Author: The Defiant Team
Compiled by Deep潮 TechFlow
DeepOcean Summary: After MicroStrategy set the precedent of "corporate treasury crypto purchases" with BTC, the market has been waiting for an ETH equivalent. BitMine has responded by acquiring $73 million worth of ETH in one week, now holding 4.8% of the circulating supply—demonstrating that institutions aren't merely bullish on ETH; they are systematically accumulating it.
Scooped up $73 million in one week, holding approaching the 5% threshold
BitMine Immersion Technologies (NYSE: BMNR), chaired by Tom Lee of Fundstrat, is a publicly traded treasury with ETH as its core reserve. According to the company’s position update released on Monday, it purchased 42,197 ETH over the past week, valued at approximately $73 million.
This purchase raises BitMine’s total holdings to 5,742,237 ETH, accounting for approximately 4.8% of Ethereum’s circulating supply—just shy of its publicly stated 5% target.
$11.1 billion asset portfolio: Not just ETH
BitMine discloses in its account that its crypto assets, combined with other holdings, total approximately $11.1 billion, representing a highly diversified portfolio:
- ETH positions are priced at $1,800 per coin;
- Additionally holds 206 BTC;
- 180 million USD in equity of Beast Industries;
- 71 million USD ($71 million) in equity of Eightco Holdings (NASDAQ: ORBS);
- And $527 million in cash and marketable securities.
In other words, although ETH is the absolute mainstay, BitMine’s treasury has long been a diversified balance sheet spanning tokens, equity, and cash.
Staking remains unchanged, but the accumulation pace continues.
Notably, BitMine’s total staked ETH remained at 4,879,157, unchanged from the previous week. According to tracked data disclosed by the company, despite an overall increase in ETH balances, the company did not add any new staking positions this week.
In other words, the additional ETH is primarily being held rather than immediately staked for yield. This “accumulate first, stake later” strategy has solidified BitMine’s position as the largest corporate ETH holder and continues its consistent accumulation trend since June.
5% is the target line and also the narrative turning point.
BitMine uses "controlling 5% of the total ETH supply" as the benchmark threshold for its treasury strategy, and this week's acquisition has brought it nearly to that line. The stock trades on the NYSE under the ticker BMNR.
Tom Lee previously described crypto assets as a "wartime store of value" and has publicly defended his company’s funding model multiple times. As the holding approaches 5%, the market is revisiting an old question: When a publicly traded company holds nearly 5% of ETH’s circulating supply, has its influence on the network, the secondary market, and even ETH’s pricing power surpassed the scope of “treasury allocation”?
From MicroStrategy’s BTC to BitMine’s ETH, the corporate treasury crypto buying paradigm is shifting from an outlier to a trend. For ETH, 4.8% may just be the beginning.