Bitmine stakes $278M in Ethereum, pushing total past 5 million staked ETH

Bitmine Immersion Technologies just dropped another 150,120 ETH into staking, a move worth roughly $278 million. That brings the company’s total staked Ethereum to over 5 million ETH, a figure that should make anyone paying attention to Ethereum’s supply dynamics sit up a little straighter. The firm, led by chairman Tom Lee and traded on the NYSE under ticker BMNR, now holds approximately 5.8 million ETH in total. That’s about 4.8% of Ethereum’s entire circulating supply. For a company that didn’t exist before mid-2025, that’s a remarkably aggressive accumulation pace. The Alchemy of 5% strategy Bitmine isn’t being subtle about its ambitions. The company’s strategic roadmap, dubbed the “Alchemy of 5%” plan, aims to control 5% of all ETH in circulation. Based on the latest numbers, they’re essentially there already. The staking operation runs through Bitmine’s proprietary MAVAN platform, short for Made in America Validator Network. The company has been staking between 70% and 87% of its total ETH holdings, depending on the reporting period, generating projected annual yields between $247 million and $290 million. The weekly cadence of accumulation and staking throughout 2026 suggest...