Bitmine Nears 5% Ethereum Ownership Goal Amid $11.5 Billion Crypto Push

The Norwalk-based company, which trades under the ticker BMNR, currently maintains 4.8% of the 120.7 million ETH in circulation. Chairman Thomas Lee confirmed that the company has reached 96% of its self-imposed "Alchemy of 5%" accumulation target. To balance its aggressive treasury expansion, Bitmine recently utilized its $4 billion share repurchase program to buy back 5.5 million shares of common stock at an average price of $15.6156.

Staking remains a cornerstone of the firm’s strategy, with 4.9 million ETH currently committed to the company’s proprietary Made in America VAlidator Network (MAVAN). According to Lee, this operation generates an annualized yield of approximately 2.67%, with projected staking revenues reaching $247 million. While MAVAN was initially designed for internal treasury management, the company intends to scale the platform to serve institutional investors and external partners. Alongside its Ethereum focus, Bitmine holds $58 million in Eightco Holdings and $180 million in Beast Industries, positioning these "moonshot" investments as a mechanism for indirect exposure to emerging sectors like AI.