Bitmine has staked ether equal to 4.15% of Ethereum's supply
Bitmine Immersion Technologies bought 15,112 ETH last week, lifting its treasury to 6,016,414 tokens, 4.9% of Ethereum's supply. With 84% of that staked at a 2.63% yield, the company's results now move with the ether price and the return on its validators.
The Investor · Invest desk
What happened
- Staking and validation brought in $45.7 million of Bitmine's $46.5 million in revenue for the three months ended May 31.
- On its current stake Bitmine projects $363 million a year in staking rewards, rising to $431 million if every token it holds were staked.
- MAVAN, the Made in America Validator Network that Bitmine launched earlier in 2026, is now open to institutional investors, custodians and other participants.
- Beside its ether, Bitmine listed $672 million in cash and marketable securities, 213 bitcoin, and stakes in Beast Industries and Eightco in its late-September update.
Why it matters
- Who's exposed exposure Each $100 move in ether, about 3.7% at the reference price, changes the value of Bitmine's holdings by roughly $602 million.
- What it limits constraint Ether was about 94% of Bitmine's $17.2 billion in assets in late September, so a fall of about 6% in the token erases as much value as everything else the company owns.
- What it costs cost Because the staking projection is struck at the Oct. 5 reference price, every 10% decline in ether takes about $36 million off expected annual rewards.
Next story · Invest · 4d ago
At this week's pace Bitmine is six to eight weeks from holding 5% of ether supply, where it says buying stopsConfirmed5 publishers
Divide Bitmine's 5,067,309 staked tokens by the 122.1 million ether in existence and the stake comes to about 4.15% of supply [19]. Whether that makes the company a large part of Ethereum's validator set depends on how much ether is staked across the whole network. The Oct. 5 update does not include that total, or a split of the stake between Bitmine's own MAVAN network and the outside partners it also uses [3][6].
Supply is the share that can be measured, and Bitmine has published where it intends to stop. Five percent of 122.1 million is 6,105,000 ETH [11], leaving the company 88,586 tokens short [12]. At last week's pace that is a little under six weeks of buying [13]. At the $2,726 reference price it costs about $241 million [14], just over a third of the cash and securities on the balance sheet in late September [15]. Lee calls the goal the "Alchemy of 5%" [5]. "Bitmine has bought ETH each and every week since the inception of the ETH Treasury Strategy on June 30, 2025," he said [9].
Bitmine has not added to its stake since late September. The staked balance was 5,067,309 ETH then and the same on Oct. 5 [8], so last week's 15,112 tokens joined an unstaked reserve that now totals 949,105 ETH, about 16% of the treasury [20]. Staking that reserve at the company's own yield would add about $68 million a year to projected rewards [21].
The May quarter's $45.7 million in staking revenue annualizes to about $183 million [22], roughly half the current projection. That projection holds the ether price at $2,726 and uses a seven-day annualized yield [3][7].
The program can go a few ways from here. Bitmine can reach 6,105,000 and stop, leaving a staking income company with a fixed pile. It can keep buying past the mark; the updates describe 5% as a target [5]. Or it can stake the reserve, and at current holdings that would put about 4.93% of all ether behind its validators [26].
I think ETH holders weighing concentration should follow the staked line more closely than the purchase line, because the purchase line has a published end and the staked line has 949,105 tokens of room to grow [20]. The counter-case is that a target is only as firm as the buyer, and a company whose chairman says it has bought every week for about 15 months [9][5] has little reason to stop at a round number. If weekly purchases carry on past 6,105,000 ETH, supply concentration becomes the open-ended risk and this view is wrong.
What to watch
- Whether the staked balance moves off 5,067,309 ETH in coming weekly updates as each purchase adds to the unstaked reserve.
- The next quarterly report, which will show how close reported staking revenue runs to the company's projection.
- Lee's October chairman's message, due this week, for any statement on buying once holdings pass the 5% mark.
Information, not investment advice. This story is general information about companies and markets, drawn from cited reporting. It is not a recommendation to buy, sell or hold any security; check the cited sources before acting.
Clarity's read
What the record supports and how the coverage leans. The claims behind it follow.
