BitMine nears 5% of Ethereum supply despite $8.4B losses
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- BitMine has accumulated Ether holdings approaching 5% of Ethereum's total supply, with a portfolio value exceeding $11 billion despite unrealized losses of around 43% (~$8.4 billion).
- BitMine has purchased additional ETH every week since launching its treasury strategy in June 2025, continuing to accumulate through the drawdown.
- BitMine is staking more than 5 million ETH — roughly $9.6 billion at current prices — earning protocol rewards that provide yield independent of short-term price moves.
- BitMine projects annualized staking rewards of about $287 million based on a seven-day staking yield of 2.61%, according to Lee.
- Ethereum developers are separately narrowing 66 proposals tied to the Hegotá upgrade, unrelated to BitMine's accumulation strategy.
Why it matters: BitMine's accumulation to nearly 5% of ETH supply concentrates a single corporate treasury's influence over Ethereum's circulating float, while its $287M projected staking yield demonstrates that even deep underwater positions can remain cash-flow positive — making BitMine's treasury model a template (or cautionary tale) for other ETH-focused corporate treasuries entering during drawdowns.
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