BitMine Immersion Technologies added 32,447 ETH over the past week, pushing its total treasury to 5,847,611 tokens — about 4.8% of Ethereum's 120.7 million circulating supply, and 97% of the way to the 5% ownership target the company has publicly set for itself. The purchase was confirmed independently by Wu Blockchain and corroborated by BitMine's own press release, which put the company's combined crypto and cash holdings at $14.9 billion as of August 23.
Of that treasury, 5,067,309 ETH — 87% of total holdings, worth roughly $12.4 billion at $2,440 per ETH — is actively staked. BitMine says that stake is currently generating a 2.67% annualized yield, translating to about $330 million in projected annual staking revenue at current holdings, a figure the company expects to climb to $381 million once its staking allocation is fully scaled.
A Pattern of Near-Daily Disclosures
This is not an isolated announcement. BitMine has published a near-continuous string of similar press releases through August, each one nudging the total higher — from 5.8 million tokens and $11.3 billion in combined holdings earlier in the month, up through 5.81, 5.82, and now 5.85 million ETH as the total value climbed past $14.9 billion. The cadence suggests a deliberate, sustained accumulation campaign rather than a single opportunistic purchase, funded in part by the yield the company's existing stake continues to throw off.
The Rest of the Balance Sheet
Beyond its ETH position, BitMine's disclosed holdings include 210 BTC, a $180 million stake in Beast Industries, an $89 million stake in Nasdaq-listed Eightco Holdings, and $308 million in cash and marketable securities. Chairman Tom Lee has pointed to ETH's roughly 30% weekly gain — which he called the asset's largest weekly gain since May 2025 — as historical precedent for further appreciation, a framing that puts BitMine's continued buying in the context of a broader bet that Ethereum's rally still has room to run rather than a treasury simply along for the ride.
Related: Market Makers Pile Into Short Positions Even as Bitcoin Rallies
Why the 5% Threshold Matters
Crossing the 5% ownership mark would make BitMine one of the largest single holders of Ethereum's supply outside of exchanges and staking pools, concentrating a meaningful share of ETH's circulating float — and a comparable share of network staking rewards — inside one publicly traded company's balance sheet. Whether that scale of concentration proves to be a bullish supply-side signal or a governance concern for a network built on distributed validation will likely depend on how BitMine's stake and voting influence evolve once the 5% line is actually crossed.
