Bitmine’s $8.9B Ethereum Bet Grows Bigger as 5% Supply Target Comes Closer

Bitmine has raised its Ethereum holdings above 4.53 million ETH, bringing its 5% supply target closer while expanding its staking-driven revenue base.

Fridah Kangai
March 10, 2026
6:14 am

Fridah Kangai

Fridah Kangai is a dedicated crypto journalist with a sharp eye for market trends, blockchain innovation, and digital asset movements. She specializes in breaking down complex topics into clear, engaging stories for both seasoned investors and curious newcomers. With a passion for decentralization and a pulse on the ever-evolving crypto space, Fridah delivers timely, accurate, and insightful coverage. Her work bridges the gap between technology and everyday understanding in the world of cryptocurrency.

Bitmine expands its Ethereum treasury, moving closer to a 5%.
More than 4.53 million ETH now anchors Bitmine’s $8.9 billion.
Staked holdings boost yield as Bitmine doubles down on Ethereum.

Bitmine Immersion Technologies has expanded its Ethereum treasury again, pushing total holdings above 4.53 million ETH and bringing its stated goal of controlling 5% of the asset’s circulating supply into sharper view as the company deepens one of the largest corporate positions in the cryptocurrency market.

According to the company, it purchased 60,976 ETH during the last week at an approximate price of $120 million tokens and now holds a total of 4,534,563 ETH, which is approximately 3.76% of the Ethereum supply of approximately 120.7 million tokens, and makes it clear that Ethereum is the apparent core of the broader treasury policy of Bitmine.

Bitmine Ethereum reserves are approximately $8.9 billion and constitute the vast majority of reported crypto and cash assets on its balance sheet, reflecting the extent to which the company is now exposed to the second-largest digital asset, at an estimated market price of $1,965 per ETH.

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Latest Purchase Moves Bitmine Closer to Its 5% Ethereum Goal.

Bitmine has defined its long-term goal as the alchemy of 5%, an internal goal to someday own approximately 5% of the entire Ethereum supply, and the most recent buy indicates that the firm is continuing to aggressively accumulate at a time when the market in general is still very cautious.

According to Chairman Tom Lee, the company has accelerated its buying amid what it believes is the last leg of a crypto downturn. Ethereum appeared to have held up amid a week of war-related anxiety and skyrocketing oil prices, which is why it is understandable that BitMine is still building exposure rather than biding its time pending more favorable conditions.

Staking Strategy Paradoxes: Treasury Scale into Yield.

Bitmine is also raking in income from that growing reserve, with the company reporting that 3,040,483 ETH, which represents approximately two-thirds of its total holdings, is already staked and generating an estimated $174 million in yearly staking revenue, based on current network yields.

Data also indicated that over 3.2 million ETH were in the Ethereum validator entry queue, with less than 60,000 ETH in the queue to exit staking, which may indicate that there is still a need among long-term stakeholders in the network to remain as validators. In conclusion, Bitmine’s latest purchase has increased its Ethereum concentration, strengthened its staking income base, and moved the company closer to its 5% supply target.

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