BitMine Nears 5% Ownership of Ethereum, Says Tom Lee

BitMine Immersion Technologies currently holds 5,847,611 ether, representing about 4.79% of the total Ethereum supply. Chairman Tom Lee told the Bankless podcast that the firm aims to reach a 5% stake before the end of 2026.

Rapid Accumulation Compared to Peers

BitMine acquired its first ether on June 30, 2025 and has purchased ether weekly for sixty consecutive weeks. This pace allowed the company to surpass the 4.19% share held by MicroStrategy in Bitcoin, which took six years to achieve.

Financing the Stack

The purchases were funded through the issuance of common stock rather than debt instruments, a strategy Lee notes helped the company avoid the financial strain that affected other corporate treasuries during market downturns.

Supply Dynamics and the 5% Target

Ethereum’s supply is not fixed; it increased by 85,893 ether over the past 30 days, bringing the total to roughly 121.98 million. To own a true 5% of the network, BitMine would need about 6.1 million ether, leaving a shortfall of roughly 251,000 ether, valued at around $620 million at current prices.

Staking and Revenue Generation

Most of BitMine’s ether is staked, generating approximately $330 million in annual yield—about 12% of all staked ether on the network. This revenue supports the dividend on BitMine’s 9.5% preferred stock (BMNP), which was issued at $80 per share against a $100 liquidation value.

Future Plans Beyond Holding

BitMine is expanding its role as an Ethereum operator through its validator arm, MAVAN (Made in America Validator Network), launched in March. The company also collaborates with groups spun out of the Ethereum Foundation, including SharpLink and Ethereum co‑founder Joe Lubin.

Market Outlook

Lee predicts that Ethereum’s price could exceed $10,000 within a multi‑year horizon, tying the long‑term case to tokenization and artificial intelligence rather than stablecoins.