BitMine Buys 9,587 ETH, Nears 5% of Ethereum Supply as Staking Could Hit $359M

Source: blockonomi2026/11/09 23:22

Analysis

BitMine's weekly purchase is small in absolute terms but symbolically important: at 4.97% of Ethereum's roughly 122.2 million supply, the company is about 39,908 ETH from its self-declared 5% goal, meaning the "Alchemy of 5%" campaign is nearly complete and future buying may slow. The more consequential shift is staking, where 5.23 million ETH, roughly 86% of the treasury, is already delegated and management projects $309 million in annualized rewards, rising to about $359 million if the entire balance is staked at a 2.65% trailing yield. That would concentrate a meaningful share of Ethereum's validator capacity in one corporate operator and its MAVAN network, which now serves outside institutions. Watch whether BitMine finishes the remaining allocation, whether it pushes staking toward 100% of holdings, and how the $14.3 billion portfolio, including 216 BTC and $475 million in cash, behaves if ETH prices fall, since both valuation and reward projections are price- and yield-sensitive.

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TLDR:

BitMine added 9,587 ETH over the past week, bringing its holdings to 6,070,092 ETH as of November 8.
The company now owns 4.97% of Ethereum’s 122.2M ETH supply, nearing its stated 5% accumulation goal.
BitMine has staked 5,227,037 ETH and projects $359M in annual rewards if its entire treasury is staked.
BitMine reported $14.3B in crypto and other assets, including $475M in cash and marketable securities.

BitMine Immersion Technologies has acquired another 9,587 Ethereum (ETH) over the past week, bringing its holdings to 6,070,092 ETH, or 4.97% of the cryptocurrency’s total supply. The purchase moves the company closer to its target of controlling 5% of Ethereum’s supply. According to its November 9 announcement, BitMine also reported $14.3 billion in combined cryptocurrency holdings, cash, marketable securities and other investments.

BitMine ETH Holdings Reach 6.07 Million as 5% Target Nears

BitMine’s latest acquisition extends a buying strategy that began on June 30, 2025. The company has continued purchasing Ethereum weekly as it builds one of the largest publicly disclosed corporate ETH treasuries.

The November 8 figures place its holdings at 4.97% of Ethereum’s estimated 122.2 million token supply. Based on that supply figure, BitMine needs approximately 39,908 additional ETH to reach its 5% target.

BitMine Nears 5% of ETH Supply After Adding 9,587 ETH

BitMine said it acquired 9,587 ETH over the past week, bringing total holdings to 6,070,092 ETH, or about 4.97% of Ethereum’s supply. The company has 5,227,037 ETH staked and said fully staking its ETH holdings could… pic.twitter.com/CELew4QyhM

— Wu Blockchain (@WuBlockchain) November 9, 2026

Chairman Tom Lee said the company has maintained regular purchases since launching its Ethereum treasury strategy. He also described the accumulation campaign as part of its long-term digital asset investment approach.

BitMine calls the initiative the “Alchemy of 5%.” It has reached approximately 99% of that target in 15 months, although further purchases would be needed to complete the remaining allocation.

BitMine Stakes 5.22 Million ETH as Rewards Approach $359M

Beyond accumulating Ethereum, BitMine has committed a substantial portion of its holdings to staking operations. The company reported 5,227,037 staked ETH as of November 8, representing approximately 86% of its total Ethereum holdings. At the disclosed ETH reference price of $2,234, those staked assets were valued at approximately $11.7 billion.

BitMine estimated annualized staking rewards of $309 million from its existing staked holdings. However, the projected figure increases to approximately $359 million if its full Ethereum treasury is staked through its validator infrastructure and staking partners. Both estimates use the company’s trailing seven-day staking yield of 2.65%.

They represent projected annualized rewards rather than guaranteed income. BitMine also operates MAVAN, its Made in America Validator Network, which supports Ethereum staking and validation services. The platform initially served its own treasury but has expanded to institutional investors, custodians and other ecosystem partners.

BitMine Reports $14.3 Billion in Crypto and Other Assets

Alongside its Ethereum holdings, BitMine disclosed 216 Bitcoin and $475 million in cash and marketable securities. Its investment portfolio also includes a $180 million stake in Beast Industries and $75 million in Eightco Holdings. Together, these assets brought its reported portfolio value to approximately $14.3 billion as of November 8.

Meanwhile, Lee linked the company’s Ethereum strategy to growing interest in ETH as a store of value. He cited Ethereum co-founder Vitalik Buterin’s recent remarks supporting that role. Nevertheless, BitMine’s valuation remains sensitive to cryptocurrency prices, while its projected staking income depends on network yields and operating conditions.

The post BitMine Buys 9,587 ETH, Nears 5% of Ethereum Supply as Staking Could Hit $359M appeared first on Blockonomi.

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