Las Vegas-Based Bitmine Amasses 3.71% of Ethereum Supply

Bitmine Acquired 50,928 ETH This Week

The company, listed on the NYSE American under the ticker BMNR, reported that as of March 1 at 2 p.m. ET, it held 4,473,587 ETH valued at $1,976 per token, alongside 195 bitcoin, $868 million in cash, and equity stakes including a $200 million investment in Beast Industries and $14 million in Eightco Holdings. In total, Bitmine said its crypto, cash, and stock “moonshots” amounted to $9.9 billion in value.

Bitmine said its ethereum (ETH) holdings represent about 3.71% of the circulating ETH supply of 120.7 million tokens, putting the company more than three-quarters of the way toward its stated goal of acquiring 5% of the total supply — a target it has branded the “Alchemy of 5%.” The firm said it reached that level in roughly eight months. Roughly around the same time Bitmine made its announcement, bitcoin treasury firm Strategy announced it purchased 3,015 BTC.

Of its total ETH position, 3,040,483 tokens — worth about $6.0 billion at current prices — are staked. Chairman Tom Lee said the company acquired 50,928 ETH in the past week, describing the recent market pullback as attractive given what he called strengthening fundamentals. He cited geopolitical tensions, including U.S. combat operations against Iran, as contributing to broader financial market uncertainty.

Bitmine said its annualized staking revenue currently stands at $172 million, based on a 7-day yield of 2.86%. The Composite Ethereum Staking Rate, administered by Quatrefoil, was 2.83% over the same period, according to the company. At full scale — once its in-house staking platform is fully deployed — Bitmine projects annual staking rewards of about $253 million.

The firm is developing a staking infrastructure known as the Made in America VAlidator Network, or MAVAN, which it expects to launch in early 2026. Bitmine said it is working with three staking providers as it prepares the rollout.

In treasury rankings, Bitmine said it is the largest ethereum-focused treasury globally and the second-largest overall crypto treasury, behind Strategy Inc., which holds more than 720,737 bitcoin valued at about $49 billion. Per usual, the ether treasury company also highlighted its stock liquidity, noting BMNR trades about $800 million in average daily dollar volume, ranking 145th among more than 5,700 U.S.-listed stocks, according to Fundstrat data.

“Bitmine continues to methodically execute our ethereum treasury strategy as we move our way through the later stages of this ‘mini crypto winter,'” Lee stressed. “Geopolitical uncertainty has risen in the past few days, as the U.S. has commenced combat operations against Iran, and the impact on financial and digital asset markets will be felt in the coming weeks.” Still, Lee says the geopolitical uncertainty is not stopping the Bitmine train.

Lee added:

“We continue to steadily acquire ETH and optimize the yield on our ETH holdings.”

FAQ 🔎

• How much ethereum does Bitmine own? Bitmine holds 4,473,587 ETH, representing about 3.71% of the total circulating supply.
• How much is Bitmine’s crypto treasury worth? The company reports $9.9 billion in combined crypto assets, cash and strategic investments.
• What is MAVAN? MAVAN is Bitmine’s planned U.S.-based ethereum staking infrastructure expected to launch in early 2026.
• How much revenue does Bitmine generate from staking? The company says its current annualized staking revenue is about $172 million based on recent yield rates.