BitMine Approaches 5% of Total Ethereum Supply with 5.82 Million ETH

BitMine is just a hair's breadth away from its Alchemy of 5% goal

In its latest press release published on August 17, 2026, BitMine Immersion Technologies (stock BMNR) announced that it has added 9,926 ETH to its balance sheet (worth approximately $19 million). The company now holds an impressive total of 5,815,164 ETH. At the price of $1,893 per ether mentioned in the release, this represents a valuation of over $11 billion.

This reserve represents 4.8% of the total Ethereum supply, estimated at around 120.7 million units currently. The company is therefore nearing its goal dubbed Alchemy of 5%, which it has now achieved at 96%. All this in just 14 months, as its ETH treasury strategy was launched on June 30, 2025.

In total, the company's crypto assets, treasury, and so-called moonshot investments amount to $11.4 billion. It also includes 210 bitcoins (BTC), a $180 million stake in Beast Industries (from YouTuber MrBeast), $73 million in Eightco Holdings (stock ORBS), and $78 million in cash and negotiable securities.

This accumulation places BitMine in 2nd place globally among companies with a digital asset treasury strategy (DAT), just behind Strategy and its treasure of 840,447 bitcoins, valued at around $58 billion. However, Tom Lee's company still retains the 1st place globally for treasuries based on Ethereum.

A massive staking and annualized revenues of $250 million

However, BitMine does not just accumulate ethers; it also puts them to work. As of August 16, 2026, the company had staked 5,067,309 ETH, worth about $9.6 billion and 87% of its ether holdings. This operation is notably carried out through MAVAN (Made in America Validator Network), its institutional staking platform.

Launched in early 2026, MAVAN was initially developed to stake BitMine's ether treasury on the blockchain network before becoming a standalone activity. The company now describes its platform as an institutional-quality staking and validation infrastructure, through which it earns staking rewards and validation revenues.

BitMine also confirms its intention to open MAVAN to third-party institutional investors seeking a turnkey staking infrastructure. This pivot adds the role of staking provider to its portfolio, beyond just managing its own ETH treasury. According to Tom Lee, annualized staking revenues are now projected at $250 million, based on a yield of 2.61% over 7 days. At full capacity, this figure could rise to $287 million.

The ETH/BTC ratio breaks a key resistance

To justify its macro thesis, BitMine's management draws a strong historical parallel. It believes that the GENIUS Act and the SEC's Project Crypto are as transformative for financial services in 2026 as the U.S. decision on August 15, 1971, which ended the Bretton Woods system and detached the dollar from the gold standard. According to BitMine, this 1971 event was the catalyst for the modernization of Wall Street, leading to the emergence of today's financial giants and payment rails.

Beyond accumulation, BitMine also highlights a market signal it deems decisive. Indeed, the ETH/BTC ratio (the dollar value ratio of one ether to one bitcoin) now stands at 0.02994. It has just broken the long-term bearish trend observed in recent years.

A massive share buyback in parallel

BitMine is also continuing its $4 billion share buyback program. Last week, the company repurchased 1.7 million shares, bringing the total to over 20.8 million shares since July 1, 2026. Tom Lee presents this program as the largest ever executed by a company with a digital asset treasury.

The company is supported by a circle of leading institutional investors, including ARK Invest (by Cathie Wood), Founders Fund, Pantera, Kraken, DCG, and Galaxy Digital, among others. The question is no longer whether BitMine will reach the symbolic threshold of 5% of the ETH supply, but rather when: a matter of weeks or months? The bets are open.