Key Takeaways
- Bitmine holds 5,543,872 ETH at $1,630, representing 4.59% of the total 120.7 million ETH supply.
- Bitmine’s 4.7M staked ETH generates a projected $230M in annualized staking revenue via MAVAN.
- Tom Lee expects Bitmine to reach its 5% ETH acquisition target, the “Alchemy of 5%,” in 2026.
Holdings Overview
The Norwalk, Connecticut-based company disclosed total crypto, cash, and “moonshot” holdings of $9.6 billion as of June 7, 2026. The breakdown includes 5,543,872 ETH at $1,630 per token, 204 bitcoin, $180 million staked in Beast Industries, $88 million in Eightco Holdings (Nasdaq: ORBS), and $247 million in cash.
Eightco is described by Bitmine as one of the few publicly listed equities providing indirect exposure to OpenAI.
Buying the Dip
Bitmine acquired 126,971 ETH over the prior week, accelerating purchases during a broader crypto market pullback. Chairman Tom Lee attributed the buying decision to what he sees as a disconnect between ETH prices and Ethereum’s underlying fundamentals.
“We increased our buying as we believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals,” Lee stated. “This is not surprising given we are in the early stages of crypto spring.”
The 5% Target
The company is 92% of the way toward what it calls the “Alchemy of 5%” milestone. Bitmine says it expects to reach 5% of the circulating ETH supply of 120.7 million tokens sometime in 2026. The strategy was initiated roughly 11 months ago.
Staking Scale
Of Bitmine’s 5.54 million ETH, 4,718,677 tokens are currently staked at a seven-day annualized yield of 2.99%, representing $7.7 billion in staked assets. Projected annualized staking revenues stand at $230 million, with a full- stake projection of $270 million once all ETH is deployed through MAVAN, Bitmine’s institutional staking platform.
MAVAN, short for Made in America Validator Network, was originally built for Bitmine’s own treasury and is now being opened to institutional investors, custodians, and ecosystem partners.
AI Thesis
Lee offered a direct response to the recent Zcash security flaw that shook parts of the market. He argued the incident strengthens Ethereum’s position rather than weakening it.
“AI systems are going to find flaws in centralized financial services rails and weak decentralized protocols,” Lee stated. “We believe this actually strengthens the use case and product market fit for hardened and reliable decentralized blockchains like Ethereum.”
Market Position
Bitmine ranks as the world’s largest ethereum treasury and the second-largest global crypto treasury overall, behind Strategy Inc. (Nasdaq: MSTR), which holds approximately 845,256 BTC valued at more than $53 billion. BMNR stock averaged $829 million in daily trading volume over a recent five-day period, ranking 148th among 5,704 U.S.-listed equities, just ahead of Pfizer and behind Workday.
Institutional backers include Ark Investment Management’s Cathie Wood, Founders Fund, Pantera Capital, Kraken, Digital Currency Group, Galaxy Digital, and personal investor Tom Lee.
Regulatory Context
Bitmine management views the GENIUS Act and the SEC’s Project Crypto as pivotal regulatory catalysts, comparing their potential impact on financial services to the 1971 end of Bretton Woods.
