BitMine Tops 5.54 Million ETH, Nears Goal of Holding 5% of Ethereum Supply

BitMine, an Ethereum treasury company, bought about 127,000 ETH over the past week, increasing its holdings to 5,543,872 ETH.

Cointelegraph reported on June 8 that BitMine’s holdings now account for about 4.59% of Ethereum’s circulating supply.

The company is pursuing its “Alchemy of 5%” strategy, which aims to secure 5% of Ethereum’s total supply. It said it has achieved about 92% of that target.

About 4.72 million ETH, or 85% of its holdings, is staked through validator infrastructure. At current prices, that stake is worth about $7.7 billion.

Based on its current staked holdings, BitMine expects to generate about $230 million in annual staking income. If all of its Ethereum is eventually staked, that figure could rise to as much as $270 million a year.

Tom Lee, BitMine’s chairman, said advances in artificial intelligence could boost demand for decentralized blockchains such as Ethereum. He also expressed confidence in Ethereum’s long-term growth prospects.

Ethereum’s price has remained weak this year. CoinGecko data show the token traded above $3,000 at the start of the year, but has since fallen to about $1,680, a decline of more than 43%.

Even amid the downturn, BitMine has continued to buy aggressively. As of June 7, the company also held 204 BTC and $247 million in cash.

BitMine ranks first among 32 listed companies tracked by CoinGecko for Ethereum holdings. Its stash is more than six times larger than that of second-place SharpLink, which holds about 869,000 ETH.