BitMine Nears 5% Ethereum Supply Goal Amid Persistent Accumulation

The company currently holds approximately 4.9% of the estimated 122.2 million ETH in circulation. To reach the 5% threshold, BitMine requires roughly 49,500 additional tokens. Beyond mere accumulation, the firm has staked 5,227,037 ETH—about 86% of its holdings—through its Made in America Validator Network (MAVAN). This staked position is projected to generate $358 million in annual revenue based on a 3.03% annualized yield, with potential earnings rising to $415 million if the remainder of the treasury is committed to the network.

Chairman Tom Lee remains optimistic regarding market resilience, citing the relatively muted price reaction following the recent Binance security breach. While Ethereum traded near $2,290 on November 2, struggling to break through immediate resistance levels, Lee contrasted the current market stability against the sharper declines observed after previous exchange hacks in 2025. Despite technical indicators like the Relative Strength Index remaining in bearish territory, BitMine continues to treat its treasury strategy as a long-term institutional priority, reporting a total asset valuation of $14.5 billion including cash, marketable securities, and holdings in firms such as Beast Industries and Eightco Holdings.