Bitmine ramps up Ethereum haul, now holding nearly 4% of supply while staking two-thirds of its stash
Ethereum-focused treasury firm Bitmine said it bought 71,179 ETH over the past week, bringing its total holdings to 4,732,082 ETH — roughly 3.92% of Ethereum’s circulating supply. The latest buys, worth about $146 million at current prices, exceed the company’s recent weekly average and continue a multi-week accumulation run.
“Bitmine has maintained the increased pace of ETH buys in each of the past four weeks, as our base case is ETH is in the final stages of the ‘mini-crypto winter,’” Bitmine chairman Thomas “Tom” Lee said in the company press release.
A strategic pivot and an ambitious target
Originally a Bitcoin-mining outfit, Bitmine shifted to an Ethereum treasury strategy in mid-2025 and has since pursued an aggressive accumulation play—echoing the large-treasury approach popularized by Michael Saylor. The firm has set a public target of owning 5% of Ethereum’s circulating supply; at 3.92% today, Bitmine says it’s already about 78% of the way to that goal after eight months of buying.
Staking for yield: two-thirds of reserves locked
Bitmine is also converting a big portion of its holdings into passive income. The company reports 3,142,643 ETH are currently staked in Ethereum’s Proof-of-Stake deposit contract — roughly 66% of its reserves. “Bitmine has staked more ETH than other entities in the world,” Lee added in the release.
A broader market backdrop
Bitmine’s buying comes amid elevated geopolitical uncertainty: the conflict in Iran has now entered its fifth week. Lee argued crypto has held up comparatively well through the turmoil, with ETH outperforming equities by 1,160 basis points while gold has lagged by more than 750 basis points. “Crypto is demonstrating itself to be a good ‘war time’ store of value,” he said.
Other major staking moves
Bitmine isn’t alone in increasing stake exposure. Blockchain analytics group Arkham noted on X that the Ethereum Foundation recently deposited $46.2 million worth of ETH into the staking contract — “more ETH than they have EVER staked before,” according to the post.
Price action
Ether slipped below the $2,000 mark earlier but opened the new week trading back above roughly $2,060 as Bitmine and other large actors continue to accumulate and lock up supply.
Why it matters
Large, concentrated treasury buys and high staking rates can influence circulating supply dynamics and market liquidity. Bitmine’s ongoing accumulation and heavy staking commitment add another layer to the evolving supply story for ETH as the market digests macro and geopolitical risks.
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