BitMine Ethereum Holdings Reach More Than 6 Million ETH

BitMine Ethereum Holdings have passed the six-million ETH mark, putting the company close to its goal of owning 5% of Ethereum’s total supply. BitMine Immersion Technologies reported holding 6,001,302 ETH as of September 27, 2026, equal to around 4.9% of the 122.1 million ETH supply it cited. Its October 12 update later reported 6,028,946 ETH as of October 11. The company’s buying pace has drawn attention from crypto investors. According to Cointelegraph, BitMine added about 259,000 ETH over 12 weeks, averaging roughly 21,600 ETH per week. If that pace continued, it could reach the 5% mark around early November. However, future purchases may change, so the timing is not guaranteed.

BitMine Ethereum Holdings and the 5% ETH Target

BitMine has called its goal the “Alchemy of 5%.” Based on the 122.1 million ETH supply figure used in its September update, reaching 5% would require approximately 6.105 million ETH. At the time, the company was about 103,700 ETH short. The latest October update shows that its holdings have continued to grow. The target matters because BitMine’s future decisions could change once it reaches the level it has been pursuing. Chairman Tom Lee has left open the possibility of holding more than 5% but has also indicated the company may revisit that question in 2027. This makes the BitMine 5% ETH target more than a simple accumulation milestone. It raises questions about how the company will manage its holdings over time.

Ethereum Treasury Growth Goes Beyond Buying ETH

BitMine is not only building an Ethereum treasury. It is also putting a large portion of its ETH to work through staking. Its October 12 filing reported 5,067,309 ETH staked, although the company did not say all of it was held through one provider. The company’s institutional staking platform, MAVAN, was created to support its own holdings and aims to serve other institutional investors, custodians, and partners. Staking allows ETH holders to help secure the Ethereum network in return for rewards, though returns can vary and staking carries risks.

Key details to watch include:

• ETH holdings: More than six million tokens.
• Supply target: 5% of the ETH supply figure cited by the company.
• Recent buying pace: Around 21,600 ETH per week over the 12 weeks reviewed by Cointelegraph.
• Staking strategy: More than five million ETH reported as staked.
• MAVAN: BitMine’s institutional staking platform.

 

Metric	Reported Figure
ETH held on September 27	6,001,302 ETH
ETH held on October 11	6,028,946 ETH
Reported ETH supply share	About 4.9%
5% ETH supply target	6,105,000 ETH
ETH staked in October update	5,067,309 ETH

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The figures reflect different reporting dates, so the reported holdings and staking totals should be read in that context. Growing Ethereum institutional investment may affect how investors view ETH demand, but BitMine’s purchases alone cannot determine the market price. Ethereum prices also depend on wider market conditions, network activity, investor demand, and other large holders.

What Happens After BitMine Reaches 5%?

Once BitMine approaches its goal, the focus may shift from buying more ETH to managing the assets it already owns. Lee has discussed the possibility of selling some staking rewards to keep the company’s share of ETH supply near 5%. That would not necessarily mean selling its core holdings. For now, the company continues to build its treasury and expand its staking operations. The next question is whether it maintains its buying pace and how it manages staking rewards after reaching its target.

Conclusion

BitMine has moved beyond the six-million ETH milestone and is nearing its stated 5% goal. Its next decisions on purchases, staking, and rewards could be just as important as the accumulation itself.