What to Know
- Bitmine expanded its Ethereum treasury to 5.82 million ETH, representing 4.8% of supply and bringing its 5% accumulation target closer.
- Over five million ETH is staked through MAVAN and partners, with Bitmine projecting $250 million in annualized staking revenue from holdings.
- Tom Lee highlighted ETH/BTC ratio breakout as tokenization and agentic-AI applications emerge as potential drivers of Ethereum network demand growth.
Bitmine Immersion Technologies has expanded its Ethereum treasury to 5,815,164 ETH, worth roughly $11 billion and representing 4.8% of Ethereum’s circulating supply. According to a press release by Bitmine, the company added 9,926 ETH over the previous week, reaching 96% of its “alchemy of 5%” objective while strengthening its position as the largest corporate Ethereum holder globally.
Strategy remains the largest corporate cryptocurrency treasury overall, with roughly $58 billion in Bitcoin, considerably exceeding the value of Bitmine’s Ethereum holdings. Bitmine has committed most of its Ethereum treasury to staking, with over 5 million ETH worth approximately $9.6 billion deployed through MAVAN and staking partners.
Also Read: Binance to Delist Eight USDC Margin Pairs as August 21 Deadline Nears
Bitmine Stakes 87% of Its Ethereum Holdings
Staked Ethereum represents approximately 87% of Bitmine’s 5.82 million ETH holdings. The company projects about $250 million in annualized staking revenue. Besides Ethereum, Bitmine holds 210 BTC and maintains investments in Beast Industries and Eightco Holdings.
Its Beast Industries stake carries an estimated value of $180 million, while the Eightco Holdings position is worth approximately $73 million. Additionally, Bitmine reported $78 million in cash and marketable securities alongside its cryptocurrency holdings and corporate investments.
The company has also expanded its share repurchase activity under a previously authorized $4 billion buyback program. Chairman Tom Lee reported that Bitmine repurchased 1.7 million common shares during the previous week, bringing total repurchases since July 1 to 20.8 million shares.
Tom Lee Highlights ETH/BTC Ratio Breakout
Lee also pointed to Ethereum’s improving performance against Bitcoin while discussing the broader reasoning behind Bitmine’s Ethereum strategy. The ETH/BTC ratio stood at 0.02994 and moved above a downward trend that had remained intact for several years.
According to Lee, growing interest in blockchain-based tokenization and agentic AI applications could strengthen Ethereum usage across financial markets. He noted that earlier cryptocurrency cycles featured different catalysts that increased Ethereum activity relative to Bitcoin.
Initial coin offerings supported activity during 2017 and 2018, while NFTs became a major driver during the 2020 and 2021 cycle. Stablecoins became another important source of blockchain activity in 2025. However, Lee expects the next cycle to feature different drivers.
He believes Wall Street tokenization and agentic AI applications could increase blockchain demand and support Ethereum’s position within the cryptocurrency market. Additionally, Lee expects easing financial conditions to provide broader support for digital assets.
Ether traded above $1,900 on Monday, while remaining approximately 61.7% below its $4,946.05 record high. Bitmine now needs roughly 220,000 additional ETH to reach holdings equivalent to 5% of Ethereum’s current circulating supply.
Also Read: Shiba Inu Exchange Outflows Beat Inflows Despite 128% SHIB Activity Surge
