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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
09/09/2026

Bitmine Nears 5% of Ethereum Supply After $69M ETH Purchase

What happened: Bitmine Immersion Technologies acquired 28,086 ETH this week, bringing its total Ethereum holdings to 5.

Bitmine Nears 5% of Ethereum Supply After $69M ETH Purchase

What happened: Bitmine Immersion Technologies acquired 28,086 ETH this week, bringing its total Ethereum holdings to 5.93 million ETH—worth $14.8 billion and representing 4.9% of the total ETH supply. Over 85% of Bitmine's ETH is staked via the MAVAN platform, generating an estimated $330 million in annualized staking revenue at current yields.

Why it matters: No other public company comes close to Bitmine's scale of crypto accumulation. The firm is now just 171,000 ETH short of its 5% supply target, and its aggressive accumulation strategy is seen as a major source of institutional demand for Ethereum. The move also underscores the growing importance of staking revenue as a business model for treasury-heavy crypto firms.

Source: The Block, Decrypt