Bitmine has cemented its position as the world's largest Ethereum treasury, now holding 5.54 million ETH — that's 4.59% of the entire circulating supply of 120.7 million tokens. The company disclosed its holdings as of June 7, worth roughly $9.6 billion across crypto, cash, and early-stage bets. Only Strategy Inc. (NASDAQ: MSTR) holds a bigger crypto treasury.
How big is the stash?
The bulk of those ETH — 4,718,677 tokens — are locked up staking on the MAVAN platform, earning Bitmine a projected $230 million in annualized revenue at a 2.99% yield. At current prices around $1,630 per ETH, the staked position alone is worth $7.7 billion. The company says it has hit 92% of its internal 'Alchemy of 5%' target — meaning it's close to owning 5% of all Ethereum — and it did that in 11 months.
Beyond ETH: cash, BTC, and a stake in OpenAI
Bitmine isn't all-in on Ethereum. The company holds $247 million in cash, plus 204 Bitcoin. It also owns a $180 million stake in Beast Industries and an $88 million stake in Eightco (NASDAQ: ORBS), which gives it indirect exposure to OpenAI. Combined, the portfolio tops $9.6 billion as of last week.
Trading and market rank
Bitmine's stock sees average daily trading volume of $829 million (five-day average), ranking it 148th among U.S. stocks. That's heavy liquidity for a company built on digital assets. The staking yield — 2.99% on its main position — is currently modest but predictable, and at $230 million a year, it's a real earnings driver.
Bitmine needs to push that ETH share from 92% to 100% of its 5% target. With $247 million in cash on hand, it could keep buying. The bigger question: will the company keep stacking ETH or diversify further? Its cash holdings and the Eightco bet suggest a willingness to branch out. For now, though, Ethereum remains the core of the machine.
