- Bitmine increased its Ethereum treasury, adding 9,926 ETH over the past week.
- The company holds 4.82% of Ethereum’s circulating supply, edging closer to its 5% target.
- Its staked ETH across MAVAN and partners is expected to generate up to $250 million annually.
Bitmine Immersion Technologies (BMNR) maintains a weekly buying streak in Ethereum (ETH) despite the persistently bearish crypto market sentiment. Amid Strategy’s (MSTR) reluctance to top up its Bitcoin (BTC) treasury for eight consecutive weeks, the company chaired by Thomas “Tom” Lee scooped up 9,926 ETH over the past week.
The Ethereum-focused digital asset treasury (DAT) company didn’t disclose the exact amount in which it executed the purchases. Nonetheless, it should be worth approximately $18.79 million based on the $1,893 per ETH exchange rate at the time of its disclosure.
Bitmine Nears Ethereum Target
So far, Bitmine has significantly progressed in its goal of capturing up to 5% of Ethereum’s total supply under its “Alchemy of 5%” initiative. With its total haul now reaching 5,815,164 ETH, it has already secured 4.82% of Ethereum’s 120.68 million circulating supply.
The business’s Ethereum reserve stacks up with its 210 BTC holdings. It also adds to its $180 million stake in Beast Industries, $73 million stake in Eightco Holdings (ORBS), and $78 million total cash and marketable securities.
Bitmine currently has the largest Ethereum reserve among financial institutions. In fact, it even surpassed the tokens backing BlackRock and Grayscale’s respective Ethereum Exchange-Traded Funds (ETFs). However, when it comes to DATs, the valuation of its crypto portfolio comes a far second compared to Strategy’s 840,447 BTC, worth approximately $58.64 billion at prevailing rates.
Staking Revenue
Bitmine deployed over 87% of its Ethereum holdings across its in-house MAVAN (Made In America Validator Network) staking platform and other staking partners to optimize the asset’s earning potential. Lee expects the move to generate $250 million in annual staking revenue, even assuming ETH maintains its discounted price at the ongoing bear market.
On the other hand, the chairman projects that Bitmine could squeeze up to $287 million annually if it decides to go all in on Ethereum staking with the same platforms under prevailing market conditions.
Rising ETH/BTC Ratio
Lee expressed optimism as the ETH/BTC ratio has significantly bounced to 0.030 from a mid-year slump. He believes that it was the result of Ethereum’s surging institutional adoption.
From Ethereum’s momentum in stablecoin payments in 2025, the chairman sees real-world asset (RWA) tokenization and agentic AI (artificial intelligence) applications setting the launchpad for its next bull run.
“We are encouraged to see the ETH/BTC ratio at 0.02994 and rising,” said Lee. “This ratio has moved above the long-term downtrend in place over the last few years and is a sign, in our view, that markets are beginning to see materialization of tokenization and agentic-AI applications, which should benefit Ethereum.”
Despite uncertainty over the CLARITY Act’s passage into law this year, Lee is positive that the GENIUS Act and the Securities and Exchange Commission’s (SEC) Project Crypto will usher in a transformational change in financial services, potentially amplifying the gradually building market tailwinds.
