BitMine, led by Tom Lee, held 5,620,754 ETH as of June 14, 2026, representing 4.66% of Ethereum's entire circulating supply. To put that in perspective: one company has locked away nearly one coin in every twenty on the entire network. And it's still buying.
BitMine's Share of Total ETH Supply
Source: BitMine Immersion Technologies, June 14, 2026
The numbers surrounding that slice are staggering. According to SEC filings by BitMine Immersion Technologies, the company's total holdings across crypto, cash, and equity stakes reach $10.4 billion. That figure includes 204 Bitcoin, a $180 million stake in Beast Industries (the company behind MrBeast), and $502 million in liquid reserves.
Those 5.62 million ETH put BitMine at 93% of its stated target, officially named the “Alchemy of 5%”: owning 5% of all Ethereum. The company has reached that milestone's 93% mark in just 11 months. BitMine now operates the world's largest ETH treasury and ranks as the second-largest corporate crypto treasury overall, trailing only Strategy, which holds over 845,000 Bitcoin worth roughly $54 billion, as covered in SpazioCrypto's analysis of the STRC case.
Not Just Accumulation: A Yield-Generating Machine
What sets BitMine apart from a passive holder is staking. Of those 5.62 million ETH, over 83% (4.72 million ETH) is actively staked through MAVAN, BitMine's proprietary validator network. At an annualized weekly yield of 2.79%, that generates projected staking income of around $219 million per year, rising toward $269 million once the full position is active, per the company's own disclosures.
That's a recurring cash flow with a very specific purpose. BitMine recently placed preferred shares carrying a 9.5% dividend paid weekly, and staking proceeds are what back that commitment. The underlying logic is to convert a volatile asset into something that behaves more like an income-producing infrastructure layer.
The Bet, and What It Costs
Functionally, here is where the raw numbers tell only part of the story. Ethereum is still trading roughly 64% below its all-time high of $4,946, reached in August 2025, according to CoinGecko data. That gap means BitMine is sitting on estimated unrealized losses of around $9 billion. Tom Lee is buying precisely into that weakness, arguing the drawdown doesn't reflect the protocol's fundamentals and that, in his own words, we are in the early stages of a “crypto spring.”
Lee's thesis rests on two pillars. First: Wall Street's accelerating push to tokenize real-world assets on public blockchains. Second: the rising demand from artificial intelligence systems for neutral, censorship-resistant infrastructure. Both, he contends, point to Ethereum as the most probable backbone.
Concentration Risk and the Reflexivity Question
A position of this scale raises two serious questions. The first is systemic concentration: a single entity approaching 5% of a network's supply becomes a structural force capable of influencing validator dynamics, governance, and liquidity. The second is reflexivity. Lee is simultaneously chairman of BitMine and founder of Fundstrat, whose research channels regularly amplify the company's milestones. Critics argue this creates a feedback loop between research output, public messaging, and treasury moves.
The number that matters, ultimately, is one: at 4.66% and climbing, a single company is becoming a structural buyer of Ethereum, removing supply from the market while collecting staking yield in the process. Whether this bet proves prescient or reckless will depend on how Ethereum establishes itself over the next decade across tokenization, DeFi, and successive market cycles. For now, one fact stands: BitMine keeps buying. Technical details on the Ethereum network are available at ethereum.org, while the company's official figures appear in documents filed with the SEC. Follow ongoing coverage in the Ethereum section on SpazioCrypto.
