Bitcoin
Bitmine Holds 4.8% of Ethereum Supply as Staking Revenue Prospects Rise
Tom Lee's firm has accumulated nearly 5.8 million ETH worth $10.9 billion, making it the largest corporate Ethereum holder.
Bitmine Immersion Technologies added 10,399 ETH over one week, bringing its total holdings to 5.8 million ETH—equivalent to 4.8% of all Ethereum in circulation. The company also owns 209 BTC, $173 million in cash and marketable securities, and more than $240 million in strategic equity stakes.
Through its institutional staking platform MAVAN, Bitmine has already staked 4.9 million ETH, or 85% of its total holdings. At a current staking yield of 2.67%, the company estimates annual staking revenue of $247 million, potentially rising to $291 million if all its Ethereum is eventually staked.
Lee has pointed to historical patterns suggesting Bitmine stock outperforms Ethereum itself following periods where ETH significantly outperforms the Nasdaq. In July, Ethereum outperformed the Nasdaq 100 by 25 percentage points, the largest margin since July 2025. Bitmine's stock traded at $17.42 following a 0.81% daily gain, though it has declined over 44% year-to-date.
Separately, Ethereum ETF flows showed $11.9 million in outflows on August 3, though July recorded net inflows of $365.17 million. Validator queue data indicated sustained staking demand through July and early August, with the entry queue declining from 2.9 million ETH in early July to 2.5 million ETH by early August.
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