Bitmine Expands Ether Holdings to 5.77 Million Tokens as Chairman Points to Growing Utility

Bitmine Immersion Technologies has grown its ether treasury to 5.77 million tokens, giving the company control over roughly 4.8% of all ether currently in circulation. The firm announced the update on Monday, noting an increase of 27,801 ETH compared to the previous week. At a price of $1,820 per token, the holdings are worth close to $10.5 billion, making Bitmine the largest corporate holder of ether anywhere in the world.

Second-Largest Corporate Crypto Treasury Overall

Bitmine’s ether position now ranks as the second largest corporate crypto treasury globally, behind only Strategy’s bitcoin holdings, which stand at roughly $54 billion. The company said it is now 96% of the way toward its long-stated goal of holding 5% of ether’s total 120.7 million-token supply, a target it refers to internally as its “alchemy of 5%” strategy.

Bitmine chairman Tom Lee said the company plans to keep buying at a steady pace, citing the recent launch of Robinhood Chain as a sign that Ethereum is gaining real-world use. He pointed out that Robinhood’s user base, numbering around 27 million, now pays transaction fees in ETH, arguing that this shows every day users increasingly view ether as a form of money rather than just a trading asset.

Ether Price Remains Well Below Record High

Ether’s price slipped slightly on Monday, falling nearly 2% over the previous day to trade around $1,766. Despite Bitmine’s continued accumulation, the token remains far below its all-time high of $4,946, reached in August 2025.

Majority of Holdings Currently Staked

According to the company, more than 85% of its ether, or about 4.92 million tokens, is currently staked and generating yield.

Beyond ether, Bitmine also holds 206 bitcoin, a $180 million stake in Beast Industries, and a $69 million stake in Eightco Holdings, along with $482 million in cash and other marketable securities. Bitmine shares ended Friday’s trading session at $14.98, up nearly 2% for the day.