BitMine Immersion Technologies currently holds 5,847,611 ether, representing 4.79% of all ether in existence. According to Chairman Tom Lee, the company could reach its goal of owning 5% of the total supply before the end of 2026.
BitMine accumulated its stack in just 14 months, making its first purchase on June 30, 2025, and executing weekly buys without interruption for 60 weeks. Lee stated that the company funded the acquisitions using common stock rather than loans or convertible notes.
Reaching the final 5% threshold presents mathematical challenges as the network's supply is not fixed. Over a 30-day period, the network added 85,893 ether, bringing total supply to 121.98 million. Accounting for supply growth, a true 5% stake requires approximately 6.1 million ether, leaving BitMine about 251,000 tokens short.
BitMine has staked the majority of its holdings, with 5.07 million tokens generating roughly $330 million annually. This yield covers the dividend on BMNP, a 9.5% preferred stock sold by the company in June. In addition to accumulating assets, BitMine launched its validator arm, the Made in America Validator Network (MAVAN), in March and has anchored three groups spun out of the Ethereum Foundation alongside SharpLink and Joe Lubin.
No listed rival treasury approaches BitMine's scale. The next largest holder, SharpLink, holds 888,938 tokens.
