Ethereum symbols flowing into a secure institutional vault

BitMine’s Ethereum Treasury Hits 6 Million ETH as Its 5% Target Comes Into View

By Isaac • October 5, 2026 11:24 am • Comments

BitMine has pushed its Ethereum treasury past 6 million ETH, bringing the company within a fraction of its long-stated goal of controlling 5% of the network’s supply.

BitMine said it owned 6,016,414 ETH as of Sunday evening. The company added 15,112 ETH during the week, a purchase worth roughly $41 million at the reference price used in the announcement.

That leaves BitMine at 4.9% of Ethereum’s stated 122.1 million-token supply. Put another way, the company says it is 99% of the way to what chairman Tom Lee calls the “Alchemy of 5%.” It reached that point only 15 months after launching its Ethereum treasury strategy on June 30, 2025.

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The official snapshot was taken at 6:30 p.m. Eastern on October 4. Alongside the ETH position, BitMine reported 214 Bitcoin and $643 million in cash and marketable securities.

The company also listed a $180 million stake in Beast Industries and a $117 million stake in Eightco Holdings. Those positions helped bring the reported value of its crypto, cash, marketable securities and other investments to $17.4 billion.

Most of the Ethereum is already working.

The size of the treasury is only half the story. BitMine reported that 5,067,309 ETH—about 84% of its total holdings—is staked.

At the company’s reference price of $2,726 per ETH, that staked position was valued at about $13.8 billion.

Decrypt put the full ETH treasury near $16.4 billion and reported projected annualized staking revenue of roughly $363 million. That makes BitMine’s strategy different from simply parking a large token balance on a corporate ledger.

A substantial share of the position is producing native Ethereum staking yield.

The report also noted that BitMine has bought ETH every week since starting the treasury strategy on June 30, 2025. The latest 15,112-token addition extended that streak even as the company moved within one-tenth of a percentage point of its target.

BitMine is now the largest corporate Ethereum treasury and the second-largest corporate crypto treasury overall, behind Strategy’s Bitcoin position. That ranking helps explain why each weekly update has become a market event rather than a routine balance-sheet disclosure.

There is an equity angle as well. During the first nine months of 2026, BMNR fell 3% while ETH declined 10%, according to figures highlighted in the company update and reviewed by Decrypt.

BitMine said its total crypto, cash, marketable securities and private-company investments now stand at $17.4 billion. Beyond ETH, the company listed 214 Bitcoin, $643 million in cash and marketable securities, a $180 million stake in Beast Industries and a $117 million stake in Eightco Holdings.

The 5% line matters—but so does concentration.

Crossing 5% would give BitMine an extraordinary position for a public company. It would also make the company’s buying pace, staking choices and financing decisions increasingly important to Ethereum holders.

A treasury this large can support confidence when it keeps accumulating, but it also concentrates market exposure in one corporate balance sheet.

Lee framed the latest numbers as evidence that the crypto cycle has turned bullish. He also pointed to BMNR’s relative performance during the first nine months of 2026, when the stock fell less than ETH despite a difficult macro backdrop.

The immediate takeaway is simpler: BitMine has continued buying every week, most of its ETH is staked, and the gap between its current position and the 5% target has nearly disappeared. The next update could show whether the company crosses that symbolic line—or slows down as the scale of the treasury makes each additional step more expensive.

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