BitMine, known as the largest corporate holders of Ether, has expanded its Ethereum holdings to nearly 5% of the cryptocurrency’s circulating supply while maintaining a strategic share acquisition program.
Bitmine purchased an additional 9,946 ETH with a total holding over 5,792,414 ETH, which represents approximately 4.8% of Ethereum’s reported circulating supply of about 120.7 million ETH. Bitmine also reported that its digital asset and investment portfolio exceeds $11.8 billion, covering 208 Bitcoin, $268 million in cash and marketable securities.
Bitmine Treasury Strategy
In June 2025, Bitmine introduced its Ethereum treasury strategy known as the “Alchemy of 5%.” The company’s strategy aims to generate approximately 6.04 million ETH, equivalent to about 5% of Ethereum’s circulating supply. Currently, Bitmine has completed approximately 96% of its strategy and requires about 250,000 additional ETH to reach its goal.
Also, Bitmine remains positioned Ethereum as a key driver for balance sheet asset while expanding its exposure to ETH price movements. In contrast, this strategy also demonstrates Bitmine to risks associated with digital assets, such as market volatility, liquidity constraints, custody arrangements, and possible unrealized losses.
Bitmine has targeted over 4.92 million ETH or approximately 85% of its total holdings, through its Made in America Validator Network and other staking partners. Based on the Bitmine’s ETH price of $1,948, the reserved assets are valued at roughly $9.6 billion.
Bitmine Reserve Revenue
For the quarter ended May 31, Bitmine gained $45.7 million in reserve revenue, accounting for approximately 98% of its total quarterly revenue.
Currently, management estimates that reserve revenue could earn about $254 million in annualized revenue based on its network yields. However, actual rewards vary on Ethereum system conditions, validator performance, and protocol conditions. The company expects this figure to increase this to approximately $300 million.
In previous weeks, Bitmine has also reacquired 6.1 million common shares of approximately $4 billion buyback authorization. Additionally, Bitmine also reacquired 11.6 million shares in July, maintaining management’s confidence in its fund allocation strategy while expanding its exposure to Ethereum.
Bitmine Strategy and Market Outlook
Bitmine’s strategy underscores an increasing trend among institutions developing cryptocurrency treasury reserves. While several institution treasury strategies have traditionally focused on Bitcoin. As an outcome, Bitmine’s performance is still nearly associated with ETH price market volatility, staking revenue generation, and regulatory advancements influencing the digital asset sectors.
