One Company Now Holds Nearly 5% of All Ethereum as Bitmine Stakes Another $390M

Bitmine Immersion Technologies now holds roughly 6.04 million ETH, close to 4.9% of all Ethereum, putting the Tom Lee-chaired treasury company within reach of its stated 5% supply target.

The company staked an additional 159,728 ETH worth about $390.6 million on October 21, according to on-chain data tracked by Lookonchain. That lifts total staked holdings to 5.23 million ETH, about $12.78 billion at the time, or 86.5% of the treasury.

Concentration at this scale is rare for a decentralized network. A single NYSE-listed firm now controls a larger claim on Ethereum than most exchanges report in visible reserves, and 86.5% of that position is locked in staking contracts, removing it from circulating supply entirely. The staked ETH also earns yield while it sits.

Bitmine has bought ETH every week as it works toward the 5% goal, reportedly on a cadence its stated target implies. It reported holding 3.6% of supply with a $10 billion treasury in February. A community tracker account that logs the purchases weekly records adds ranging from about 7,400 to 373,000 ETH per week since late 2024; those figures are not confirmed by the company.

The buying ran through months of falling prices. Earlier in 2026 the same treasury was carrying paper losses estimated at $6 billion to $8 billion as ETH slid below $2,000, and Lee defended the strategy at the time. Bitmine has not said what it does once the 5% target is reached. ETH now trades around $2,450 as of October 21, up roughly 2.78% over 24 hours after weeks of volatility, and traders are watching whether it clears $2,600.