Bitmine Ethereum Holdings Reach 4.9%
Bitmine Nears 5% Ethereum Supply Target With Holdings Reaching 6.02 Million ETH
Anonymous
Key Points
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Tom Lee said ETH outperformed the S&P 500 by 6,832 basis points in the third quarter, despite what he described as macro headwinds including a hawkish Federal Reserve, rising oil prices and higher global bond yields.
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Bitmine said the 5,067,309 ETH it had staked represented 84% of its holdings; the company cited a seven-day annualized yield of 2.63% in projecting staking revenue.
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A previous update reported that Bitmine added 17,362 ETH in the week ending September 27, bringing its holdings to 6,001,302 ETH; at that point, the company said it was 98% of the way to its 5% target.
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A report also noted that Bitmine’s institutional staking platform, MAVAN, had expanded and that the company had been added to the Russell 1000.
Bitmine Immersion Technologies added 15,112 Ether last week, pushing its holdings to 6.02 million ETH — about 4.9% of Ethereum's entire supply The Block. The portfolio is now worth roughly $16.4 billion at current prices, part of the company's $17.4 billion in total crypto, cash and other assets TipRanks. Bitmine is closing in on its 5% target for Ethereum's supply.
Chairman Tom Lee says Ethereum has far outpaced traditional markets. He noted that ETH beat the S&P 500 by 6,832 basis points in the third quarter, despite headwinds like a hawkish Federal Reserve and rising global bond yields The Block. Bitmine has staked 5.07 million of its Ether tokens, generating an estimated $363 million in annual staking revenue.
Weekly Buying Streak Nears 5% Target
Bitmine has been buying Ether consistently since launching its treasury strategy in early 2025 The Block. Last week's 15,112-token purchase added another layer to holdings that now sit at 6,016,414 ETH TradingView. At current valuations of $2,726 per token, these coins represent nearly 5% of all Ethereum in circulation — a threshold the company has nearly reached.
The pace is steady. Just one week prior, Bitmine had acquired 17,362 ETH, reaching 6,001,302 tokens and marking 98% progress toward its 5% target The Block. The recent 15,112-token buy continues this methodical approach to accumulating one of the largest Ether treasuries among any company.
Staking Strategy Delivers $363M Annual Revenue
Bitmine has staked 5,067,309 ETH — roughly 84% of its total holdings TipRanks. Based on a seven-day annualized yield of 2.63%, the company projects $363 million in annual staking income The Block. This passive income stream rewards Bitmine for helping secure Ethereum's network while holding the asset.
The company also operates MAVAN, its institutional staking platform, which has recently expanded The Block. This dual approach — holding Ether directly and operating staking infrastructure — positions Bitmine to benefit from Ethereum adoption across multiple revenue streams.
Diversified Holdings Beyond Just Ethereum
Bitmine's $17.4 billion portfolio extends far beyond Ether Investing.com. The company holds 214 Bitcoin, $643 million in cash and securities, and stakes in Beast Industries and Eightco Holdings TipRanks. This diversification cushions against any single-asset risk while maintaining a heavy crypto allocation.
The company has also gained institutional credibility. Bitmine was recently added to the Russell 1000 index The Block, a milestone that reflects its size and the market's recognition of its role as a major crypto holder and infrastructure player.
Ethereum's Outperformance Drives Bullish Case
Tom Lee's commentary underscores why Bitmine is doubling down on Ethereum. The 6,832 basis point outperformance over the S&P 500 in Q3 occurred despite macro headwinds like rising oil prices and a hawkish Federal Reserve stance The Block. This suggests Ether's strength is driven by factors beyond traditional equity markets.
Lee's framing — that Ether is "dwarfing other macro assets" — signals conviction that crypto will continue outperforming in coming quarters. For Bitmine, this thesis validates the ongoing weekly purchase strategy and the decision to stake such a large portion of holdings rather than merely hold them.
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