Bitmine adds 9,946 ETH as its Ethereum treasury approaches 5.8 million coins

Treasury keeps growing

The latest purchase was slightly larger than the one reported a week earlier, although still well below some of Bitmine’s heavier buying periods from about a month ago. The source article says the firm bought more than 52,000 ETH in June.

According to the company’s press release, Bitmine has been accumulating ETH for more than a year. It began after launching its Ethereum Treasury Strategy on June 30, 2025, and has continued buying since then.

Despite the scale of the treasury, the source article noted that Bitmine remains underwater on its position because its average purchase price is reportedly close to twice current levels.

Supply target and market view

Bitmine has said it wants to build its ETH reserves to 5% of Ethereum’s total supply. Even after reaching 5,787,414 ETH, the company is described as still being at less than 0.2% of that stated objective.

The accumulation has continued even as Bitmine already controls a large amount of ETH. Tom Lee, the company’s chairman, remains positive on Ethereum and the broader sector, according to the source article. That view was tied to what he described as a stronger ETH/BTC pair and recent technical momentum.

The source article also said Ethereum had climbed to around $2,000, with $2,000 and $2,500 seen as important hurdles in any broader recovery.

Staking becomes a bigger focus

Alongside the purchases, Bitmine has been increasing the share of its treasury that is staked. The company said more than 4.9 million ETH has now been staked through its institutional platform, MAVAN.

Bitmine said roughly 85% of its holdings are currently staked. Based on a seven-day staking return of 2.65% on an annualized basis, that would imply about $254 million in annual staking revenue.

The company said it intends to stake its full ETH treasury. If it does so, projected annual staking revenue would rise to roughly $300 million.

Validator backdrop

The report linked Bitmine’s push to stake more of its holdings with a broader validator trend, saying the number of active validators seeking to unstake ETH has been falling. In that environment, the company has intensified efforts to put nearly all of its Ethereum reserves to work.

Bitmine’s latest update shows the company continuing to pursue a long-running Ethereum accumulation and yield strategy at a large scale, even as the source article says its average acquisition cost remains far above current market levels and its long-term supply target is still distant.