Reality
- Evidence60
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- Hype gap+20
- Incentives80
- Confidence68
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4 publishers- Builder
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- Operator
- Operator 21%
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- Investor 69%
Claim ledger
Ranked by verification strength, evidence, and original report placement.
- [1]
Bitmine bought 15,112 ETH over the past week, raising its holdings to 6,016,414 ETH worth roughly $16.4 billion.
- [2]
Bitmine's holdings represent 4.9% of Ethereum's stated 122.1 million token supply; its stated target is to own 5% of supply.
- [3]
Bitmine's Oct. 5 holdings update valued the ETH position at roughly $16.4 billion using a reference price of $2,726 per token.
- [4]
In the late-September update Bitmine valued its Ethereum holdings at an estimated $16.2 billion using a reference price of $2,698 per ETH.
- [5]
Lee calls the 5% ownership target the "Alchemy of 5%"; Bitmine reported reaching 98% of it in about 15 months after launching its treasury program on June 30, 2025.
- [6]
Bitmine has staked 5,067,309 ETH worth about $13.8 billion, 84% of its holdings, through its MAVAN platform and staking partners.
- [7]
Bitmine said its staking generated a seven-day annualized yield of 2.63%, putting projected annual staking revenue at $363 million under current assumptions, or $431 million if its entire ETH balance were staked at the same yield.
- [8]
In late September Bitmine had 5,067,309 ETH committed to staking when its treasury stood at 6,001,302 ETH; the staked balance was unchanged in the latest disclosure while the treasury grew through another week of purchases.
- [9]
"Bitmine has bought ETH each and every week since the inception of the ETH Treasury Strategy on June 30, 2025,"
- [10]
In its late-September update Bitmine listed 213 BTC, $672 million in cash and marketable securities, a $180 million stake in Beast Industries, a $115 million stake in Eightco Holdings, and total assets of approximately $17.2 billion.
- [11]
5% of Ethereum's 122.1 million supply is 6,105,000 ETH.
- [12]
Bitmine is 88,586 ETH short of the 5% target.
- [13]
At last week's pace of 15,112 ETH, the remaining gap is a little under six weeks of buying.
- [14]
Buying the remaining 88,586 ETH costs about $241 million at the $2,726 reference price.
- [15]
The roughly $241 million needed to reach 5% is just over a third of the $672 million in cash and marketable securities Bitmine listed in late September.
- [16]
MAVAN, short for Made in America Validator Network, was launched earlier in 2026 to support Bitmine's Ethereum holdings; Bitmine has since opened it to institutional investors, custodians and other ecosystem participants.
- [17]
Bitmine generated $45.7 million from staking and validation during the three months ended May 31, 98% of its $46.5 million in quarterly revenue.
- [18]
Bitmine said Lee will publish his October chairman's message this week.
- [19]
Bitmine's staked ETH equals about 4.15% of Ethereum's 122.1 million token supply.
- [20]
Bitmine holds 949,105 ETH outside its stake, about 16% of its treasury.
- [21]
Staking the full treasury would add about $68 million a year to Bitmine's projected staking rewards.
- [22]
The May quarter's staking revenue annualizes to about $183 million, roughly half the $363 million current projection.
- [23]
Each $100 move in ether, about 3.7% of the $2,726 reference price, changes the value of Bitmine's ETH holdings by roughly $602 million.
- [24]
Ether was about 94% of Bitmine's total assets in late September; the roughly $1.0 billion of non-ETH assets equals about 6% of the ETH position's value.
- [25]
Because the staking projection is priced in dollars at the reference price, a 10% decline in ether removes about $36 million from expected annual rewards.
- [26]
If Bitmine staked its entire current treasury, its staked ETH would equal about 4.93% of Ethereum's supply.
Sources
4 independent publishers whose own reporting we read for this story.
- crypto.newsBitmine stakes $13.8 billion in ETH as treasury tops 6 million tokens
1 article · October 5, 2026
- cryptobriefing.comBitmine acquires 15,112 Ethereum, raising total to 6.02M ETH
1 article · October 5, 2026
- decrypt.coBitmine Buys $41M More Ethereum, Reaching 99% of Its 'Alchemy of 5%' Target
1 article · October 5, 2026
- news.bitcoin.comTom Lee’s Bitmine Nears 5% of Ether Supply With $41M ETH Buy
1 article · October 5, 2026