BitMine Reaches 6.02M ETH — Now Controls 4.9% of Ethereum Supply

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BitMine’s Ethereum accumulation strategy is approaching a threshold that would have looked unrealistic a year ago: control of 5% of the entire ETH supply.

The company says it held 6,016,414 ETH as of Oct. 4, worth roughly $16.4 billion using the $2,726 reference price in its latest update.

That equals approximately 4.9% of Ethereum’s 122.1 million token supply. BitMine describes itself as 99% of the way toward its “Alchemy of 5%” accumulation target.

More than 5 million ETH is already staked

The treasury is not sitting entirely idle. BitMine reported 5,067,309 staked ETH, valued at roughly $13.8 billion at the same reference price.

That means more than 84% of the company’s ETH holdings are currently committed to staking.

This changes the economics of the treasury strategy. Instead of relying only on ETH price appreciation, BitMine can also generate staking rewards — while accepting validator, liquidity and protocol risks.

The company’s total crypto, cash and marketable securities holdings were reported at $17.4 billion. In addition to ETH, the portfolio includes 214 BTC, $643 million in cash and marketable securities and several strategic equity positions.

The concentration is extreme by normal corporate treasury standards. BitMine’s balance sheet is now effectively a leveraged bet on Ethereum’s long-term monetary and staking economics.

The 5% threshold raises a different question

At this scale, the discussion is no longer just about whether one company can buy enough ETH to influence its own share price.

Owning close to 5% of supply — and staking most of it — creates a meaningful footprint in Ethereum’s validator economy.

That does not mean BitMine controls 5% of validator power directly. Staked ETH can be distributed across infrastructure providers and validator arrangements. But the economic concentration is still large enough to matter.

For ETH markets, the immediate effect is supply removal. Coins accumulated into a corporate treasury and then staked are less likely to circulate on exchanges in the short term.

The counterpoint is concentration risk. A treasury this large becomes a single institutional holder whose financing, governance or risk decisions can affect a very large ETH position.

BitMine’s next milestone is obvious: reaching the full 5% target. The more important question is what happens after it gets there — whether accumulation slows, whether staking continues to expand and how investors value a public company whose core balance-sheet asset is increasingly Ethereum itself.

Source: BitMine company update.

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