BitMine Nears 5% of Total Ethereum Supply with Over 5 Million ETH Holdings
BitMine, the Ethereum-focused institutional treasury company led by analyst Tom Lee, has significantly increased its Ethereum holdings to nearly 5.93 million ETH, accounting for about 4.9% of the total supply. The company's Ethereum portfolio is worth around $14.79 billion at an assumed price of $2,495 per coin.
This represents a substantial accumulation by BitMine since launching its Ethereum treasury strategy on June 30, 2025. The company has been consistently purchasing ETH every week and now holds the dominant asset on its balance sheet. Its average purchase price for Ethereum is around $3,036, higher than the assumed price used to calculate the value of its holdings.
BitMine's Ethereum holdings are not idle; most of them (approximately 85%) are being staked, generating an estimated annualized revenue of $330 million. The company also holds other assets, including 211 Bitcoin and approximately $593 million in cash and securities, bringing the total value of its assets to around $15.7 billion.