Bitmine's Ambitious Plan to Own 5% of ETH Supply: Current Holdings, Strategy, and More

Nicknamed the Michael Saylor of Ethereum, Bitmine Immersion Technologies is building one of the largest corporate cryptocurrency treasuries centered on the second-largest crypto asset by marketcap. Chaired by Tom Lee of Fundstrat, the company says it intends to own 5% of Ethereum’s circulating supply over time. Internally, management refers to this target as the “alchemy of 5%.”

The strategy marks a shift from mining-focused operations toward long-term ETH accumulation, staking, and balance sheet management. The company reports no debt and states that it buys during price declines.

Current Ethereum Holdings

As of February 8, 2026, Bitmine disclosed total holdings of 4,325,738 ETH, valued at approximately $9.2 billion at an ETH price of $2,125.

That amount equals 3.58% of Ethereum’s circulating supply, estimated at roughly 120.7 million ETH. Bitmine exceeded 70% of its stated 5% target in about six months.

This makes Bitmine the largest publicly disclosed corporate holder of ETH. The next-largest reported corporate holding is less than 1% of the supply. By total crypto treasury size, Bitmine ranks second globally, behind Bitcoin-focused Strategy (MSTR).

Does Bitmine Stake ETH? 

About 2,897,459 ETH, or 67% of Bitmine’s holdings, is staked. At current levels, this position generates estimated annualized staking revenue of $202 million, using a Composite Ethereum Staking Rate of 3.115%.

The company plans to increase this figure once all ETH is staked through its MAVAN (Made in America Validator Network) platform, expected to launch in the first quarter of 2026. Bitmine estimates annual staking revenue could reach $374 million after full deployment.

Recent Accumulation During Price Declines

Bitmine has increased ETH purchases during a sharp market pullback. Ethereum fell from its 2025 highs, trading near $2,300 in early 2026.

Key purchases include:

• Week ending February 8, 2026: 40,613 ETH acquired for roughly $84 million. On-chain data shows two transfers of 20,000 ETH via FalconX and BitGo.
• Week ending February 1, 2026: 41,788 ETH added.
• Past 30 days: More than 180,000 ETH accumulated, with a peak weekly purchase of 40,302 ETH.

Holdings increased from 3.43% of supply at the start of January to 3.58% by February 8.

What the Management Believes about Losses 

Based on an average acquisition cost of $3,825 per ETH, Bitmine is carrying estimated unrealized losses of roughly $8 billion. Lee has said these paper losses reflect the strategy's structure rather than execution errors.

He has argued that Ethereum fundamentals remain intact, citing U.S. government acceptance of crypto assets, expanding use of stablecoins by financial institutions, and higher adoption among younger users. The company says it faces no liquidity pressure to sell.

Historical Growth of ETH Holdings

Bitmine’s ETH balance expanded rapidly since late 2025:

• Nov. 10, 2025: 3.51 million ETH, about 2.9% of supply.
• Dec. 28, 2025: 4.11 million ETH, 3.41% of supply.
• Jan. 25, 2026: 4.24 million ETH, 3.52% of supply.
• Feb. 8, 2026: 4.33 million ETH, 3.58% of supply.

During this period, the dollar value of holdings moved sharply with ETH prices, dropping even as the ETH count increased.

As of early February 2026, Bitmine reported $10 billion in total assets, including:

• 193 BTC, valued near $13.4 million
• $595 million in cash
• $200 million equity stake in Beast Industries
• $19 million stake in Eightco Holdings (ORBS)

BMNR shares have risen about 4.8% in recent sessions, though they remain down nearly 66% over the past six months, mirroring ETH volatility.

Why the 5% Target Matters

Owning 5% of Ethereum’s circulating supply would give Bitmine exposure rarely seen in public markets. The approach resembles large-scale Bitcoin treasury strategies, adapted to Ethereum’s staking-based model.

The outcome now depends on ETH price behavior, staking returns, and Bitmine’s ability to continue accumulating without diluting shareholders or weakening liquidity.

Conclusion

Bitmine has built a concentrated Ethereum position that already exceeds 3.5% of the circulating supply. The company combines direct ETH purchases with staking to generate income while holding through price declines. Its balance sheet shows no debt, significant liquidity, and a clear allocation plan. 

The strategy is highly volatile, but its structure and scale are now well defined.

Sources

• CoinDesk: Tom Lee’s Bitmine Immersion added 40,613 ether last week as prices crashed
• PR Newswire: Bitmine's total cash holdings revealed 
• Yahoo: Bitmine treasury losses places platform under scrutiny