- Bitmine issued a press release yesterday showing its total Ethereum holdings.
- The company, Bitmine Immersion Technologies (BMNR), now holds 5.79 million tokens representing 4.8% of the total Ethereum supply (120.68 million at press time).
- Bitmine founder Tom Lee remains highly optimistic about Ethereum’s future potential.
Bitmine Inches Close to its 5% Ethereum Circulating Supply Target
Bitmine has disclosed its Ethereum holdings in a press release launched on 26 July. The company
Led by Tom Lee, Bitmine Immersion Technologies has reached nearly its 5% target. The company aims to hold around 5% of the total Ethereum supply, which, at present, would be about 6 million ETH, given Ethereum’s supply of 120.68 million tokens at press time.
Bitmine has been buying more Ethereum than all other Ethereum Treasuries combined. The company has been led by the vision of Tom Lee, who thinks Ethereum would be the most popular blockchain in the future with a wide range of applications across banking, finance, AI, tech, and other industries.
With $10 billion in ETH holdings, the company holds more Ethereum than all of its competitors combined. It holds more ETH than even the largest Ethereum ETF, iShares, which holds around $7 billion.
A Look at Bitmine’s Financial Fundamentals
Despite buying all of its Ethereum in such large quantities, the company has virtually no debt. The total debt is around $124 million, much less than its net asset holdings of $10 billion. The company achieves this by relying on equity-based funding. Further, from time to time, it repurchases its stock, with the last repurchase month being April 2026, when it launched an ambitious $4 billion stock buyback program.
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