Bitmine’s $11.3B ETH Treasury Crosses 4.8% of Total Supply

Bitmine Immersion Technologies disclosed on August 3 that its Bitmine ETH treasury has reached a Total Supply stake of 4.8%, representing 5.8 million tokens out of Ethereum’s circulating 120.7 million coins, with total cryptocurrency and cash holdings of $11.3 billion.

The company said it is 96% of the way to an internal milestone it calls the “Alchemy of 5%.” The announcement comes 13 months after Bitmine began its ETH accumulation program, making it one of the fastest corporate treasury builds in cryptocurrency history.

Key Takeaways

• Bitmine holds 5.8 million ETH, representing 4.8% of Ethereum’s circulating supply of 120.7 million coins
• The company’s total cryptocurrency and cash holdings stand at $11.3 billion as of the August 3 disclosure
• Bitmine’s 5.8 million ETH equals roughly 17% of the approximately 34 million ETH staked on the network
• Chairman Tom Lee said Ethereum outperformed the Nasdaq in July, citing it as a signal of strengthening cryptocurrency fundamentals

Bitmine ETH Treasury Reaches A Structural Threshold

The “Alchemy of 5%” target is not arbitrary.

Controlling 5% of a proof-of-stake network’s Total Supply gives a single entity meaningful sway over the staking yield ecosystem. Ethereum uses proof-of-stake as its consensus mechanism, meaning validators lock up ETH to confirm transactions and earn rewards proportional to their stake.

At 5.8 million ETH, Bitmine holds roughly 17% of the approximately 34 million ETH staked on the network, a fraction large enough to move aggregate staking yields if Bitmine adds or withdraws its stake in a concentrated window. Bitmine (BMNR) confirmed these figures through a PR wire release that formally announced the treasury update.

Bitmine chairman Tom Lee said in the release that Ethereum (ETH) outperformed the Nasdaq in July, which he called a signal of strengthening cryptocurrency fundamentals.

Lee, a longtime market strategist and co-founder of Fundstrat Global Advisors, became Bitmine’s public face when the company pivoted to an ETH treasury strategy. His involvement brought credibility and retail attention to a vehicle that would otherwise resemble a niche mining operator.

The company added to its holdings last week while also expanding a stock buyback program, according to the release.

No per-token acquisition price was disclosed for the most recent tranche, but the aggregate $11.3 billion figure implies an average cost basis well below the asset’s current market price, given that Bitmine began accumulating when ETH traded at lower levels in mid-2025.

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From Mining Operation To Dominant ETH Holder

The scale of Bitmine’s position becomes clearer against the wider corporate treasury landscape. When Strategy (MSTR) began buying Bitcoin (BTC) in August 2020, it held roughly 0.02% of the circulating Total Supply in its first disclosed purchase.

Bitmine’s 4.8% claim on ETH’s Total Supply, reached in just over a year, is structurally different: it represents a concentration that no single corporate treasury has approached in any major proof-of-stake network.

The SEC filing submitted August 3 formalizes the disclosure under 8-K reporting requirements, which U.S. public companies must use when a material event affects their financial condition. The filing confirms the treasury update is not a marketing claim but a regulated corporate disclosure.

Bitmine started as an Ethereum immersion-cooling mining company before shifting its core strategy to ETH accumulation.

Immersion cooling is a technique that submerges server hardware in non-conductive liquid to manage heat, which mining operators use to push computational density higher while reducing energy costs. That infrastructure background gave Bitmine low-cost operating capacity and balance-sheet discipline before it pivoted toward holding ETH outright rather than mining it.

Also Read: 21Shares Solana ETF Files First Staking Disclosure, Now the SEC Must Decide

Why A 4.8% ETH Total Supply Stake Changes The Corporate Treasury Calculus

The broader significance of Bitmine’s position is what it implies for the ETH supply-side market.

Of the 120.7 million ETH in circulation, the amount that trades actively on exchanges is a fraction of that Total Supply. A portion is locked in smart contracts, a portion is staked, and a portion sits in long-term cold storage.

When one corporate entity owns 4.8% of the entire Total Supply, and is explicitly targeting 5%, it acts as a structural buyer that competes directly with spot ETF demand for available float.

Ethereum does not have a fixed Total Supply cap the way Bitcoin (BTC) does. Its issuance rate adjusts through a burn mechanism introduced in August 2021, which destroys a portion of fees rather than paying them to validators.

That means the Total Supply changes with network usage, and a fixed coin count like 5.8 million represents a moving percentage over time. Bitmine will need to continue buying simply to maintain its 4.8% share if network burns and validator rewards shift the denominator.

Lee’s framing of July’s ETH-versus-Nasdaq outperformance as a fundamentals signal is worth examining.

ETH’s relative strength in July coincided with rising on-chain activity and renewed institutional interest in staking products ahead of potential ETF approvals that include staking yield pass-through. If staking ETFs receive regulatory clearance in the United States, Bitmine’s position would sit at the intersection of two accelerating demand trends.

That is the demonstration case, the harder question is whether Bitmine can sustain acquisition pace at scale without moving the market against itself on ordinary trading days.

The 8-K filing date of August 3 places this disclosure one week after Bitmine’s most recent reported purchase activity. The company appears to be updating the market on a rolling basis rather than waiting for quarterly earnings filings, a cadence that keeps institutional investors continuously informed of the treasury’s growth trajectory.

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