has achieved about 94% of its target.

Based on Ethereum’s June 28 price of roughly $1,569, Bitmine’s ETH holdings are valued at nearly $8.9 billion. Meanwhile, the company reported total crypto assets, cash, marketable securities, and strategic investments worth approximately $9.8 billion.

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Staking strategy and index inclusion strengthen Bitmine’s position

Chairman Tom Lee described the previous week as difficult for crypto investors as Ethereum lost around 8% of its value. However, he noted that several positive developments continued across the network despite the price decline.

Lee highlighted the launch of Ethlabs and the Bank of England’s softer approach toward stablecoins as encouraging developments for Ethereum. Even so, he said quarter-end portfolio adjustments weighed on prices as investors trimmed positions in weaker-performing assets.

Although Bitmine purchased fewer coins than the 52,203 ETH acquired a week earlier, Lee said the company remains committed to maintaining a consistent accumulation strategy throughout 2026. He added that Bitmine still expects to reach its “alchemy of 5%” milestone before the year ends.

Besides expanding its Ethereum treasury, the company disclosed a $180 million investment in Beast Industries, a $74 million position in Eightco Holdings, and approximately $555 million in cash and marketable securities.

Russell 1000 addition boosts institutional exposure

Bitmine secured a place in the Russell 1000 Large-cap Index during the annual index reconstitution on June 26. Lee said the inclusion could increase institutional ownership as passive investment funds and exchange-traded funds rebalance their portfolios. Currently, 4,879,157 ETH from Bitmine’s treasury are staked through its validator infrastructure. Those staked assets are valued at roughly $7.7 billion based on June 28 prices.

The company estimates annualized staking revenue of about $211 million under current conditions. Once every ETH holding is staked through MAVAN and its validator partners, projected annual staking rewards could rise to approximately $246 million using the current 2.75% seven-day staking yield.

Bitmine remains the largest corporate Ethereum treasury globally and the second-largest corporate crypto treasury behind Strategy. Its continued accumulation and expanding staking operations reinforce its long-term commitment to Ethereum despite recent market weakness.

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