Bitmine Closes in on 5% Ethereum Target with $9.8 Billion Stake

Bitmine Immersion Technologies (BMNR) made significant strides in its goal to hold 5% of Ethereum's supply, adding 52,203 ETH last week. The purchase brings Bitmine's total Ether holdings to 5,672,956 tokens, equal to about 4.7% of the total supply. At a price of $1,733 per ETH, these holdings are worth roughly $9.8 billion.

This makes Bitmine the largest corporate holder of Ether in the world and the second-largest corporate crypto treasury overall, behind only Strategy's $54 billion Bitcoin position. The company's total assets reached $10.7 billion as of June 21, including cash, marketable securities, and stakes in other companies.

Bitmine has staked more than 4.7 million ETH, or over 83% of its total holdings, through its Made in America Validator Network. The company's staking operations are currently producing a 2.73% seven-day yield, with projected annualized revenue of about $223 million.

Chairman Tom Lee said the company plans to keep accumulating Ether steadily through 2026, citing potential growth from tokenization and artificial intelligence progress. The best years for crypto remain ahead in our view, he added.