Bitmine (NASDAQ: BMNR), chaired by Fundstrat Global Advisors founder Tom Lee, now holds 5.81 million Ether tokens, representing approximately 4.8% of Ethereum’s total circulating supply of 120.7 million tokens.
The company has reiterated its goal of acquiring 5% of Ether’s total supply, a threshold Lee has branded the “Alchemy of 5%,” positioning Bitmine as one of the largest institutional holders of Ethereum in the world.
Bitmine reported acquiring 10,399 ETH during the week before its August 3 update, continuing a buying program that began with the launch of its Ethereum treasury strategy on June 30, 2025.
As of August 2, the company held 5,797,813 ETH, which at a reference price of $1,880 per token valued the position at approximately $10.9 billion.
That figure puts Bitmine roughly 96% of the way toward its stated 5% accumulation target after 14 consecutive months of weekly Ethereum purchases.
Beyond its Ether holdings, the company’s balance sheet includes 208 Bitcoin worth approximately $13.6 million, $268 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $61 million investment in Eightco Holdings.
Tom Lee commented directly on market conditions, stating: “We increased our equity buyback as we view the rising ETH/BTC ratio, despite the falling odds of passage of the Clarity Act in 2026, as a sign crypto prices are strengthening.”
Lee added: “In fact, this ratio is now at a 3-month high at 0.3000, which we believe bodes well for future strengthening of ETH prices,” reinforcing his bullish outlook on Ethereum relative to Bitcoin.
Bitmine is staking the majority of its tokens through its own proprietary validator infrastructure, known as MAVAN, short for Made-in-America Validator Network, with more than 5 million ETH currently deployed through the platform.
At an estimated staking yield of 2.63%, the company has projected annualized staking revenue of approximately $257 million, providing a meaningful income stream alongside its capital appreciation strategy.
The company reached a significant milestone in April when its holdings surpassed 5 million ETH, and by May, Lee highlighted that Bitmine’s inclusion in the Russell 1000 Index could broaden its institutional investor base substantially.
In June, Bitmine completed a preferred stock offering that raised nearly $274 million, with proceeds earmarked for additional Ethereum purchases, infrastructure development, share buybacks, and expansion of the MAVAN staking platform.
Ethereum carries clearer long-term catalysts than most altcoins, with growing use cases across decentralized applications, artificial intelligence agents, and tokenized real-world assets supporting its fundamental investment case.
Spot Ethereum exchange-traded funds, initially approved two years ago, could draw additional capital into the asset class as broader crypto market sentiment improves, providing another tailwind for ETH prices over the medium term.
While Bitmine’s all-in accumulation strategy may not suit every investor’s risk tolerance, Ethereum’s structural role in the digital asset ecosystem makes it a credible candidate for portfolio exposure in the current environment.
