BitMine Surpasses 4.8% of Ethereum Supply with Staking Dominance

BitMine has become one of the largest holders of Ethereum in circulation after adding 32,447 ETH to its treasury, bringing its total holdings to 5,847,611 ETH as of August 23. This represents approximately 4.8% of Ethereum's total supply.

The company staked most of this position, with around 87% of its holdings tied up in the staking process. This is expected to generate annualized revenue of around $330 million, surpassing the company's cash and marketable securities holdings of $308 million.

This development highlights the growing trend of institutional capital treating blockchain assets as balance sheet items rather than short-term trading inventory. The staking revenue introduces an income component that equity analysts can model, making BitMine's financials more legible to institutions.