Bitmine Approaches 5% Ethereum Control as Treasury Reaches $11.8B

Bitmine, a crypto treasury firm led by Chairman Tom Lee, has substantially grown its Ethereum position as it advances toward its objective of controlling 5% of the blockchain’s total supply. The company now holds approximately 5.79 million ETH, valued at roughly $11.3 billion, which constitutes approximately 4.8% of Ethereum’s circulating supply. This milestone positions Bitmine within striking distance of its stated goal, as the firm continues to deploy capital into the largest smart contract platform.

Diversified Holdings and Strategic Investments

Beyond its dominant Ethereum position, Bitmine’s overall treasury has grown to $11.8 billion across multiple asset classes and investments. The company maintains 208 Bitcoin alongside its substantial ETH allocation, along with $268 million in cash and marketable securities. The firm has also made significant strategic bets, including a $180 million stake in Beast Industries and a $61 million investment in Eightco Holdings. In recent weeks, Bitmine accelerated its Ethereum accumulation, adding more than $73 million worth of ETH to its treasury.

Expanding Staking Infrastructure

Bitmine has complemented its accumulation strategy by expanding its staking operations. The company currently maintains 4.9 million ETH staked through its Made in America Validator Network (MAVAN), an institutional staking platform that launched in March. The firm projects that once all of its Ethereum holdings are staked through MAVAN and partner networks, it will generate approximately $299 million in annualized staking rewards, creating additional yield on its core position.

Shareholder Returns and Market Outlook

Parallel to its holdings expansion, Bitmine has accelerated its share repurchase program. The company completed 6.1 million share buybacks over a single week, bringing total repurchases to 11.6 million shares since July 1 under its previously authorized $4 billion program. Lee attributed the intensified buyback activity to favorable signals in the Ethereum-to-Bitcoin price ratio, which has climbed to a three-month high of 0.3000. He indicated confidence that Ethereum, currently trading near $1,900, could challenge $2,000 and $2,500 price levels in coming periods.

Bitmine’s momentum reflects rapid growth throughout 2026. The company surpassed the 5 million ETH threshold in April and reached approximately 4.3% of Ethereum’s circulating supply by May. Its June preferred stock offering raised nearly $274 million to fuel additional Ethereum purchases, infrastructure development, and share buybacks. The company’s May inclusion in the Russell 1000 Index has likely broadened its institutional investor appeal.

Bitmine’s strategy aligns with a widening industry trend, as other public companies including Sharplink and Bit Digital have adopted similar Ethereum-focused treasury approaches. Institutional adoption of Ethereum as a core reserve asset signals potential shifts in how large entities deploy capital within the crypto ecosystem.

Source: Bitmine, via Decrypt. Not financial advice.