3.86M ETH and Counting — BitMine’s Progress Toward 5% of Ethereum Supply

ccn.comPublished on 2025-12-08Last updated on 2025-12-08

Abstract

BitMine Immersion Technologies has amassed 3.86 million ETH, equivalent to approximately 3% of Ethereum’s circulating supply, as revealed in its first annual earnings report since pivoting to an Ethereum treasury strategy. Chairman Tom Lee announced the company now holds the world’s largest Ethereum treasury and aims to control at least 5% of the total supply. Beyond simply holding ETH, BitMine is implementing advanced strategies including a custom staking solution expected to generate $1.3 million daily once fully operational. The firm also plans to launch BitMine Labs, a venture studio focused on high-risk, high-reward Ethereum-based investments. This marks a significant shift from its previous focus on Bitcoin mining, positioning BitMine as a major force in Ethereum accumulation and yield generation.

Key Takeaways

  • BitMine has reported its first annual earnings since pivoting to an Ethereum treasury strategy.
  • The company has amassed 3.86 million ETH equivalent to around 3% of the circulating supply.
  • Chairman Tom Lee is now targeting 5%.

Upon presenting its 2025 earnings on Monday, Dec. 8, Bitmine Immersion Technologies revealed that it now holds 3.86 million ETH.

Not satisfied with amassing the world’s largest Ethereum treasury, Chairman Tom Lee has set his sights on controlling 5% of the total ETH supply.

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From Bitcoin Miner to ETH Treasury Giant

Monday’s annual earnings presentation was BitMine’s first since the company’s hard pivot to an Ethereum treasury strategy.

This time last year, the firm’s primary business was Bitcoin mining, but by the summer of 2025, BitMine was stacking serious ETH, pulling ahead of rivals like sharpLink in the race to become Ethereum’s MicroStrategy..

“Bitmine [...] is the largest holder of Ethereum in the world,” Lee announced on Monday.“I think that’s a pretty impressive feat because five months ago, BitMine owned zero,” he added.

The company’s ETH holdings are already equivalent to around three percent of the cryptocurrency’s circulating supply. Looking ahead, it is targeting “at least five percent,” Lee revealed.

Beyond Static Reserves: BitMine’s ETH Revenue Model Revenue

Following the model pioneered by Strategy, corporate Bitcoin holders have traditionally been content to stack coins and wait for prices to rise.

But as competition in the space rises, HODLing is no longer sufficient. Increasingly, digital asset treasury companies are embracing more sophisticated strategies.

For Bitmine, that means expanding beyond traditional staking. According to Lee, the firm has invested heavily in a custom staking solution designed to maximize yield. Once fully operational, he expects the new platform to generate $1.3 million a day.

Beyond staking, Lee also revealed plans to launch BitMine Labs—a kind of Ethereum venture studio that will direct capital toward “moonshot” investments.

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