Bitmine Reaches 4.8% Ethereum Accumulation Goal, Eyes Staking Revenue

Bitmine's aggressive strategy to accumulate Ethereum (ETH) has reached new heights. The company now holds 5,805,238 ETH, valued at $11.6 billion, which represents approximately 4.8% of the total circulating supply of 120.7 million ETH. This is a significant milestone in Bitmine's 'Alchemy of 5%' strategy, which aims to accumulate 5% of all ETH in circulation.

The pace of accumulation has been remarkable, with the company purchasing ETH every week for the past 14 months since launching its strategy on June 30, 2025. According to Chairman Tom Lee, Bitmine has completed 96% of this ambitious goal. Recent purchases may have been smaller compared to the existing reserve, but they demonstrate that the company remains committed to its accumulation efforts.

Beyond ETH, Bitmine's balance sheet includes a diverse range of assets, including 209 BTC, a $180 million investment in Beast Industries, and a $69 million stake in Eightco Holdings. The company's cash and marketable securities total $104 million, bringing the total value of its crypto assets, liquid funds, and other investments to approximately $11.6 billion.

The focus is now shifting from the speed of accumulation to how Bitmine will manage such a high concentration in a single asset, ETH, and what portion of returns will come from ETH price movement versus staking revenue.