Bitmine, the publicly traded crypto investment firm backed by ARK's Cathie Wood and Pantera, now controls nearly 5% of all Ethereum in circulation. As of June 14, the company held 5,620,754 ETH — worth roughly $9.66 billion at $1,718 per token, or 4.66% of the total 120.7 million ETH supply. The disclosure, filed alongside news of a new institutional staking platform and a completed stock offering, solidifies Bitmine's position as one of the largest single ETH holders anywhere.
A $10.4 billion war chest
Bitmine's total holdings — crypto, cash, marketable securities, and a category it calls 'moonshots' — clock in at $10.4 billion. The ETH pile alone accounts for the vast majority, with 4.72 million of those tokens staked through various validators. But the firm also holds 204 BTC, an $180 million stake in Beast Industries, $88 million in Eightco Holdings, and $502 million in cash and marketable securities. The mix gives Bitmine a balance of liquid assets and longer-term bets, though ETH dominates the balance sheet.
Staking and the MAVAN launch
Bitmine has staked 4,718,677 ETH — about $8.1 billion at June 14 prices — and projects annualized staking rewards of roughly $219 million. To handle that scale, the company launched the Made in America Validator Network, or MAVAN, an institutional-grade staking platform. The name is a nod to both infrastructure and politics, but the pitch is straightforward: a U.S.-based validator network designed for big money. Bitmine was also named to the Fortune Crypto 100 list for 2026, a feather the firm has been quick to cite.
$274 million preferred stock raise
On June 10, Bitmine closed a public offering of 3.5 million shares of its 9.50% Series A Perpetual Preferred Stock, netting about $273.8 million. The new shares, trading under the ticker BMNP, were expected to begin trading on the New York Stock Exchange on June 16. The raise gives the company fresh capital to continue its ETH accumulation spree — the firm bought 76,881 ETH in the week leading up to May 11 as part of a stated goal to reach 5% of the total supply.
The 5% target and what's next
Bitmine is just 0.34 percentage points shy of that 5% goal, and with $274 million in new cash, it could close the gap in weeks if it keeps buying. The timing isn't bad — ETH is trading below its 2025 highs, and the staking yield offers a steady return while the market waits for the next catalyst. Whether Bitmine pushes past 5% or slows down after hitting the mark is the unanswered question. But for now, the firm's bet on Ethereum is bigger than ever.
