Bitmine's Ethereum (ETH) Reserve Hits 6.07M Tokens Near 5% Supply Goal

Bitmine Nears 5% of ETH Supply

Bitmine Immersion Technologies lifted its Ethereum treasury to 6,070,092 Ethereum (ETH) tokens as of Sunday, Nov. 8, according to the company's latest weekly disclosure filed with the U.S. Securities and Exchange Commission (SEC). The snapshot, dated 2 p.m. ET, shows BMNR added 9,587 ETH over the past week, a purchase that takes the company to 4.97% of the network's roughly 122.2 million token circulating supply. Chairman Tom Lee has set 5% as the program's endpoint, and by the company's own arithmetic that level equals about 6.11 million ETH, which leaves Bitmine roughly 39,900 tokens short of the goal. At the $2,234 per-token reference price the filing uses, the shortfall is worth about $89 million, and the past week's buying pace implies a little over four more weeks to close it. Lee has framed the 5% mark as a ceiling rather than a floor, telling audiences at the Token2049 conference that he does not intend to hold more of the supply. The accumulation program started in June 2025, and the company has published the size of the stack every week since. Each weekly filing also re-marks the whole balance sheet at a reference price the company selects for that period, which is why token growth and dollar value can move in opposite directions. The same filing values Bitmine's total crypto, cash and strategic holdings at $14.3 billion. Alongside the Ethereum (ETH), the balance sheet carries 216 Bitcoin (BTC), $475 million in cash and marketable securities, a $180 million stake in Beast Industries and a $75 million stake in Eightco Holdings, positions the company describes as moonshots. The buying lands with the Ethereum (ETH) price at $2,130 in live trading, down 4.9% over 24 hours, well below the reference level Bitmine booked.

Staking Yield Slides to 2.65%

The dollar side of the ledger moved the other way. Bitmine's filing from Nov. 2 had put total assets at $14.5 billion; the new report carries $14.3 billion, a decline the company ties in part to its ETH reference price falling from $2,261 to $2,234 between the two snapshots. Cash and marketable securities and the Eightco position were also marked down. The income side of the strategy is under pressure too. Bitmine has 5,227,037 Ethereum (ETH) staked, about $11.7 billion or 86% of the reserve, earning Proof of Stake rewards in part through MAVAN, the Made in America Validator Network it launched earlier this year on the Ethereum blockchain and has opened to institutional clients and custodians, with each validator it operates helping secure the network in exchange for yield. The trailing seven-day annualized return slipped to 2.65% as of Nov. 8 from 3.03% a week earlier, cutting annualized income on the currently staked balance from about $358 million to $309 million. Staking the entire reserve would generate roughly $359 million a year at the current rate, though the company notes those projections rest on prevailing yields and are not a guarantee of realized income. In Monday's statement, Lee cited Vitalik Buterin's remark at Devcon 8 in Mumbai that “ETH is a store of value, ETH is money,” calling it a clarifying shift for how ETH captures value in a coming supercycle of tokenization and AI. The claim echoes the wider debate over Ethereum as a store of value.

Priced Below the Booked Reference

The filing's arithmetic meets a weaker tape. Ether changes hands near $2,130, about 4.6% below the $2,234 reference Bitmine booked, and our composite scoring puts the strongest resistance overhead at $2,208.84, scored 97 out of 100, with the firmest support at $2,042.94, scored 93 out of 100, both tracked on our Ethereum technical analysis page. Derivatives open interest stands at $8.21 billion and the Fear & Greed Index reads 29, deep in fear territory. That mix matters for a company that re-marks its whole balance sheet weekly: every dollar of drift away from the booked reference trims the reported value of a 6.07 million token stack. Bitmine stands about 39,900 ETH from Lee's 5% line, close enough to reach within roughly a month of buying at the recent pace, with its dollar net asset value moving with the tape rather than the token count.