TLDR
- Bitmine held 5.77 million ETH, representing approximately 4.8% of Ethereum’s reported total circulating supply worldwide.
- The company valued its Ethereum treasury at roughly $10.5 billion using a $1,820 reference price.
- More than 4.9 million ETH was staked, currently producing projected annualized revenue of $242 million.
- Tom Lee said Bitmine remains on track to control 5% of Ethereum’s supply during 2026.
- Bitmine also reported 206 bitcoin, outside investments, and $482 million in cash and securities holdings.
Bitmine Immersion Technologies, trading under the ticker BMNR, said its Ethereum treasury reached 5,770,038 ETH as of July 12, 2026, after the company purchased 27,801 tokens during the previous week. The position represented about 4.8% of Ethereum’s stated total supply of 120.7 million tokens. Using an ETH reference price of $1,820, Bitmine valued its Ethereum holdings at approximately $10.5 billion.
The company reported total crypto assets, cash, marketable securities, and other investments worth $11.3 billion. Its portfolio also included 206 bitcoin, a $180 million stake in Beast Industries, a $69 million investment in Eightco Holdings, and $482 million in cash and marketable securities. Bitmine described its balance sheet as the largest corporate Ethereum treasury and the second-largest corporate cryptocurrency treasury after Strategy.
Chairman Tom Lee said Bitmine remained on course to reach its target of owning 5% of Ethereum’s supply during 2026. Based on the figures released by the company, its current position places it about 96% of the way toward that target. Bitmine has maintained regular ETH purchases throughout the year as part of its digital asset treasury strategy.
More Than 85% of Bitmine’s Ethereum Is Staked
Bitmine reported that 4,917,189 ETH, valued at approximately $9 billion at the company’s stated reference price, was staked as of July 12. That amount represented more than 85% of its total Ethereum holdings. The company said its staking operations were producing a seven-day annualized yield of 2.70%.
At the current level of staked assets, Bitmine projected annualized staking revenue of approximately $242 million. The company said that figure could rise to about $284 million when its Ethereum treasury is fully staked through its validator network and external staking partners. Those estimates remain dependent on network conditions, staking yields, validator performance, and the quantity of ETH actively deployed.
Bitmine launched the Made in American Validator Network, known as MAVAN, earlier in 2026 to support its growing Ethereum treasury. The company also plans to provide the staking infrastructure to institutional investors, custodians, and other market participants. A portion of Bitmine’s ETH holdings is already being staked through the MAVAN platform, according to the announcement.
Tom Lee Connects ETH Strategy With Ethereum Network Activity
Lee cited the July 1 launch of Robinhood Chain as an example of financial activity being developed around Ethereum. He said the network uses ETH for transaction fees and settles finality on Ethereum, placing the asset within the platform’s operating structure. His comments formed part of Bitmine’s explanation for continuing its weekly ETH accumulation program.
Bitmine also referred to its June 26 addition to the Russell 1000 Index as a development affecting its potential shareholder base. The company said index membership could attract institutional ownership through passive investment funds and exchange-traded products that track the benchmark. Bitmine also completed a preferred stock offering in June that generated approximately $273.8 million in net proceeds.
The company’s shares recorded an average daily trading value of $475 million during the five sessions ending July 10, according to figures cited by Bitmine. BMNR ranked 215th among 5,704 listed US stocks by that measure, based on the company’s statement. The ranking placed Bitmine behind Southern Company and ahead of data center operator Equinix.
External market data cited in reports placed Bitmine’s average Ethereum acquisition price near $3,374, while ETH traded below $1,800 during Monday’s session. The price difference left the company with a large unrealized loss on its Ethereum position. Because Bitmine’s treasury remains concentrated in ETH, future reported asset values will remain closely connected to cryptocurrency prices and staking returns.
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