Bitmine Now Controls 4.9% of Ethereum Supply After $69M ETH Buy
What happened: Bitmine Immersion Technologies purchased 28,086 ETH last week, bringing its total Ethereum holdings to 5,929,198 ETH—approximately 4.
What happened: Bitmine Immersion Technologies purchased 28,086 ETH last week, bringing its total Ethereum holdings to 5,929,198 ETH—approximately 4.9% of the total circulating supply. The acquisition, valued at roughly $69 million, continues Bitmine's weekly buying streak since June 2025. Over 85% of Bitmine's ETH is staked through the MAVAN network, generating an estimated $330 million in annualized staking revenue at a 2.61% yield.
Why it matters: Bitmine is now just 171,000 ETH away from its stated goal of holding 5% of all Ethereum, a concentration unprecedented for a single treasury entity. This accumulation raises questions about centralization risks and market influence, especially as Bitmine's purchases have become a significant source of demand. The company's aggressive strategy also highlights the growing institutionalization of Ethereum as a treasury asset.