BitMine Holds 5.77 Million ETH, Controls Nearly 5% of Supply

BitMine Immersion Technologies ($BMNR) said it now holds roughly 5.77 million Ethereum (ETH), making it the world’s largest corporate holder of the asset and giving it control of about 4.8% of ETH’s total supply—an unusually concentrated position that underscores how aggressively some public companies are moving to build crypto-heavy balance sheets.

In a statement issued Saturday UTC (July 12), the company said the stash brings it to about 96% of its internal target dubbed the ‘Alchemy of 5%’—a goal framed around accumulating 5% of Ethereum’s supply. Over the past week, BitMine added 27,801 ETH, valuing the purchase at approximately $10.5 billion using an ETH spot price of $1,820, according to figures cited in the release. BitMine also reported total assets—combining crypto holdings, cash, and a so-called ‘moonshot’ investment portfolio—of about $11.3 billion.

The company’s Ethereum accumulation is not just a directional bet on price appreciation, but also a bid to deepen its participation in network economics. BitMine said it has staked 4,917,189 ETH—worth about $9.0 billion at current market prices—positioning itself to earn protocol-level yield while contributing to validation on the proof-of-stake network. Applying a stated staking yield of 2.7%, the company estimated annual staking income of around $242 million. If it stakes its entire ETH position, BitMine projected annual income could rise to about $284 million.

BitMine said it is working with MAVAN to scale ‘institutional staking,’ a segment that has grown rapidly as large holders seek yield with operational support, risk controls, and custody integrations. In practice, that pushes BitMine beyond treasury management and toward becoming a meaningful infrastructure participant—raising both potential upside from yield and scrutiny around concentration and operational risk.

Chairman Tom Lee argued the long-term thesis is tied to new demand catalysts. In a recent interview referenced by the company, Lee said ‘Robinhood Chain’ could become a fresh driver of Ethereum usage, framing BitMine’s accumulation as aligned with a durable revenue model rather than a short-term trade. Lee added that users are increasingly treating Ethereum as ‘money,’ reinforcing the company’s conviction in holding ETH over extended time horizons.

Still, BitMine acknowledged near-term mark-to-market pressure. The company disclosed an average ETH acquisition cost of $3,374—well above the $1,820 reference price used in its announcement—implying unrealized losses on its holdings despite the headline scale of its position.

Equity investors have remained cautious. BitMine shares closed at $14.61 on the New York Stock Exchange on Friday ET (July 12), down about 2.4% on the day and hovering near a 52-week low of $12.80. The stock is down roughly 79.6% from its 52-week high of $71.74, reflecting how quickly sentiment can sour when crypto exposure intersects with broader risk-off equity conditions.

Technical indicators highlighted by market watchers point to a persistent downtrend. BMNR is trading below its 20-day moving average of $14.92, its 50-day average of $17.74, and its 200-day average of $28.03, after a ‘dead cross’ formation signaled weakening momentum. At the same time, the MACD indicator sitting above its signal line was cited as a potential sign that sell pressure could ease, with key levels watched around $16 as resistance and $13 as support.

Beyond crypto, BitMine is also positioning for broader institutional attention through index inclusion. The company’s entry into the Russell 1000 large-cap index has fueled expectations of ‘passive inflows’ from index funds and ETFs, with some analysts suggesting institutional ownership could rise as high as 20% as automatic buying filters through.

BitMine has also moved to align its reporting cadence with U.S. large-cap norms, changing its fiscal year-end from Aug. 31 to Dec. 31. The company said the shift should support more standardized earnings timing relative to peers and improve comparability for investors assessing its crypto exposure alongside traditional financial metrics.

Its non-crypto portfolio includes equity stakes it values at roughly $180 million in Beast Industries and about $69 million in Eightco Holdings ($ORBS), alongside around $482 million in cash and marketable securities, according to the company. Management characterized the broader balance sheet as designed to support long-duration crypto accumulation and continued progress toward its ‘Alchemy of 5%’ goal.

For the wider market, BitMine’s disclosure adds another data point to the accelerating financialization of Ethereum—where large holders increasingly treat staking as a yield-bearing alternative to inactive reserves. However, the company’s depressed share price despite record ETH holdings highlights the tension investors continue to price in: crypto volatility, execution risk in staking operations, and the possibility that public-market equity multiples may not reward concentrated digital-asset exposure in uncertain macro conditions.