BitMine Nears 5% of Ethereum Supply with 5.74M ETH

BitMine reported holding 5,742,237 ETH, equal to about 4.8% of Ethereum’s circulating supply of roughly 120.68 million tokens, leaving the company 0.2 percentage points short of a 5% ownership target. The disclosure covers positions reported in late June and early July.

The firm’s balance sheet showed total crypto, cash, marketable securities and strategic assets of $11.1 billion as of June 28. Of the ETH position, 4,879,157 tokens were staked as of July 5, representing roughly 85% of its holdings and valued at about $8.8 billion using a $1,800 per ETH reference price.

BitMine provided annualized staking revenue projections using a seven-day BMNR yield of 2.68%: about $235 million at current staking levels and about $277 million if the entire ETH position is staked through the company’s MAVAN vehicle and external staking partners.

On June 26 the firm’s listed equity vehicle, BMNR, was added to the Russell 1000 Large-cap Index. Inclusion in the index gives index funds and passive investors a way to gain exposure to BitMine’s balance-sheet ETH position through the traded security.

Three observable channels connect the treasury to markets. The concentrated ETH holding affects the share of circulating supply available on exchanges. The large staked position means the company participates in validator operations and protocol reward distribution. The listed vehicle creates a public-market route for investors to obtain indirect exposure to the company’s ETH holdings.

The disclosure did not specify how much staked ETH is operated directly through MAVAN versus third-party providers, where validators are hosted, or the funding method the firm will use to reach a full 5% stake. The company has not provided a timeline for further accumulation or details of any financing plans.

Ethereum’s circulating supply used in the disclosure was about 120.68 million tokens, with a market capitalization near $209 billion in early July. Market participants say the detailed staking and financing data disclosed by BitMine will be used to assess how a large public treasury interacts with on-chain liquidity, validator operations and passive equity investors.