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BitMine's Ether Hoard: 5% Goal Nears!
25 Aug
Summary
- BitMine owns 4.79% of all ether, acquired in just 14 months.
- The company aims for 5% ether ownership, needing $350 million more.
- BitMine generates $330 million annually from staked ether.
BitMine Immersion Technologies has rapidly amassed a significant portion of Ethereum's supply, currently holding 5,847,611 ether, representing 4.79% of all ether in existence. This remarkable accumulation was achieved in just 14 months, starting from June 30, 2025, and surpassing MicroStrategy's Bitcoin holding percentage within that timeframe. The company financed this aggressive acquisition using common stock rather than loans.
Chairman Tom Lee stated on the Bankless podcast that BitMine is approximately $350 million away from its 5% ether ownership goal, a target they anticipate reaching before the end of 2026. However, ether's circulating supply is not fixed, with the network continuously adding new coins, which slightly increases the target amount for a true 5% share. BitMine's 5.07 million staked ether tokens currently generate about $330 million per year, covering preferred stock dividends and supporting the company's validator arm, MAVAN.
Looking ahead, BitMine plans no ether sales, focusing instead on generating yield and becoming an Ethereum operator. The company is involved with MAVAN, its Made in America Validator Network, and has partnered with entities like SharpLink and Ethereum co-founder Joe Lubin. Lee views tokenization and artificial intelligence as key drivers for ether's long-term value, moving beyond a focus on stablecoins.
