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Bitmine tops $11B in ETH holdings as it nears 5% supply target
Bitmine resumed buying through the downturn, adding 9,926 ETH for the week ended Aug. 16, and it expects about $287 million in annual staking rewards based on a 2.61% seven-day yield.
Tom Lee’s Ethereum treasury company Bitmine Immersion Technologies has continued accumulating Ether through the downturn, with its holdings valued at roughly $11 billion and rising toward a 5% supply target. Cointelegraph reports the company bought 9,926 ETH during the week ending Aug. 16, bringing total holdings to about 5.82 million ETH, or roughly 4.8% of Ethereum’s circulating supply.
Despite the larger position, Bitmine is still facing significant mark-to-market pressure on its treasury. Cointelegraph says industry data shows the company is sitting on more than $8.4 billion in unrealized losses on its ETH, which are around 43% of its portfolio value of more than $11 billion, in part because some ETH was acquired at much higher prices.
Bitmine’s approach also relies on staking to help generate yield independent of near-term price moves. Cointelegraph reports the company is staking more than 5 million ETH, worth about $9.6 billion at current prices, and estimates annualized staking rewards of roughly $287 million using a 2.61% seven-day staking yield.
Cointelegraph adds that Bitmine has continued making weekly Ether purchases since launching its ETH treasury strategy in June 2025, as it works toward its long-term “Alchemy of 5%” goal of holding 5% of Ethereum’s total supply.