Bitmine is now close to Tom Lee's 5% ether target, and the size of that position is the story.
Bitmine Immersion Technologies disclosed on July 13 that its Ethereum stash had climbed to 5,770,038 ETH, which the company valued at roughly $10.5 billion at about $1,820 a token. That figure alone would be notable. The larger point is the share: 4.8% of Ethereum's 120.7 million circulating supply, according to the company's release. One publicly traded firm now holds nearly one in every twenty ether tokens currently in circulation.
Tom Lee, the Fundstrat co-founder who chairs Bitmine, didn't build that position quietly. Bitmine began its Ethereum treasury push in late June 2025, and Investopedia reported on July 8 that its holdings were nearing Lee's 5% target even as the stock traded far below its 2025 peak. This is still current. It's also a useful reminder that corporate crypto treasuries don't stop being risky just because the buying becomes routine.
Total crypto and cash holdings reached $11.3 billion, a figure that includes 206 bitcoin, $482 million in cash and marketable securities, and two stakes that have nothing to do with either chain: $180 million in MrBeast's Beast Industries and $69 million in Eightco Holdings, the small-cap company where Lee also sits on the board. A crypto treasury firm holding a slice of a YouTube creator's business empire is not something you'd have found on a balance sheet three years ago.
The stash now pays Bitmine
The bulk of that ether isn't sitting idle. Bitmine has staked 4,917,189 ETH, about $9.0 billion worth, through MAVAN, its self-built validator network. The staking operation posted a 7-day yield of 2.70% on an annualized basis, and the company says annualized staking revenue currently runs at $242 million. Once its full position is staked through MAVAN and its partners, Bitmine projects that number will rise to $284 million a year.
That's the part worth watching. This isn't only a bet on ether rising. Bitmine has turned its treasury into a yield-generating business line, collecting validator rewards while asking public shareholders to accept the volatility of the underlying asset. You can like the strategy or hate it, but you shouldn't mistake it for a passive cash pile.
Strategy Inc., the company Michael Saylor built into the template for corporate crypto treasuries, still holds more dollars of bitcoin than Bitmine holds of ether. But Strategy's bitcoin position is a much smaller slice of total bitcoin supply than Bitmine's ether position is of ether supply. Bitmine now ranks as the largest Ethereum treasury and the second-largest crypto treasury of any kind, trailing only Strategy. Getting there took a little over a year of aggressive, near-weekly accumulation, funded largely through equity raises that diluted existing shareholders in exchange for more ether on the books.
The risk is just as concentrated
That's the trade Bitmine's shareholders have made, whether they fully appreciate it or not. Every new share sold to buy more ETH increases the company's exposure to Ethereum's price and stakes more of the company's identity on a single asset. When ether rallies, Bitmine's stock tends to rally harder. When it falls, the same leverage runs in reverse. Look, you don't get 4.8% of a network's circulating supply without taking on a serious amount of that network's risk inside one balance sheet.
There's a structural wrinkle here too. Ethereum's proof-of-stake design already raises questions about validator concentration, and a single company controlling this much staked ETH through its own validator network adds a sharper one. MAVAN was built to serve Bitmine's own treasury first, with plans to expand to outside institutions later. If that expansion works, Bitmine becomes not just a massive ether holder but a piece of infrastructure other investors may rely on.
None of this happened by accident. Lee has said for months that Bitmine wants to become to Ethereum what Strategy became to bitcoin, and the numbers now back that claim up. The question is no longer whether Bitmine can buy enough ETH to matter. It already has. The question is whether that concentration becomes a source of confidence for Ethereum holders or the next pressure point investors have to price every time Bitmine files another disclosure.
Also read: An early Solana whale lost 14.2 million dollars after five years of silence • What Is a Crypto Basis Trade and How Funds Farm It for Yield • Nous Research is finalizing a $75 million round at a $1.5 billion valuation
