Ethereum’s treasury boom now has one company nearing 5% of supply
BitMine said it holds 5,742,237 ETH, about 4.8% of Ethereum’s roughly 120.7 million token supply, leaving it just 0.2 percentage points from its 5% target. The company reported $11.1 billion in crypto, cash, marketable securities, and strategic holdings as of June 28. As of July 5, 4,879,157 ETH was staked, worth about $8.8 billion at $1,800 per ETH, or roughly 85% of its ETH position. This matters in three ways: it removes a large amount of ETH from liquid supply, increases staking-based yield, and exposes equity investors to ETH through BMNR, which was added to the Russell 1000 on June 26. BitMine projected annualized staking revenue of $235 million, or $277 million if all ETH is staked. The company’s financing, staking mix, and selling discipline will determine whether this becomes broad institutional demand or a concentrated proxy trade for Ethereum.
