Bitmine Continues Ethereum Accumulation, Holdings Approach 5% of Total Supply
Publicly traded company Bitmine Immersion Technologies (NYSE: BMNR) announced its latest holdings update on the evening of November 2nd, Taipei time, revealing a purchase of 8,573 Ether (ETH) over the past week. As of 4 PM Eastern Time on November 1st, the company’s total ETH holdings reached 6,060,506 coins, representing approximately 4.9% of the network’s total supply of 122.2 million ETH.
Valued at $2,261 per ETH based on Coinbase’s price that day, this latest acquisition, combined with other crypto assets, cash, marketable securities, and “moonshots,” brings Bitmine’s total digital asset and investment portfolio to approximately $14.5 billion. Since initiating its ETH treasury strategy on June 30, 2025, Bitmine has emphasized a consistent weekly purchasing approach.
Beyond its substantial ETH holdings, Bitmine’s balance sheet as of the same period includes 216 Bitcoin (BTC), holdings in Beast Industries valued at approximately $180 million, an approximately $82 million stake in Eightco Holdings (NASDAQ: ORBS), and cash and marketable securities totaling around $498 million.
The company positions itself as the world’s largest ETH treasury and the second-largest crypto treasury globally, trailing only Strategy, which is primarily Bitcoin-focused. Bitmine also stated that its “Alchemy of 5%” initiative, aimed at holding approximately 5% of the total ETH supply, is now about 99% complete, achieved within roughly 15 months.
As of November 1st, Bitmine has staked 5,227,037 ETH, equivalent to approximately $11.8 billion (also at $2,261 per ETH), representing the majority of its holdings. The company’s institutional-grade staking platform, MAVAN (Made in America VAlidator Network), which initially served its own treasury, is now open to external institutional and custodial partners.
Chairman Thomas “Tom” Lee highlighted that based on a 7-day BMNR yield of approximately 3.03%, a fully staked portfolio is projected to generate annual rewards of around $415 million. With the current staked amount of approximately 5.22 million ETH, the annualized reward is estimated at $358 million.
In the same statement, Lee addressed the recent Binance hack and the theft of customer funds, noting that the market’s relatively restrained reaction suggests it was not solely a bearish signal. He drew a comparison to the more significant single-day drop and deeper subsequent recovery of ETH following the Bybit hack in February 2025, observing that the current news has resulted in a noticeably smaller ETH price decline.
Lee outlined six key points: Binance’s capacity to cover customer losses, the absence of cascading failures in DeFi protocols, the industry’s rapid containment of potential losses, the FBI’s swift identification of North Korean-linked actors, the attack targeting corporate infrastructure rather than on-chain protocol vulnerabilities, and the limited price drop itself being an indicator of an ongoing bull market. Collectively, he believes the cryptocurrency industry is demonstrating increasing resilience against state-level attacks.
While this week’s purchase of 8,573 ETH is smaller than the significant accumulations of tens of thousands of coins seen in previous weeks, it continues Bitmine’s streak of weekly acquisitions. For the market, Bitmine remains one of the most consistent corporate buyers of ETH in the public market. For its stock and staking yield model, cryptocurrency price fluctuations will directly impact both its total asset value and its USD-denominated staking revenue.
With the company’s official target of “Alchemy of 5%” now nearly achieved, future focus will likely shift to how the remaining portion of the supply is acquired, the potential for further increases in the staking ratio, and the success of MAVAN’s external institutional business in stabilizing on-chain revenue.
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