Bitmine Nears 5% of All Ethereum With 6.04 Million ETH
With 6.04 million ETH, Tom Lee’s publicly traded company is almost at its 5% target. Most of it is staked, highlighting the role institutional players now have in Ethereum.
Key Takeaways
- Bitmine Immersion Technologies has expanded its Ethereum treasury to about 6.04 million ETH, equal to nearly 4.9% of the total supply.
- The company locked up another 159,728 ETH on October 21, worth about $390.6 million.
- Of the total treasury, 5.23 million ETH is staked, while Bitmine has not yet announced any plans after reaching 5%.
Bitmine Immersion Technologies expanded its Ethereum treasury overnight on October 21 to about 6.04 million ETH. That means the publicly traded company now holds nearly 4.9% of the total Ethereum supply. According to on-chain data, Bitmine locked up another 159,728 ETH that day, worth about $390.6 million.
Close to the Target
Bitmine, Tom Lee’s company, ultimately wants to own 5% of all Ethereum. With 6.04 million ETH, it is now very close to that goal. The figures come from on-chain tracking, not from a company announcement.
The company kept buying over the past few months, including during periods in early 2026 when the price fell and paper losses piled up. Of the total treasury, 5.23 million ETH is now staked, worth about $12.78 billion at the time of the measurement. That is 86.5% of Bitmine’s total holdings.
What This Says About Staking
Ethereum staking has now become a major market. According to recent network data, about 43.8 million ETH, or 35.9% of the total supply, is locked on the Beacon Chain. Institutional players are also taking on a bigger role there, with treasury companies, ETFs, and custodians together holding more than a third of all staked ETH.
Bitmine fits into that trend. By locking up such a large share of its ETH, the company reduces the amount of coins that can be traded right away. That makes the position of large treasuries on the network more visible to investors who follow the Ethereum market.
Why This Matters for European Readers
For European crypto investors, this shows how big the role of institutional players in Ethereum has become. It is also relevant because staking is no longer just something for retail users, but is increasingly being used by publicly traded companies and other professional players. Ethereum was trading around $2,450 on October 21, after weeks of volatility.
Bitmine has not yet said what it will do once it reaches its 5% target.
