BitMine Hits 6.02M ETH, Nears 5% Ethereum Supply Target
BitMine Immersion Technologies has significantly expanded its Ethereum holdings, reaching 6.02 million ETH, equivalent to 4.9% of the total supply. This represents a major milestone for the company, which aims to own 5% of all Ethereum. At the current price of $2,726 per ETH, BitMine's Ethereum holdings are valued at $16.4 billion.
The company's staking operations have generated a 2.63% yield over the past seven days, putting projected annualized staking revenue at $363 million. This is a significant development, as it turns BitMine's treasury from a passive ETH reserve into a revenue-generating operation.
BitMine's Chairman, Tom Lee, stated that the company acquired another 15,112 ETH last week, bringing its total to 6.02 million. This continuous accumulation is the core mechanism behind BitMine's rapid approach to the 5% target.
BitMine's expansion comes as Ethereum's institutional ecosystem continues to develop around staking, treasury management, and infrastructure. The company's growth has raised questions about the concentration, staking, and market risks associated with a treasury of this scale.