Bitmine Approaches 5% Ownership of Ethereum Supply with $11.8 Billion Assets
Bitmine reports a total of 5.79 million ETH, approximately 4.8% of Ethereum's circulating supply, as it expands its staking operations and share repurchase program. The company's total assets, including various investments, reach $11.8 billion, according to Decrypt.
Bitmine Immersion Technologies has announced that it now holds 5.79 million ETH, which equates to about 4.8% of Ethereum's circulating supply. This increase is part of the company's broader strategy to grow its holdings, which now amount to $11.8 billion, including cash, marketable securities, and strategic investments.
The company's assets comprise not only Ethereum but also include 208 Bitcoin valued at around $13.6 million, $268 million in cash, a $180 million investment in Beast Industries, and a $61 million stake in Eightco Holdings. Bitmine's expansion aligns with its aim to eventually acquire 5% of Ethereum's total supply.
Bitmine Chairman Tom Lee remarked, "We increased our equity buyback as we view the rising ETH/BTC ratio, despite the falling odds of passage of the Clarity Act in 2026, as a sign crypto prices are strengthening." Lee noted that the ETH-to-Bitcoin ratio has reached a three-month high, suggesting potential price recovery for ETH, currently trading around $1,900.
Furthermore, Lee highlighted that Bitmine's Made in America Validator Network, or MAVAN, supports institutional staking. Approximately 4.9 million ETH of the company's holdings are already staked in this network, with projected annualized staking rewards of around $299 million when fully operational.
This latest development marks a significant milestone for Bitmine, following its prior achievements of surpassing 5 million ETH in April and ongoing growth under Lee's leadership. Investors will be closely observing Bitmine's continuing actions as it seeks to solidify its influence in the Ethereum ecosystem.
Summary based on original reporting by Jason Nelson at Decrypt, originally published Jul 27, 2026. SolanaWire does not republish source content.
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