Bitmine Immersion Technologies now holds 5,956,378 ETH, roughly 4.9% of Ethereum’s total supply, and has staked more than 5 million of those coins, the company said in its weekly update. Chairman Tom Lee projects $334 million in annualized staking revenue at the current yield, with a path to $392 million once the entire treasury is staked through the firm’s MAVAN platform and its staking partners.
The numbers come from a September 14 update valued at 5:30pm ET on September 13. At the Coinbase price of $2,513 per ETH, Bitmine’s crypto holdings total $15.8 billion, counting 5.96 million ETH, 212 bitcoin, a $180 million stake in Beast Industries, a $98 million stake in Eightco Holdings and $549 million in cash and marketable securities. The company says it is the largest Ethereum treasury in the world and the second-largest crypto treasury overall, behind Strategy’s 845,080 BTC.
Staking is the new centerpiece of the story. As of September 13, the company had 5,067,309 ETH staked, about $12.7 billion worth, generating a 7-day annualized yield of 2.62%. Lee framed the scale in blunt terms: “Bitmine has staked more ETH than other entities in the world.” At full deployment, the projected reward pool reaches $392 million annualized, of which the company’s own staking operations are expected to produce $334 million. MAVAN, the staking platform Bitmine built, has expanded beyond the company’s own treasury to serve institutional investors, custodians and ecosystem partners.
The week’s accumulation added 27,180 ETH, continuing a buying streak that has run since the treasury strategy began on June 30, 2025. Lee calls the 5% supply target the “Alchemy of 5%” and says the company is 98% of the way there, 15 months in. Reaching it would make Bitmine the first public company to control a twentieth of Ethereum’s monetary base.
| Metric | Value |
|---|---|
| ETH held | 5,956,378 (4.9% of supply) |
| ETH staked | 5,067,309 ($12.7 billion) |
| 7-day yield | 2.62% annualized |
| Total holdings | $15.8 billion |
| Weekly purchase | 27,180 ETH |
| Projected staking revenue | $334 million annualized |
Two claims stand out in the update. The first is Lee’s argument that the ETH/BTC ratio is “establishing a new uptrend in 2026,” which he ties to tokenization and AI as future demand drivers for Ethereum blockspace. The second is the ranking claim: Bitmine says it is now the 98th most traded stock in the US by average daily dollar volume, at $924 million over a four-day average, sitting between Intuit and Verizon among 5,704 listed names. For a company that was a small bitcoin miner 15 months ago, that is a striking change in market profile. The stock now trades on the NYSE under BMNR, with a Series A preferred under BMNP, and it was added to the Russell 1000 large-cap index on June 26.
The strategy carries real risks. A 4.9% concentration in one asset ties the company’s balance sheet to ether’s price, which has fallen from its 2025 highs and traded near $2,400 this week. Staked ETH is also subject to unbonding delays, so a forced exit from positions would take days. And the yield assumption matters: 2.62% is measured over a single week, and network reward levels shift with total staked supply and transaction activity. A company advertising $334 million of projected annual revenue is extrapolating from seven days of data.
There is also a governance question hanging over these treasuries. When one entity holds close to 5% of a proof-of-stake network’s supply and its staking infrastructure, its influence over protocol decisions grows with it. Ethereum’s client and researcher community has so far treated large staking pools as an operational concern rather than a crisis, but the thresholds keep moving as corporate treasuries scale. Bitmine’s own materials do not address the concentration issue directly.
Context helps explain the timing. The Fed raised rates a quarter point to 3.75-4% on Tuesday, its first hike since 2023, and the CLARITY Act failed in the Senate the day before, triggering more than $300 million in liquidations. Ether has held near $2,400 through both events, and spot ether ETF flows have stayed positive even as bitcoin funds bleed. Corporate buyers like Bitmine have been part of that bid, absorbing supply on the way down, and the company’s buying has become a recurring line item in weekly ether flow commentary.
Lee is scheduled to deliver a keynote at Korea Blockchain Week on September 30, which gives the company another stage for the accumulation narrative. Whether the market continues to reward the model depends on two things the company does not control: ether’s price and the durability of that staking yield. What it does control, buying and staking, is now operating at a scale that moves the asset itself.
For investors tracking the treasury-model trade, the relevant numbers are simple: Bitmine owns 4.9% of the supply, stakes 85% of it, and projects a third of a billion dollars a year in staking revenue if the yield holds. Whether that cash flow justifies the stock’s valuation is the argument the market is now having with itself. The company’s weekly updates, published through PR Newswire, are the primary source for these figures, and the next one lands after the September 25 options expiry.
A final comparison puts the scale in perspective. Ethereum’s total supply stands at 122 million coins, so every 1% Bitmine adds requires buying roughly 1.22 million ETH, about $3 billion at current prices. From 4.9% to 5% is a small step, but the company has said the accumulation goal extends beyond the headline number, and each additional tranche gets more expensive as the free float shrinks.