Bitmine Buys 9,587 ETH as Holdings Near 5% of Ethereum Supply

• Holdings reached 6,070,092 ETH, roughly 39,908 tokens below the illustrative 5% target.
• Approximately 86% of the Ethereum treasury is staked.
• Full staking could generate $359 million annually, subject to prices and yields.

Bitmine reported buying 9,587 ETH over the past week, bringing its Ethereum holdings to 6,070,092 tokens. The November 9 update puts the company at 4.97% of the reported circulating supply, close to its 5% accumulation target. Its combined crypto, cash, marketable securities and other investments totaled $14.3 billion as of November 8 at 2 p.m. ET.

Bitmine Moves Within Roughly 40,000 ETH of Its Supply Goal

Using the stated supply of 122.2 million ETH, a 5% position would equal 6.11 million tokens. Subtracting current holdings leaves 39,908 ETH, worth about $89.2 million at the company’s $2,234 reference price.

That gap is an illustrative calculation because Ethereum’s supply changes over time. The company has not announced a completion date for reaching the threshold.

Bitmine valued its Ethereum treasury at approximately $13.56 billion using that reference price. This valuation should not be confused with the average price paid for its latest purchases, which was not disclosed.

The remaining portfolio includes 216 BTC and $475 million in cash and marketable securities. It also contains stakes valued at $180 million in Beast Industries and $75 million in Eightco Holdings. 

Bitmine Projects $359 Million in Rewards With Full Staking

The company reported staking 5,227,037 ETH, representing approximately 86% of its total Ethereum holdings. At its reference price, those staked assets were worth roughly $11.7 billion.

Bitmine estimates current staking could generate $309 million in annualized rewards. Fully staking its treasury through MAVAN and partners would increase that projection to $359 million, using a 2.65% trailing seven-day yield.

The additional projected rewards amount to about $50 million annually. These are estimates rather than realized earnings, and dollar returns depend on staking yields and Ethereum’s price.

Chairman Tom Lee also highlighted Ethereum’s potential role as trusted collateral for tokenized finance. He framed that outlook as his interpretation of the network’s future, rather than a guaranteed investment outcome.

The company’s earnings disclosure describes MAVAN as serving institutional investors, custodians and other ecosystem partners. Its name stands for Made in America Validator Network.

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