Bitmine surpasses 6 million ETH holdings, worth $16 billion

Bitmine Immersion Technologies has crossed the 6 million ETH threshold, pushing the total value of its Ethereum treasury to roughly $16 billion. The company added 17,362 ETH in the past week alone, continuing an accumulation strategy that has quietly turned a Bitcoin mining outfit into the single largest corporate holder of Ether on Earth.

To put that number in perspective: Bitmine now controls close to 5% of Ethereum’s entire circulating supply, which sits around 120.7 million tokens. One company, listed on the NYSE under the ticker BMNR, owns roughly one out of every twenty ETH in existence.

The MicroStrategy playbook, Ethereum edition

If this sounds familiar, it should. Bitmine’s treasury strategy borrows heavily from Strategy’s (formerly MicroStrategy) Bitcoin accumulation model, where a publicly traded company essentially becomes a leveraged bet on a single digital asset. The difference is that Ethereum, unlike Bitcoin, can be staked for yield, and Bitmine has leaned into that feature aggressively.

Over 85% of the company’s ETH holdings are staked through its proprietary MAVAN platform. That staking activity is projected to generate between $211 million and $357 million in annualized revenue.

The company currently ranks as the largest corporate ETH treasury holder and the second-largest overall digital asset treasury behind Strategy, which still holds the crown thanks to its massive Bitcoin position. Bitmine chairman Thomas “Tom” Lee has steered the firm toward this identity since the accumulation push began in mid-2025.

Slowing down, but not stopping

The pace of buying has cooled considerably. At its peak, Bitmine was scooping up more than 100,000 ETH per week. The recent weekly addition of around 17,000 ETH is a fraction of that prior rate.

Bitmine has publicly stated its goal of reaching 5% ownership of Ethereum’s total supply, a target the company is now brushing up against. At current ETH prices near $2,700, even the relatively modest 17,362 ETH added last week translates to roughly $47 million.

The buying program has attracted heavyweight institutional backers. ARK Invest and Founders Fund are among the notable names that have taken positions in BMNR, betting that the company’s treasury model will deliver returns through both ETH price appreciation and staking income.

What this means for Ethereum markets

BMNR stock has developed a significant correlation with ETH price movements. This creates a feedback loop: institutional investors who can’t or won’t hold ETH directly can get exposure through BMNR, which in turn uses capital inflows to buy more ETH.

That’s the risk worth watching. If ETH prices drop sharply, Bitmine’s balance sheet takes a direct hit, its stock price follows, and its ability to raise capital for further purchases diminishes, all at the same time. The yield from staking provides a buffer that pure Bitcoin treasury plays don’t have, but $211-357 million in annual staking revenue only goes so far against a $16 billion position.

Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.