BitMine Immersion Technologies acquired another 9,587 Ethereum (ETH) over the past week, bringing its holdings to 6,070,092 ETH, or 4.97% of the cryptocurrency's total supply, the company said in a November 9 announcement. The purchase moves BitMine closer to its stated goal of controlling 5% of Ethereum's supply.
Holdings Near the 5% Target
The latest acquisition extends a buying strategy that began on June 30, 2025. BitMine has continued purchasing Ethereum weekly as it builds one of the largest publicly disclosed corporate ETH treasuries.
The November 8 figures place its holdings at 4.97% of Ethereum's estimated 122.2 million token supply. Based on that supply figure, BitMine needs approximately 39,908 additional ETH to reach its 5% target.
Chairman Tom Lee said the company has maintained regular purchases since launching its Ethereum treasury strategy and described the accumulation campaign as part of its long-term digital asset investment approach. BitMine calls the initiative the "Alchemy of 5%." The company has reached approximately 99% of that target in 15 months, though further purchases would be needed to complete the remaining allocation.
Staking Approaches $359M in Projected Annual Rewards
Beyond accumulating Ethereum, BitMine has committed a substantial portion of its holdings to staking. The company reported 5,227,037 staked ETH as of November 8, representing approximately 86% of its total Ethereum holdings. At the disclosed ETH reference price of $2,234, those staked assets were valued at approximately $11.7 billion.
BitMine estimated annualized staking rewards of $309 million from its existing staked holdings. That figure rises to approximately $359 million if its full Ethereum treasury is staked through its validator infrastructure and staking partners. Both estimates use the company's trailing seven-day staking yield of 2.65% and represent projected annualized rewards rather than guaranteed income.
BitMine also operates MAVAN, its Made in America Validator Network, which supports Ethereum staking and validation services. The platform initially served its own treasury but has expanded to institutional investors, custodians and other ecosystem partners.
Reported Portfolio Valued at $14.3 Billion
Alongside its Ethereum holdings, BitMine disclosed 216 Bitcoin and $475 million in cash and marketable securities. Its investment portfolio also includes a $180 million stake in Beast Industries and $75 million in Eightco Holdings. Together, these assets brought its reported portfolio value to approximately $14.3 billion as of November 8.
Lee linked the company's Ethereum strategy to growing interest in ETH as a store of value, citing Ethereum co-founder Vitalik Buterin's recent remarks supporting that role. BitMine's valuation remains sensitive to cryptocurrency prices, while its projected staking income depends on network yields and operating conditions.
