Bitmine's ETH stack reaches 5.81 million tokens as it closes on a self declared 5% target. (Image: Shutterstock)

Bitmine’s ETH Treasury Nears 5% Supply Limit at $14.8 Billion

ByDaniela Kirova

Bitmine Immersion Technologies (BMNR) disclosed an ETH treasury holding of 5,901,112 Ethereum (ETH) tokens worth roughly $14.8 billion as of August 30, making it the largest known Ethereum treasury among public companies.

Key Takeaways

  • Bitmine holds 5,901,112 ETH tokens valued at roughly $14.8 billion as of August 30
  • Each ETH was priced at $2,511 using Coinbase market data timestamped 3 p.m. ET on August 30
  • Bitmine’s holding represents close to 5% of the roughly 120 million ETH in circulation
  • Board member Tom Lee, Fundstrat co-founder, has framed the strategy around Ethereum’s staking yield and network fee revenue

The filing priced each ETH at $2,511, based on Coinbase (COIN) market data timestamped 3 p.m.

ET on August 30, disclosed via a PR Newswire release. At that price, Bitmine controls close to 5% of the roughly 120 million ETH in circulation, according to on-chain supply data.

That headline number reflects a single daily snapshot, not the daily reality of managing a position this size against a volatile asset.

Inside Bitmine’s ETH Treasury Strategy

Bitmine started as a Bitcoin (BTC) mining hardware company built around immersion cooling systems before pivoting its balance sheet toward Ethereum accumulation in 2025. The company now runs its ETH treasury almost exclusively as its corporate reserve, treating a single cryptocurrency as its primary savings account rather than cash, bonds or gold.

That concentrates both upside and risk inside one asset’s price swings — and the $14.8 billion figure is only as stable as ETH’s next 24 hours.

Also Read: OpenAI Confirms Wiki Incident, Reveals Critical Disclosure Gap

From Immersion Cooling To An Ether Vault

The pivot began in mid-2025, when Bitmine said it would raise capital specifically to buy ETH rather than expand its mining fleet. Board member Tom Lee, the Fundstrat co-founder known for bullish market calls, has framed the ETH treasury strategy around Ethereum’s staking yield and network fee revenue as reasons ETH functions as a productive corporate asset.

The balance has grown through repeated stock and debt raises since that announcement, with monthly disclosures showing steadily larger totals. What those monthly snapshots do not show is the friction of executing large buys or the carry cost of holding a position this concentrated in a single token.

A Concentration Question For Ethereum’s Float

A single ETH treasury controlling close to 5% of circulating supply raises real questions about how much freely tradable float remains outside long-term institutional positions.

Other public firms, including at least one rival ETH-focused treasury company, have adopted similar accumulation strategies, competing for the same limited pool of coins. The disclosed valuation is a moment in time — the operational question is what happens to Bitmine’s ETH treasury if price weakness forces any of these companies to trim.

Watch the next monthly disclosure closely.

Read Next: Hugging Face $12.9 Billion Acquisition Reveals Critical AI Chip Gap

Similar Posts