Bitmine surpasses 6 million ETH holdings, worth $16 billion

Bitmine Immersion Technologies has crossed the 6 million ETH threshold, pushing the total value of its Ethereum treasury to roughly $16 billion. The company added 17,362 ETH in the past week alone, continuing an accumulation strategy that has quietly turned a Bitcoin mining outfit into the single largest corporate holder of Ether on Earth. To put that number in perspective: Bitmine now controls close to 5% of Ethereum’s entire circulating supply, which sits around 120.7 million tokens. One company, listed on the NYSE under the ticker BMNR, owns roughly one out of every twenty ETH in existence. The MicroStrategy playbook, Ethereum edition If this sounds familiar, it should. Bitmine’s treasury strategy borrows heavily from Strategy’s (formerly MicroStrategy) Bitcoin accumulation model, where a publicly traded company essentially becomes a leveraged bet on a single digital asset. The difference is that Ethereum, unlike Bitcoin, can be staked for yield, and Bitmine has leaned into that feature aggressively. Over 85% of the company’s ETH holdings are staked through its proprietary MAVAN platform. That staking activity is projected to generate between $211 million and $357 million in ann...