Tom Lee-chaired Ethereum treasury company Bitmine (BMNR) has crossed the 6 million ETH threshold after purchasing another 17,362 ETH, bringing its total Ethereum holdings to 6,001,302 ETH. At current prices, that position is worth roughly $16.1 billion, while the company’s total crypto, cash, marketable securities and other investments reached $17.2 billion.
Bitmine did not disclose the average purchase price for the latest buy, but the weekly acquisition is valued at about $46.7 million. Lee said the milestone is a tremendous achievement after accumulating nearly 5% of Ethereum’s total supply in under 15 months, adding that institutions remain underweight crypto and could increase exposure into late 2026. He also highlighted Ethereum’s quarter-to-date outperformance of 6,728 basis points against other macro assets.
Bitmine now controls about 4.9% of Ethereum’s 122.1 million circulating supply and is 98% of the way toward its “Alchemy of 5%” target. The 5% threshold is approximately 6.105 million ETH, leaving the company about 103,700 ETH short. That finish line is not fixed because Ethereum’s supply changes with issuance and token burns.
Most of the treasury is already generating yield. Bitmine reported 5,067,309 ETH staked, or 84.4% of its total holdings, leaving about 934,000 ETH not reported as staked. The company estimates annualized staking revenue at $358 million based on a 7-day annualized yield of 2.62%. Full deployment through its MAVAN institutional validator network and staking partners could raise projected annualized rewards to $424 million. A yield decline to 2.00% would reduce the simplified annualized estimate by roughly $85 million, while a drop to 1.50% would cut it by about $153 million.
Beyond Ethereum, Bitmine reported 213 BTC worth about $17.8 million, a $115 million stake in Eightco Holdings, a $180 million stake in Beast Industries, and cash and marketable securities of $672 million. The company remains the largest Ethereum treasury holder, ahead of Sharplink and The Ether Machine, and the second-largest public crypto treasury company behind Strategy, which holds 847,666 BTC.
Meanwhile, ETH derivatives open interest stood at $17.9 billion, down 1.76% over 24 hours, with perpetual contracts accounting for about $17.7 billion and traditional futures at roughly $272 million. Binance led exchange rankings with $9.4 billion in ETH open interest, ahead of Hyperliquid and Bybit. The decline does not necessarily signal bearish sentiment, but it shows spot accumulation and short-term leveraged positioning are moving differently.
