Bitmine Corners 3.6% of Ethereum Supply; Treasury Hits $10B

While retail capitulated last week, Tom Lee’s Bitmine Immersion Technologies (BMNR) executed a massive contrarian sweep. The firm disclosed Monday it now controls 4.3 million ETH, approximately 3.6% of the entire circulating supply.

ETH traded flat at $2,072 following the news, down 62% from its 2025 highs.

The $9.2 Billion Bet

Bitmine didn’t just hold; it bought the knife. The company scooped up 40,613 ETH last week alone as prices collapsed, bringing its total Ether stash to 4,325,738 tokens. At a valuation of $2,125 per token, the position is worth $9.2 billion. Combined with 193 BTC and cash reserves, Bitmine’s treasury now sits at a nice round $10 billion.

This isn’t idle capital. The firm has staked 2.87 million ETH, turning the treasury into a yield-generating engine. Annualized staking revenue has surged to $202 million, up from ~$34 million just weeks ago.

The “Alchemy of 5%”

The accumulation is part of an aggressive strategy management calls the “Alchemy of 5%.” In late 2025, Bitmine controlled roughly 3.4% of the network. Today, they are closing in on 4% with a stated hard target of owning one out of every twenty ETH in existence.

“ETH sees V-shaped recoveries from major lows. This happened in each of the 8 prior declines of 50% or more. Tom Lee, Executive Chairman”

Systemic Weight

Bitmine is effectively becoming a protocol-level whale wrapped in a publicly traded ticker. Holding 3.6% of the supply concentrates significant governance and staking power in a single US-listed entity. For context, this single balance sheet now rivals the holdings of the largest crypto-native foundations.

Market makers are watching the liquidity implications closely. A position of this size creates a new gravitational center for ETH; any future forced selling, driven by margin, regulation, or shareholder pressure, would be a market-clearing event.