Ethereum crystal assets entering an institutional treasury vault

BitMine Nears 5% of Ethereum Supply After Adding 28,086 ETH

By Isaac • September 14, 2026 11:26 am • Comments

BitMine is almost at the finish line of one of the most aggressive corporate crypto accumulation plans ever attempted.

A new BitMine filing with the Securities and Exchange Commission says the company acquired another 28,086 ETH during the week ending September 7. That pushed its holdings to 5,929,198 ETH, valued in the filing at $2,495 per token.

The bigger number is the share of the network. BitMine says its treasury now represents 4.9% of an estimated 122 million ETH supply, leaving it just one tenth of a percentage point short of Chairman Tom Lee’s stated goal of owning 5%.

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This was not a one-off purchase timed around a single price move. The company says it has bought ETH every week since launching its Ethereum treasury strategy on June 30, 2025.

That steady buying has turned BitMine into the largest publicly disclosed corporate holder of Ethereum and made its balance sheet a major institutional bet on the second-largest cryptocurrency.

The purchase was worth roughly $69 million at the filing’s reference price. More importantly, BitMine is putting most of that enormous position to work rather than leaving it idle.

The company reported 5,067,309 ETH staked through its MAVAN network and other staking partners. That is about 85% of its ETH balance and, using the seven-day annualized yield cited in the filing, could produce roughly $330 million in annual staking revenue.

That staking engine changes the treasury story. A Bitcoin treasury generally depends on price appreciation and financing strategy.

BitMine’s Ethereum position can also generate native network rewards, giving the company a recurring source of ETH-denominated income while it holds the asset.

The trade still carries serious risk. BitMine has concentrated an extraordinary amount of shareholder exposure in one volatile token, and staking rewards do not protect the balance sheet from a sharp decline in Ethereum’s price.

There is also a scale question. Owning close to 5% of supply gives one public company a level of exposure that will draw attention from investors watching liquidity, governance and the broader decentralization of the network.

CoinDesk reported that BitMine capital-markets adviser Tom DeMark sees a technical setup that could support another sharp move higher in ETH. His view rests on Ethereum moving sideways through August without the downside break his indicators had warned about.

That technical argument is not the same thing as a guarantee. It is one catalyst behind BitMine’s conviction, alongside the company’s broader case that tokenization and institutional adoption will increase demand for Ethereum’s network.

The filing also shows that BitMine has not put every available dollar into ETH. It reported $593 million in cash and marketable securities, 211 Bitcoin, a $180 million stake in Beast Industries and a $91 million stake in Eightco Holdings.

Total crypto, cash, securities and other investments stood at $15.7 billion.

The Block reported that BitMine’s 5.93 million ETH represented 4.9% of the 122 million-token supply figure used by the company. It also calculated the full ETH position at roughly $14.8 billion using BitMine’s $2,495 reference price.

The report put the staking strategy into sharper focus: 5,067,309 ETH, valued at about $12.6 billion on that basis, was already committed through MAVAN and other staking partners. That leaves BitMine with an enormous productive crypto balance, but also concentrates most of its disclosed assets in Ethereum.

The Block also noted that Ethereum had outperformed the S&P 500 during the third quarter through September 4. BitMine used that comparison to argue that institutions may increase crypto exposure after seeing the asset class lead traditional markets, though future performance remains uncertain.

For Ethereum holders, BitMine’s latest disclosure is a clear demand signal: one company absorbed another 28,086 tokens and remains committed to buying.

For BitMine shareholders, the stakes are equally clear. The company is now so close to its 5% target that the next few weekly updates could complete the accumulation phase—and put the focus squarely on whether staking income and Ethereum’s price can justify the scale of the bet.

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