Bitmine is getting closer to a milestone that would have been almost unimaginable for a public company only a few years ago.
The company reported that it acquired another 28,086 ETH during the latest week, bringing its Ethereum holdings to approximately 5.93 million ETH.
That represents approximately 4.9% of Ethereum’s total 122 million ETH supply.
The Value of the Holdings
At approximately $2,495 per ETH, Bitmine’s Ethereum holdings were worth around $14.8 billion.
The company has therefore built an extremely large exposure to Ethereum.
Most of Its ETH Is Staked
Approximately 5.07 million ETH of Bitmine’s holdings were reported as staked.
That represents approximately 85% of the company’s ETH balance.
Why Staking Matters
Staking allows ETH holders participating in network security to earn rewards.
For Bitmine, that creates another potential source of revenue beyond appreciation in ETH’s market price.
The company estimated annualized staking revenue of roughly $330 million based on a 7-day yield calculation.
Why This Is Important for Ethereum
A corporate entity holding nearly 5% of Ethereum’s total supply represents a major concentration of exposure.
The market can interpret this in two ways.
Supporters may see it as institutional conviction.
Critics may focus on concentration risk.
ETH as a Treasury Asset
Bitcoin has historically dominated corporate crypto-treasury strategies.
Ethereum is increasingly becoming part of that conversation.
The difference is that ETH can also generate native staking rewards.
That makes its treasury economics different from simply holding Bitcoin.
Final Takeaway
Bitmine now holds approximately 5.93 million ETH, equivalent to about 4.9% of Ethereum’s total supply.
With most of its ETH staked, Bitmine is building a corporate treasury strategy based not only on Ethereum’s price but also on staking economics.