Bitmine Is Closing In on 5% of Ethereum Supply Bitmine Immersion Technologies is getting closer to its target of controlling 5% of Ethereum's total supply after adding another 28,086 ETH over
Bitmine Is Closing In on 5% of Ethereum Supply
Bitmine Immersion Technologies is getting closer to its target of controlling 5% of Ethereum's total supply after adding another 28,086 ETH over the past week. The company's holdings have reached 5.93 million ETH, worth around $14.8 billion, giving Bitmine approximately 4.9% of all ETH in circulation. The latest purchase continues a treasury strategy that has made Ethereum the center of the company's digital asset holdings.
Most of that ETH is not simply sitting in reserve. Bitmine has staked more than 5 million ETH, allowing the company to generate additional income while maintaining its exposure to Ethereum. Based on recent staking yields, Bitmine estimates its staked position could generate around $330 million annually, adding another source of potential returns to its long-term Ethereum strategy.
Ethereum Has Become Q3's Standout Performer
The timing of Bitmine's continued accumulation is notable because Ethereum has delivered a strong performance during the third quarter. Tom Lee, chairman of Bitmine, said ETH was the best-performing macro asset in Q3 through Sept. 4, outperforming the S&P 500 by 5,430 basis points, or 54.3 percentage points. Lee also pointed to Bitcoin and Solana as among the strongest-performing major crypto assets during the same period.
Ethereum's performance puts the asset in a different conversation from its usual comparisons with other cryptocurrencies. Its gains against a major traditional market benchmark highlight how digital assets are increasingly being viewed alongside broader investment markets. For investors watching the crypto sector, Ethereum's Q3 performance has therefore become one of the more notable market developments heading into the final weeks of the quarter.
The Crypto Rally Is Reaching Public Markets
The strength in digital assets has also been reflected in crypto-related stocks. Lee said four of the 21 best-performing stocks in the Russell 1000 since the end of June came from the crypto sector, while Bitmine shares have risen about 99% during the quarter. The performance shows that the current crypto cycle is not limited to tokens, with public companies offering investors another way to gain exposure to the industry.
Bitmine is particularly notable because its stock performance is closely tied to its Ethereum treasury strategy. The company has made ETH accumulation a central part of its corporate approach, turning its balance sheet into a significant source of Ethereum exposure for public-market investors. Its growing holdings also put the company among the most prominent corporate participants in the Ethereum ecosystem.
The 5% Target Is Now Within Sight
With 5.93 million ETH already in its treasury, Bitmine is just a step away from its goal of holding 5% of Ethereum's total supply. Reaching that threshold would make the company's Ethereum position even more significant and further establish Bitmine as one of the largest corporate holders of ETH.
Bitmine's aggressive accumulation also underscores a broader shift in how public companies are approaching Ethereum. With the company continuing to build its treasury while staking most of its holdings, ETH is increasingly being treated as a strategic corporate asset rather than simply a cryptocurrency held for trading.
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