BitMine Nears Ethereum’s 5% Supply Target With 6,070,092 $ETH Stash 🪙

BitMine Immersion Technologies acquired another 9,587 ETH worth roughly $20 million, bringing its holdings to 6,070,092 ETH as of November 8 and putting the firm 99% of the way toward its goal of owning 5% of Ethereum’s supply. At a reference price of $2,234 per token, the holdings were worth roughly $13.6 billion and represented 4.97% of Ethereum’s 122.2 million token supply. The company reached the target in just 15 months after launching its treasury accumulation strategy on June 30, 2025, and chairman Tom Lee said BitMine has purchased Ethereum every week since then.

In a November 9 statement, BitMine valued its Ethereum holdings at $2,234 per token using Coinbase market data. The company reported combined crypto assets, cash, marketable securities and other investments totaling $14.3 billion. Its holdings included 216 Bitcoin, $475 million in cash and marketable securities, a $180 million stake in Beast Industries and a $75 million position in Eightco Holdings.

BitMine remains the world’s largest Ethereum treasury and the second-largest crypto treasury overall, trailing only Michael Saylor’s Strategy, which holds about 849,327 BTC, according to the release. The firm operates as a public proxy for indirect OpenAI exposure through its Eightco Holdings position.

The company has staked 5,227,037 ETH, worth approximately $11.7 billion at the November 8 reference price, through its MAVAN platform. With nearly 86% of its Ethereum holdings staked, BitMine estimated annual rewards of $309 million, while Lee put potential staking income at $359 million.

Lee cited Ethereum co-founder Vitalik Buterin’s comments at the Devcon conference in Mumbai, where Buterin said, “I’ve finally made up my mind, ETH is a store of value, ETH is money.” Lee called the declaration “a seismic shift” and said it clarified how ETH will capture value in a coming “supercycle of tokenization and AI.” Buterin also argued in an X post that ETH should be viewed primarily as a store of value, adding that fee-burning is weaker than it once seemed and that optimizing for it can conflict with decentralization.