Bitmine Holds More Than 4% of All ETH Supply in $12.3 Billion Treasury
Bitmine Immersion Technologies (BMNR) disclosed on May 25 that it holds 5,390,404 Ethereum (ETH) tokens valued at approximately $11.5 billion, with total cryptocurrency and cash assets reaching $12.3 billion. The company also holds 203 Bitcoin (BTC) tokens alongside its Ethereum position.
The disclosure places Bitmine among the largest single corporate holders of any major cryptocurrency asset in history.
The Disclosure in Detail
Bitmine published the treasury figures as of 1:00 p.m. Eastern on May 25, pricing its ETH holdings at $2,134 per token per a PR Newswire release.
The company valued its total crypto and cash position at $12.3 billion. Bitmine holds its assets through Coinbase (COIN) as custodian, according to the same disclosure.
The 5.39 million ETH figure represents more than 4% of Ethereum’s total circulating supply of roughly 120 million tokens, a concentration rarely seen outside of protocol-level staking contracts and major exchange wallets.
Also Read: Bitcoin ETF Outflows Hit $2.8B Over Nine Days
Background
The Bitmine treasury strategy follows a playbook first popularized by MicroStrategy (MSTR), which began accumulating Bitcoin in August 2020 and now holds more than 214,000 BTC. Bitmine applied the same model to Ethereum rather than Bitcoin, betting on ETH’s role as the settlement layer for decentralized finance and institutional tokenization.
The company has steadily grown its ETH position through 2025 and into 2026, acquiring tokens during periods of price weakness. Ethereum’s circulating supply grows slowly through staking issuance, which means large concentrated positions exert increasing structural influence over on-chain liquidity and validator economics.
A single entity holding 4% or more of supply sits in the same bracket as major liquid staking protocols and top-tier exchange cold wallets.
Also Read: CFTC Greenlights Bitcoin Perpetual Futures at First Regulated U.S. Exchange
What Comes Next
Ethereum traded near $2,134 at the time of the May 25 disclosure and has since moved within a range near $2,028 to $2,134 as broader cryptocurrency markets absorbed nine consecutive days of Bitcoin ETF outflows.
Any sustained price decline in ETH compresses the dollar value of Bitmine’s treasury without reducing the token count. The company’s next scheduled disclosure will update the market on whether the position has grown, held steady, or been partially liquidated.
Analysts will watch whether other corporations adopt a similar ETH accumulation strategy now that Bitmine has demonstrated the model at institutional scale.
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