BitMine Adds 9,587 ETH, Reaches 4.97% of Ethereum Supply

BitMine Immersion Technologies now holds 6,070,092 ETH, equal to about 4.97% of Ethereum’s total supply, after buying 9,587 ETH during the week to November 8, according to Blockonomi, citing the company’s November 9 announcement.

The purchase leaves the company short of its stated 5% goal. Against Ethereum’s roughly 122.2 million token supply, BitMine needs about 39,908 more ETH to close the gap. The company calls the campaign the “Alchemy of 5%” and said it has covered about 99% of the target in 15 months, with buying under way since June 30, 2025.

Key facts

• Holdings of 6,070,092 ETH as of November 8, or 4.97% of Ethereum’s supply; an additional 39,908 ETH would be needed for 5%.
• 5,227,037 ETH staked, about 86% of the treasury, valued at roughly $11.7 billion at the stated reference price of $2,234 per ETH.
• Estimated annualized staking rewards of $309 million from current staked ETH, rising to about $359 million if the entire treasury is staked, based on a trailing seven-day yield of 2.65%.
• Total reported assets of about $14.3 billion, including 216 Bitcoin and $475 million in cash and marketable securities.
• Other holdings include a $180 million stake in Beast Industries and $75 million in Eightco Holdings.

A weekly buying programme built around staking

Chairman Tom Lee said the company has kept up regular purchases since it launched its Ethereum treasury strategy, describing the buying as part of a long-term digital asset investment plan. The company also linked its ETH strategy to the argument that ether works as a store of value, pointing to recent comments by Ethereum co-founder Vitalik Buterin.

The staking side is the larger revenue line. BitMine runs MAVAN, its Made in America Validator Network, which began as infrastructure for its own treasury and has since been offered to institutional investors and custodians. The company disclosed the arrangement in a filing published by the Securities and Exchange Commission. Blockonomi noted that both reward figures are annualized projections, not guaranteed income.

Two accounts of the same purchase

Crypto Briefing put the value of the 9,587 ETH purchase at $20 million and described BitMine’s holdings as approximately 6.06 million ETH, a rounded figure that differs slightly from the 6,070,092 ETH reported by Blockonomi. Crypto Briefing also reported that the buying took place while Ethereum prices were falling and the wider market was seeing significant liquidations, and it tied the strategy to Lee’s prediction of a “supercycle” driven by tokenization and artificial intelligence. That reference to a supercycle appears in Crypto Briefing’s report and not in Blockonomi’s.

Why it matters

Publicly listed companies holding large ether treasuries are a newer feature of the market, and BitMine’s disclosures give shareholders and ETH traders a clean view of how much supply sits with a single holder. Because most of that ETH is staked through MAVAN, the company’s revenue is tied to network yield and validator operating conditions rather than to price alone. The disclosures also show concentration risk: BitMine’s own materials note that its valuation stays sensitive to cryptocurrency prices, so a change in ETH’s value affects the balance sheet directly even as staking income continues.

What to watch

The next checkpoint is whether BitMine’s weekly updates show the roughly 39,908 ETH needed to pass 5%, and whether the share of the treasury that is staked keeps rising toward the $359 million projection. Ethereum’s price around the $2,200 level has been cited as a support test, and ETH’s move away from or through that threshold will shape how the treasury is valued in future filings.

This article is informational only and is not financial advice; crypto markets are volatile and uncertain, and projected staking returns are not guaranteed.

Disclaimer: This article is for information only and is not investment, financial or trading advice. Cryptocurrency prices are highly volatile. Always do your own research.

Sources: Blockonomi, Crypto Briefing