BitMine Nears 5% Ethereum Supply Goal with Massive ETH Buy

BitMine, led by Tom Lee, now holds 5.9 million ETH. The company is just 134,000 tokens away from its 5% supply target as staking rewards hit $335M annually.

BitMine Immersion Technologies, chaired by Tom Lee, now holds 5.90 million ETH and is on the verge of reaching its goal to control 5% of the total Ethereum supply.

BitMine Extends Its Buying Streak

The latest transaction marks the 65th consecutive week that BitMine has increased its exposure to the leading altcoin, according to Tom Lee. This strategy, which launched on June 30, 2025, has established the firm as the largest publicly disclosed corporate holder of ETH.

At a reporting price of $2,511, the newly acquired tokens are valued at approximately $134.3 million. While the market value is roughly $131 million at lower current prices, BitMine did not specify its exact average purchase price in the announcement.

The company’s balance sheet also includes 211 BTC and $541 million in cash and marketable securities. Additionally, BitMine holds a $180 million investment in Beast Industries and an $81 million position in Eightco Holdings.

These assets provide the company with liquidity beyond its primary Ethereum position, though ETH remains the overwhelmingly dominant component of its balance sheet.

The 5% Goal: Just 134,000 ETH Away

BitMine’s strategy, dubbed the “Alchemy of 5%,” aims to accumulate the equivalent of 5% of the altcoin’s total supply.

Based on the company’s calculation of 120.7 million ETH, this threshold is approximately 6.04 million tokens. Following the latest purchase, only about 134,000 ETH remain to reach the target, assuming the supply stays near current levels.

This achievement moves BitMine into a new strategic phase. With nearly the entire planned reserve accumulated, the focus is shifting from acquisition to how the company utilizes its massive token holdings.

Staking Adds a Second Yield Stream

BitMine has staked 5,067,309 ETH, representing roughly 86% of its total reserves. At the reported price, this position is worth approximately $12.7 billion.

The company reported an annual staking yield of 2.63% based on the last seven days. If current parameters hold, management estimates potential annual revenue from staking at approximately $335 million.

If the entire reserve were staked through its own MAVAN infrastructure and external operators, BitMine calculates that potential rewards could reach approximately $390 million annually.

This structure represents a fundamental difference compared to companies holding Bitcoin reserves. While a BTC position relies almost entirely on price appreciation, Ethereum allows BitMine to generate ongoing yield. However, this comes with additional risks, including fluctuations in staking yields and operational risks associated with validators.

Tom Lee Points to Institutional Demand as the Next Driver

Lee attributes the scale of the ETH position to his expectations for broader Ethereum adoption within financial infrastructure. His core arguments include the tokenization of traditional assets, the rise of AI agents in blockchain applications, and a clearer regulatory framework in the U.S.

BitMine noted that ETH outperformed the S&P 500 by 5,430 basis points from the start of the third quarter through the end of last week. While this supports the company’s investment thesis, it does not guarantee future performance.

As the 5% threshold approaches, the narrative for BitMine is evolving. Rather than focusing on how much ETH the company can acquire, investors will likely watch how it manages a position worth nearly $15 billion and whether staking income can effectively offset Ethereum’s inherent volatility.