Ethereum coin for a ProCoinNews article about BitMine's ETH treasury holdings.

BitMine Buys Another 42,197 ETH and Closes In on 5% of Ethereum Supply

By Isaac • July 6, 2026 11:00 pm • Comments

BitMine just moved closer to one of the boldest treasury targets in crypto.

The public Ethereum treasury company bought another 42,197 ETH over the past week, lifting its position to 5.74 million ETH.

That puts BitMine at a position equal to about 4.8% of Ethereum’s circulating supply. It is a huge economic stake, but it is not control of Ethereum’s governance or protocol rules.

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The market story is sharper than a simple buy-the-dip headline. BitMine is trying to make ETH accumulation, staking income, and public-equity access into a corporate Ethereum play.

BitMine said its crypto, cash, marketable securities, and other holdings totaled $11.1 billion as of its July 6 update.

The company said it held 5,742,237 ETH as of July 5 at 6:30 p.m. ET, using a Coinbase reference price of $1,800 per ETH. BitMine said that position equaled 4.8% of ETH supply, based on 120.7 million ETH.

The update also said BitMine acquired 42,197 ETH over the prior week, increasing its pace from the week before. Chairman Thomas Lee said the company expects to reach its Alchemy of 5% target sometime in 2026.

The company also reported 206 bitcoin, $527 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $71 million stake in Eightco Holdings.

The staking portion matters because BitMine is not describing its ETH position as an idle balance sheet item. The company said it had 4,879,157 ETH staked as of July 5, worth $8.8 billion at $1,800 per ETH.

BitMine said annualized staking revenues were projected at $235 million, while projected ETH staking rewards could reach $277 million when its ETH is fully staked through MAVAN and staking partners.

The company also pointed to its June 26 addition to the Russell 1000 Large-cap Index. That gives the story a public-market angle because index inclusion can put a treasury-focused crypto stock in front of passive funds and institutional equity investors.

CoinDesk reported that the latest ETH purchase was worth roughly $74 million, based on ether trading near $1,750.

The report said the new purchase lifted BitMine’s holdings to 5.74 million ETH, worth about $10 billion. CoinDesk also framed that position as 4.8% of Ethereum’s circulating supply and close to the company’s 5% target.

CoinDesk noted that the purchase marked an increase from the prior week’s 27,084 ETH buy. The report also said BitMine’s buying pace remains below the six-figure weekly purchases it had maintained earlier in the year.

The other market contrast is Strategy. CoinDesk reported that BitMine continued buying ETH while Strategy sold about $216 million worth of bitcoin to raise cash.

That does not make one treasury model automatically better than the other. It does show a split in public-market crypto behavior, with one major vehicle monetizing bitcoin while another keeps pressing an ETH accumulation target.

Lee tied BitMine’s thesis to regulatory clarity. CoinDesk reported that he pointed to higher prediction-market odds for the proposed Clarity Act and argued that smart-contract platforms could benefit if crypto becomes part of daily financial activity.

That claim is still a thesis. The CLARITY Act has not become law, and market expectations around legislation can change quickly.

CryptoBriefing also reported the 42,197 ETH purchase, valuing it near $73 million and placing it inside BitMine’s yearlong accumulation campaign.

Its report said BitMine now holds about 5.7 million ETH, or roughly 4.7% to 4.8% of Ethereum’s circulating supply. It framed the buying as part of BitMine’s public Alchemy of 5% strategy, a target that turns every weekly purchase into a milestone for treasury-watchers.

CryptoBriefing also pointed to BitMine’s MAVAN staking infrastructure. More than 80% of the company’s ETH position is being staked, so the treasury strategy includes yield mechanics, validator operations, and asset accumulation.

That staking layer changes how investors look at the company. The stock carries exposure to ETH price movement, BitMine’s staking operations, treasury risk, financing choices, and equity-market valuation rather than only the spot value of the coins.

The report also raised the familiar net-asset-value question. When a public treasury stock trades at a premium or discount to its underlying crypto holdings, shareholders are pricing more than the coins alone.

For Ethereum, BitMine’s size creates a different question. A single public company holding nearly 5% of supply can tighten the treasury narrative around ETH, especially when much of that position is staked.

That does not turn BitMine into Ethereum. The network is broader than any one balance sheet, and validators do not rewrite protocol rules because a company owns a large position.

Still, the accumulation is large enough to matter. BitMine has made corporate ETH buying a recurring market event, and its next purchases will be watched for whether the 5% line arrives sooner than expected.

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