BitMine Holds 4.9% of All Ethereum in Treasury Expansion

BitMine Secures 4.9% of EthereumETH-0.88% Total Supply

BitMine has officially increased its Ethereum holdings to a total of 6,028,946 ETH. Based on current market prices, this massive stockpile is valued at approximately $15.3 billion.

To put that in perspective, the company now controls 4.9% of Ethereum total supply of 122.1 million tokens. That means a single company holds nearly one out of every twenty ETH tokens in existence today.

BitMine Chairman Tom Lee believes this aggressive treasury strategy could serve as a powerful catalyst. He suggests it may help trigger the next major crypto bull cycle.

Generating Millions in Passive Income Through Staking

Holding crypto is one thing, but making it generate income is even better. BitMine is not letting its billions in assets sit idle.

Out of its total Ethereum reserves, the company has staked 5,067,309 ETH. That accounts for 84% of its entire Ethereum treasury balance.

BitMine earns rewards by locking up these tokens through its proprietary MAVAN platform alongside external staking partners.

Based on a seven-day yield of 2.61%, BitMine projects $336 million in annualized staking revenue. Management estimates this yield could reach $400 million once 100% of its holdings are staked.

Inside BitMine $16.2 Billion Treasury Portfolio

On October 12, 2026, BitMine shared a detailed breakdown of its balance sheet. The update highlighted $16.2 billion in total assets across crypto and strategic investments, which it calls moonshots.

• 6,028,946 ETH valued at $2,544 per token (based on Coinbase pricing)
• 214 Bitcoin (BTCBTC-1.47%)
• A $180 million equity stake in Beast Industries (@MrBeast)
• An $85 million position in Eightco Holdings

A Five-Year Goal Completed in Just Twelve Months

This buying spree will not go on forever. The accumulation plan has a clear hard stop.

On October 7, Tom Lee confirmed that BitMine will halt ETH purchases once it reaches 5% of circulating supply. The company originally planned for this strategy to take five full years.

Instead, BitMine has nearly hit its target in roughly one year, completing the bulk of its acquisition program during a general crypto bear market.

Ethereum Outperforms the S&P 500 in Q3

At the time of the report, Ethereum traded around $2,517 per token, up 0.67% over 24 hours. Its total market capitalization stood near $308 billion, according to BeInCrypto data.

Despite a tough economic climate, Ethereum showed notable strength against traditional equities during the third quarter.

Tom Lee noted that ETH outperformed the S&P 500 index by 6,832 basis points (or 68.32 percentage points) in Q3. This gain happened despite Federal Reserve monetary tightening, high bond yields, and general macroeconomic headwinds.

Past returns of digital assets or past performance do not guarantee future returns or performance. You can view current market prices at bitkub.com/th/market/ETH.

BitMine Stock vs. Ethereum Price Performance

Tom Lee also highlighted how BitMine public stock (NYSE: BMNR) performed relative to Ethereum itself.

"We believe that as crypto enters a cycle we expect to be a bull market; what is notable is Bitmine’s share price outperformance of ETH during the bear market of 2025-2026. In the first 9 months of 2026, ETH declined 10% while BMNR was down by 3%, or outperformance of 731bp," Tom Lee said.

A 731 basis point difference means BitMine equity outperformed the raw crypto asset by 7.31 percentage points during those nine months.

Why Corporate Treasuries Could Reshape Market Cycles

Why is BitMine strategy so significant for crypto investors? It comes down to basic supply and demand.

Tom Lee argues that corporate treasuries permanently remove coins from active market circulation. During the previous major cycle from 2019 to 2021, corporate asset treasuries were virtually non-existent.

By locking up nearly 5% of total supply, institutional balance sheets reduce liquid market depth. If demand rises in the future, lower circulating supply on exchanges can amplify upward price moves.

However, market conditions remain subject to rapid shifts. Broader regulatory updates, macroeconomic changes, or shifts in institutional sentiment can affect asset prices unexpectedly.