BitMine Becomes Largest Ether Holder with 4.8% of Supply
BitMine's corporate treasury now holds a significant portion of Ethereum's total supply after adding 32,447 ETH to its balance over the past week. This brings its total holdings to 5,847,611 ETH as of August 23, which represents approximately 4.8% of Ethereum's total supply.
The staking figure is particularly notable, with BitMine reporting that it has staked 87% of its Ethereum holdings, or around 5,067,309 ETH. This is projected to generate annualized revenue of around $330 million for the company.
This shift in balance sheet dynamics matters beyond just the headline numbers. A treasury holding a significant portion of ETH is one thing, but staking that amount effectively removes it from active circulation and rewards compound the position further.
The relevant question for traders is not just how much BitMine holds, but how much of that stock would be available under a liquidity event. The company's move fits a broader pattern of corporate and institutional capital treating blockchain assets as balance sheet items rather than short-term trading inventory.