Bitmine’s latest treasury update pulls a familiar lever in a less familiar way. The company says it added 126,971 ETH over the past week and now holds enough ether to equal 4.59% of the entire Ethereum supply, according to CryptoPotato.
That number matters for two reasons. First, it turns one corporate balance sheet into a meaningful slice of Ethereum’s circulating asset. Second, it frames Bitmine’s buys as intentional positioning rather than a reaction to price.
Bitmine’s ETH stack grows, and it comes with staking math
CryptoPotato reports that Bitmine’s total holdings reached $9.6 billion, split across crypto, cash, and “moonshots.” The breakdown includes 5.54 million ETH valued at $1,630 per token, 204 BTC, a $180 million stake in Beast Industries, an $88 million position in Eightco Holdings, and $247 million in cash.
On the staking side, the update says Bitmine has staked almost 4.72 million ETH, worth about $7.7 billion. CryptoPotato adds that more than 85% of Bitmine’s holdings are now staked and that staking yields are reported at 2.99% over seven days. Bitmine projects annualized staking revenues of $230 million, with potential rewards reaching $270 million at scale, per the same report.
If Bitmine’s stated numbers are accurate, its treasury strategy is now dominated by staking exposure. That creates a steady cashflow profile for an asset that is otherwise volatile, while also increasing operational ties to Ethereum validator infrastructure.
ETH concentration at 4.59% changes the question from “price” to “demand”
CryptoPotato says Bitmine attributed its purchases to more than a simple dip-buying moment. The company argues the market pullback does not reflect strengthening fundamentals. Instead, Bitmine’s chairman Thomas “Tom” Lee said improving AI systems will increase demand for decentralized and “hardened” networks like Ethereum.
Lee also claimed the market is in the early stages of “crypto spring” and pointed to Bitmine’s pace toward a specific target: “Bitmine is 92% of the way to the ‘Alchemy of 5%’ in just 11 months,” as quoted by CryptoPotato.
Bitmine is 92% of the way to the ‘Alchemy of 5%’ in just 11 months,
What should readers take from this? Big treasury firms can influence sentiment even when they cannot move markets on their own. When a company is already near a 5% ETH-supply threshold, every additional buy reinforces an “institutional demand” narrative. That narrative can be self-reinforcing in crypto, even if it does not change Ethereum’s technical roadmap.
SEC filing: preferred shares fund buys and validator buildout
CryptoPotato reports that Bitmine filed to launch a public offering of 3 million shares of its 9.50% Series A Perpetual Preferred Stock.
The filing details are specific about how proceeds could be used. CryptoPotato says funds may support general corporate purposes, including buying additional ETH and other digital assets. The company also cited expanding staking and validator infrastructure via its MAVAN platform, funding working capital, making strategic investments in the Ethereum ecosystem, and potentially repurchasing shares under its buyback program.
The preferred shares carry a 9.50% annual dividend on a $100 stated value, payable in cash when declared. Missed payouts accumulate, and the effective rate can climb up to 15% over time, according to CryptoPotato.
Bitmine says it has applied to list the shares on the NYSE under the ticker “BMNP.”
Here is the key fact table from the reported update.
| Item | Reported figure | Source basis |
|---|---|---|
| ETH added in past week | 126,971 ETH | CryptoPotato |
| ETH supply share | 4.59% of 120.7M ETH | CryptoPotato |
| ETH holdings | 5.54M ETH | CryptoPotato |
| ETH valuation used | $1,630 per token | CryptoPotato |
| Staked ETH | ~4.72M ETH | CryptoPotato |
| % holdings staked | >85% | CryptoPotato |
| Staking yield (7 days) | 2.99% | CryptoPotato |
| Annualized staking revenue (projected) | $230M | CryptoPotato |
| Potential rewards at scale | $270M | CryptoPotato |
| Cash | $247M | CryptoPotato |
| BTC holdings | 204 BTC | CryptoPotato |
| Total holdings | $9.6B | CryptoPotato |
| SEC-tied offering | 3M shares of 9.50% Series A perpetual | CryptoPotato |
Why this is different from “everyone else stopped buying”
CryptoPotato frames Bitmine as one of the few major treasury firms still accumulating crypto while other players “have started selling” after sharp price declines earlier this year.
It also compares Bitmine’s role to Strategy. CryptoPotato says Bitmine holds the largest Ethereum treasury and the second-largest global treasury, behind Strategy. The report adds that Strategy recently added 1,550 BTC for a little over $100 million, raising its total holdings to 845,256 BTC at an average cost of $75,680. It also notes Strategy sold a small part of its BTC holdings last week for the first time since 2022.
The key difference for Ethereum is simple. Bitmine is not just holding ETH. It is staking a large fraction and using capital-market mechanics, via an SEC-linked preferred offering, to keep that balance sheet strategy running.
That can support cashflow expectations, but it also deepens risk exposure to staking operations, custody, and any policy or regulatory shifts affecting large holders.
CryptoPotato’s report ends with the reminder that Bitmine’s “purchase while prices fell” story is now backed by filings and disclosed financial structure, not just press claims.
For readers, the next watch item is the NYSE listing path and any follow-on disclosures tied to how quickly proceeds translate into more ETH, more validator capacity, or both.