Bitmine Amasses 4.8% of Ethereum Supply as Treasury Nears $11.5 Billion

Bitmine Immersion Technologies said its asset base has climbed to roughly $11.5 billion, driven by an aggressive Ethereum (ETH) treasury strategy that is rapidly turning the company into one of the market’s most concentrated corporate holders of the asset.

In a disclosure dated July 20 UTC, the company reported combined holdings across cryptocurrencies, cash and marketable securities, and a portfolio of what it called ‘moonshot’ investments. Bitmine said it now holds 5,777,468 ETH—about 4.8% of Ethereum’s estimated circulating supply of 120.7 million—alongside 207 Bitcoin (BTC).

As of 8:30 p.m. ET on July 19, the firm marked its crypto portfolio using a Coinbase reference price of $1,879 per ETH. Beyond crypto, Bitmine listed $385 million in cash and marketable securities, an equity stake in Beast Industries valued at $180 million, and a $58 million position in Eightco Holdings ($ORBS). Bitmine characterized the $ORBS stake as a public-market route to ‘indirect exposure’ to OpenAI, describing it as one of a limited number of listed equities offering that linkage.

Bitmine also said it has reached 96% of its internal ‘5% alchemy’ target within 12 months—its stated goal of accumulating 5% of Ethereum’s total supply. The milestone underscores the extent to which large, publicly disclosed treasury programs are increasingly competing with long-term holders and protocol-native investors for available ETH liquidity, particularly when acquisitions are paired with staking to produce recurring yield.

On the capital management side, the company said it repurchased approximately 5.5 million common shares last week at an average price of $15.6156 per share, executed under a previously authorized $4 billion buyback program. Bitmine joined the Russell 1000 index on June 26, and its Series A preferred shares trade on the New York Stock Exchange under the ticker BMNP.

Chairman Thomas ‘Tom’ Lee said the slower pace of ETH purchases over the same period reflected the prioritization of the common stock repurchase. “Bitmine acquired an additional 7,430 Ethereum last week,” Lee said, adding that the company has purchased ETH weekly since launching its Ethereum treasury strategy on June 30, 2025.

Staking push via ‘MAVAN’ platform

The company is pairing its treasury buildout with a staking strategy designed to turn a large balance sheet position into cash-flow-like returns. Bitmine earlier this year launched an institutional-grade staking platform called MAVAN—short for ‘Made in America Validator Network’—originally built to support Bitmine’s internal Ethereum strategy. The company said it intends to broaden the platform for institutional investors, custodians, and ecosystem partners seeking staking infrastructure.

As of July 19 ET, Bitmine reported 4,917,189 ETH staked on MAVAN and through staking partners—about 85% of its total ETH holdings—worth roughly $9.2 billion at the same $1,879 reference price. Lee claimed Bitmine is staking more ETH than any other entity globally, and estimated that once the firm’s full ETH balance is staked, annualized staking rewards could reach about $290 million using a seven-day annualized yield of 2.67%. The current annualized staking revenue run-rate was estimated at $247 million, the company said.

Positioning among corporate treasuries

Bitmine described its crypto holdings as the world’s largest Ethereum-focused treasury reserve and the second-largest corporate crypto treasury overall by value. The top spot, it noted, belongs to Strategy, widely reported to hold 843,775 BTC worth roughly $55 billion.

Market activity in Bitmine shares has also been elevated. Citing Fundstrat data, the company said that as of July 17 UTC its five-day average daily dollar trading volume was $579 million, ranking 187th out of 5,704 U.S.-listed equities—placing it between Airbnb ($ABNB) and Fastenal ($FAST).

Bitmine’s management also pointed to U.S. regulatory developments as a catalyst for a broader financial-services transformation. The firm argued that the combined impact of the Genius Act and the U.S. Securities and Exchange Commission’s ‘Project Crypto’ on the 2025 financial landscape could be comparable to the structural shift triggered by the end of the Bretton Woods system and the dollar’s break from the gold standard in 1971—changes the company said accelerated Wall Street’s modernization and the rise of today’s dominant financial and payments infrastructure.

While Bitmine’s disclosures emphasize scale, the company’s strategy highlights a growing theme in crypto markets: large balance-sheet buyers are increasingly treating major smart-contract assets not only as long-term reserves, but as yield-generating ‘productive collateral’ through staking. If sustained, that model could further tighten liquid supply and deepen the link between corporate treasury policy and on-chain economics.