Bitmine bought another 10,399 ETH this past week, pushing its corporate treasury to nearly 5.8 million coins. At current prices, that stash is worth about $10.9 billion — and it represents 4.8% of Ethereum's entire circulating supply. The company is now the largest corporate holder of ETH by a wide margin.
Why Lee is betting big on ETH
Chairman Tom Lee said the firm has added ETH every week since adopting the Ethereum treasury strategy on June 30 last year. He claimed ETH has outperformed Bitcoin and most altcoins recently, pointing to improving fundamentals. In July, ETH beat the Nasdaq 100 by 25% — its strongest month in a year. Lee also noted that back in July 2025, ETH climbed from $2,375 to $4,057 by the end of August.
Strategy pulls back as Bitmine charges ahead
Bitmine's accumulation is narrowing the gap with Strategy, the former MicroStrategy. Strategy has halted its Bitcoin purchases and announced its third BTC sale of the year. Bitmine, meanwhile, shows no signs of slowing down. Its total crypto, cash, and other investments now sit at roughly $11.3 billion.
Staking becomes a revenue engine
Bitmine is expanding staking through its institutional platform MAVAN. It has already deployed 4.92 million ETH — 85% of its treasury — into staking. The company projects about $291 million in annual staking rewards and $247 million in annualized staking revenue. That's a steady income stream on top of any price appreciation.
With Strategy retreating and Bitmine doubling down, the corporate crypto landscape is shifting. Bitmine's next weekly buy will likely push its ETH holdings past 5.8 million — a milestone that seemed distant just months ago.
