Bitmine’s ether treasury nears 5% of total ETH supply as holdings hit $11.3bn
Bitmine Immersion Technologies now holds 5.77m ether tokens, deepening concerns over treasury-company concentration in Ethereum’s supply.
Bitmine Immersion Technologies has disclosed that its ether holdings have climbed to 5.77 million tokens, taking the Nasdaq-listed firm’s combined crypto and cash position to $11.3 billion, according to a company statement circulated via PRNewswire and Chainwire on 13 July. The figure means Bitmine now controls roughly 4.8% of the total circulating supply of ether, which stands at 120.7 million coins.
The disclosure places the company within striking distance of what it has termed the “Alchemy of 5%” — an internal target to hold 5% of all ether in circulation — which Bitmine says it is now 96% of the way towards achieving, just 12 months after adopting the strategy. The scale of the accumulation underscores how quickly corporate treasury vehicles have become a structural force in Ethereum’s ownership base, a trend that has drawn increasing scrutiny from analysts concerned about supply concentration in a single balance sheet.
Staking income and market structure
Of its total holdings, Bitmine reports that 4,917,189 ETH — the vast majority of its treasury — is currently staked, a position it values at $9.0 billion using a reference price of $1,820 per ether. The staked tokens are routed through MAVAN, described by the company as the “Made in America Validator Network”, which it positions as a dedicated Ethereum staking venue for both Bitmine and other institutional investors.
Staking at this scale generates recurring validator rewards, giving Bitmine a yield-bearing income stream layered on top of any appreciation in the underlying asset — a model that mirrors, in ether terms, the leveraged bitcoin-accumulation strategies pioneered by corporate treasuries elsewhere in the sector. For European and UK institutional observers, the concentration of staked supply under a handful of large validators also raises familiar questions about network decentralisation that regulators have flagged in relation to liquid staking and custodial concentration more broadly.
Index inclusion and a widening capital structure
Bitmine’s rising public profile has been reflected in its capital markets footprint. The company was added to the Russell 1000 Large-cap index on 26 June 2026, a milestone that typically forces passive index funds to take on exposure regardless of their own views on crypto treasury strategies. Separately, Bitmine’s Series A Preferred Stock has begun trading on the New York Stock Exchange under the ticker BMNP, giving the firm an additional listed instrument alongside its common shares.
The company’s disclosure also noted a $69 million stake in Eightco, a Nasdaq-listed company trading under the ticker ORBS, which Bitmine describes as one of the few publicly traded equities globally with such exposure. Taken together, the index inclusion, the NYSE-listed preferred stock and the cross-holding in Eightco illustrate how far crypto treasury companies have moved into mainstream equity infrastructure, blurring the line between digital-asset accumulation vehicles and conventional listed corporates.
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