BitMine’s ether treasury reached 5.77 million ETH

BitMine Immersion Technologies reported that its ether treasury had reached 5,770,038 ETH as of 5:00 p.m. Eastern time on July 12, 2026. Using the company’s stated reference price of $1,820 per ETH, the position was worth approximately $10.50 billion and represented what BitMine described as 4.8% of Ethereum’s supply.

The concentration was institutionally significant: a publicly traded company was approaching its stated objective of accumulating 5% of the network’s native asset. It also created exposure beyond the market value of a passive treasury because BitMine reported that most of the position had been committed to Ethereum staking.

The information was not public on July 12. BitMine issued the operational update on July 13 and furnished it to the Securities and Exchange Commission as an exhibit to a Form 8-K. The chronology therefore supports a July 12 balance-sheet measurement, but it does not support any claim that traders knew about the updated position or reacted to it on July 12.

Measuring the concentration

CoinMarketCap’s July 12 historical snapshot listed 120,683,028 ETH in circulating supply. Dividing BitMine’s reported 5,770,038 ETH by that denominator produces 4.781%, consistent with the company’s rounded 4.8% figure. Because Ethereum’s supply changes with validator issuance and fee burning, the percentage depended on the selected supply definition and timestamp rather than representing a permanent share.

BitMine valued the treasury at $1,820 per ETH, citing Coinbase. Coinbase Exchange’s ETH-USD hourly candle beginning at 4:00 p.m. Eastern time on July 12 traded between $1,817.48 and $1,823.20 and closed at $1,820.28 at 5:00 p.m., closely supporting the company’s reference price.

CoinMarketCap’s separate July 12 snapshot recorded ETH at $1,805.79. At that price, the same holdings would have been worth approximately $10.42 billion—about $82.0 million below the company’s valuation. That difference illustrates the effect of venue and cutoff selection; it is not evidence that either observation was necessarily erroneous.

Staking made the treasury operational

BitMine reported 4,917,189 ETH staked on July 12. That equals approximately 85.22% of its disclosed holdings, leaving 852,849 ETH outside the reported staked balance. At $1,820 per ETH, the staked portion was worth about $8.95 billion, which the company rounded to $9.0 billion.

The release described a 2.70% annualized yield measured over seven days and projected approximately $242 million of annualized staking revenue. The arithmetic is broadly consistent: applying 2.70% to the stated value of the staked position produces about $241.6 million. The figure was an annualized projection based on a short observation window, not revenue already earned or guaranteed for a full year.

Staking made BitMine more than a listed wrapper around a spot asset. Its position participated in Ethereum’s validator economy and introduced operational considerations involving custody, validator performance, liquidity, slashing exposure and the selection of staking providers. The disclosure did not identify every custody address or validator, however, so the reported total cannot be independently reconstructed from the cited public records alone.

What the record establishes

The strongest defensible conclusion for July 12 is narrow but consequential: BitMine reported holding nearly 4.8% of the measured circulating ETH supply and staking roughly 85% of that treasury. The SEC record directly preserves the company’s quantities, valuation method and measurement time, while independent market records support the supply calculation and approximate price.

The record does not establish that BitMine controlled 4.8% of Ethereum validators, voting power or independently operated stake. Nor does it provide an audited wallet-level reconciliation, acquisition cost basis or transaction-by-transaction history. Those distinctions matter when evaluating how a concentrated corporate treasury translated into actual influence over a decentralized protocol.