Bitmine buys nearly $47 million in ETH, reaching 4.9% of supply

Bitmine bought 17,362 ETH over the past week. The ETH was worth just under $47 million at the $2,698 snapshot price used in the company's press release. Bitmine held 6,001,302 ETH as of Friday afternoon, worth about $16.2 billion. The holdings represented 4.9% of the 122.1 million ETH in circulation. Bitmine calls its 5% target the "Alchemy of 5%." The company says it is 98% of the way to that target in 15 months. Bitmine's total holdings were worth $17.2 billion. The company held 213 BTC. It held $672 million in cash and marketable securities. Bitmine listed a $180 million stake in Beast Industries among its "moonshots." It listed a $115 million stake in Eightco in the same category. Bitmine describes Eightco as one of the only listed vehicles offering indirect exposure to OpenAI. Bitmine had staked 5,067,309 ETH, or 84% of its ETH holdings. The staked ETH was worth $13.7 billion. Bitmine staked most of it through MAVAN, the institutional staking platform it built for its own treasury and later opened to outside investors. At a 7-day annualized yield of 2.62%, Lee put current projected staking revenue at $358 million a year. He said that revenue would rise to $424 million if all the ETH were staked. Lee said Bitmine had staked more ETH than any other entity in the world. Bitmine has added Ethereum every week since its strategy began on June 30, 2025. Lee called that record unmatched by any public company in the world. ETH was trading around $2,700. Its price was below its highs. Lee argued that ETH was the best-performing macro asset of the quarter. He said ETH had outperformed the S&P 500 by roughly 67 percentage points since the end of June. Lee said a crypto bull market began in late June. He said institutions remained underweight crypto and that Bitmine expected them to add to their exposure in the final months of 2026. Bitmine was the largest Ethereum treasury and the second-largest corporate crypto treasury overall, behind Strategy. Strategy held 847,666 BTC worth roughly $71 billion. Bitmine's backers include ARK's Cathie Wood, Founders Fund, Pantera, Kraken, Galaxy Digital and Bill Miller III.