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

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.