Bitmine adds 9,926 ETH as treasury nears 5% of total supply

Bitmine Immersion Technologies reported buying another 9,926 ETH over the past week, taking its total Ethereum holdings to about 5.8 million ETH. The company now controls 4.8% of ETH’s total supply and is nearing its goal of owning 5%.

Bitmine’s crypto and related holdings total $11.4 billion, including 210 BTC, $78 million in cash and marketable securities, and stakes in Beast Industries and Eightco Holdings.

Commenting on Ethereum’s outlook, Thomas “Tom” Lee, Chairman of Bitmine, pointed to the rising ETH/BTC ratio as a sign that tokenization and agentic AI could drive greater use of the network in the next crypto cycle.

“We expect easing financial conditions to be a tailwind for crypto,” Lee noted.

“This ETH/BTC ratio has moved up during crypto bull cycles, driven by increasing use of Ethereum relative to Bitcoin,” he explained. “These prior cycles were fueled by ICOs (2017-2018), NFTs (2020-2021), and stablecoins (2025). In this upcoming crypto cycle, we see the ETH/BTC ratio rising, driven by Wall Street tokenizing on the blockchain and by agentic-AI using blockchains.”

The company has staked over 5 million ETH worth about $9.6 billion through MAVAN and other staking partners. Bitmine said its own staking operations produced a 2.61% seven-day yield, putting projected annualized staking revenue at $250 million.

Separately, the leading Ethereum treasury repurchased 1.7 million common shares in the past week and more than 20.8 million shares since July under its $4 billion buyback authorization.

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