Bitmine Pushes Toward 5% Ethereum Target with $11 Billion Holdings

Bitmine Immersion Technologies (NYSE:BMNR) shares surged 4% after the company disclosed its latest Ethereum (CRYPTO: ETH) purchase. The firm added 9,926 ETH last week, pushing its total holdings to 5.82 million coins worth around $11 billion.

The purchase brings Bitmine's total holdings of ETH to represent 4.8% of the entire circulating supply of 120.7 million coins, putting the company 96% of the way toward its goal of owning 5%. The firm has staked 5,067,309 ETH through its MAVAN institutional staking platform, generating an annualized yield of 2.61% and projected staking revenues of $250 million annually.

Bitmine's Chairman Tom Lee noted that the ETH/BTC ratio has moved above its long-term downtrend for the first time in years, sitting at 0.02994 and rising. He attributed this shift to markets beginning to price in tokenization and agentic AI applications running on Ethereum, likening it to transformational moments such as the GENIUS Act and SEC's Project Crypto.