Bitmine Closes In on 5% of Ethereum as Staking Revenue Hits $357 Million

Bitmine Immersion Technologies has brought its Ethereum treasury to 5,983,940 ETH after purchasing another 27,562 Ethereum for approximately $74 million. At a reference price of $2,688 per coin, the holdings are valued at roughly $16.1 billion.

The NYSE-listed company now controls 4.9% of Ethereum’s total circulating supply, which stands at 122.1 million tokens. That puts Bitmine 98% of the way toward its stated corporate objective, the “Alchemy of 5%.” Its systematic accumulation program has continued without interruption since launching on June 30, 2025.

Bitmine’s balance sheet Strategy extends beyond simply holding digital assets. Through its proprietary MAVAN platform, the company has staked 5,067,309 ETH, or approximately 85% of its total digital asset holdings.

Staking on Ethereum’s Proof-of-Stake network involves locking tokens to secure the blockchain and validate transactions in exchange for yield. Bitmine currently projects that this approach will generate approximately $357 million in annualized revenue, giving the company a predictable, crypto-denominated cash flow.

The model differs from the traditional corporate crypto treasury approach, which has generally centered on Bitcoin as a passive store of value. Strategy, one of the pioneer firms in the sector, has concentrated on accumulating Bitcoin, whose network does not offer native staking and therefore limits those holdings to capital appreciation.

Bitmine remains the largest corporate treasury of Ethereum in the world and the second-largest digital asset treasury overall, behind Strategy’s Bitcoin-centric holdings. While Bitmine has directed its capital toward Ethereum, other corporate treasuries are continuing to expand their Bitcoin positions as market valuations rise.

Strategy recently made a $76 million Bitcoin purchase, moving its reserves back toward their historic June peak. The programmatic buying occurred during a wider market surge in which Bitcoin crossed $85,000 and more than $648 million in short-position liquidations were triggered.

As of Saturday, Bitmine’s total portfolio valuation had reached $17.1 billion. The balance sheet also contains $714 million in cash and marketable securities, 212 Bitcoin, and corporate equity investments designated as “moonshots.”

Those equity investments include a $180 million stake in Beast Industries and a $105 million position in Eightco Holdings. Bitmine Chairman Tom Lee has described the current market environment as the beginning of a sustained digital asset expansion that started in late June.

Lee attributed the cycle to three macroeconomic drivers: a rotation of capital away from overextended artificial intelligence equities, stronger technical and fundamental trends around asset tokenization, and the natural progression of the four-year cryptocurrency market cycle.

He also said Ethereum has been the top-performing macro asset of the current quarter, outperforming the benchmark S&P 500 index by 6,519 basis points. Lee framed that performance gap as a precursor to a broader institutional wave expected in the final quarter of the year.

Asset managers that remain underweight in digital assets, Lee said, may seek to add exposure in order to catch up with benchmark returns. He is scheduled to discuss these treasury strategies and the broader macroeconomic outlook during a keynote address at Korea Blockchain Week on September 30.

Disclosure: Tom Lee is an investor in Dastan, the parent company of Decrypt.