Arkham Research said Bitmine, described as the world’s largest Ethereum treasury company, now holds about 5.81 million ETH worth close to $11 billion. After 14 months of steady accumulation, the company’s position has reached 4.8% of Ethereum’s supply, or roughly 96% of its publicly stated goal to acquire 5% of total ETH.
Arkham said Bitmine differs from Bitcoin treasury firms such as Strategy because it has put more than 5 million ETH to work in staking. Based on an estimated yield of about 2.63%, that stake could generate roughly $257 million in annualized staking income.
The research firm outlined three possible paths once Bitmine reaches the 5% mark. Its base case is a slower pace of purchases, citing on-chain data that shows acquisition activity has already cooled this year. A second scenario is continued buying at the current pace, with Arkham pointing to Fundstrat co-founder Tom Lee’s long-standing bullish stance. The least likely case, according to Arkham, is a full stop in purchases, though its staked ETH would still keep growing through network rewards even without new buying.
Bitmine, which Arkham Research described as the world’s largest Ethereum treasury company, currently holds about 5.81 million ETH worth nearly $11 billion. After 14 months of continued accumulation, the company’s holdings have reached 4.8% of Ethereum’s supply, equal to roughly 96% of its publicly stated goal of acquiring 5% of total ETH.
Unlike Bitcoin treasury companies such as Strategy, Bitmine has staked more than 5 million ETH from that position to earn yield. Using an estimated staking return of about 2.63%, Arkham said the company’s annualized staking income would be around $257 million.
Arkham lays out three possible next steps
On what happens after Bitmine reaches the 5% mark, Arkham said the most likely scenario is a slower buying pace. The firm pointed to on-chain data showing that Bitmine’s rate of acquisition has already slowed this year. Once it moves past 5%, the company may shift its focus toward balance sheet management and maximizing staking income.
A second scenario is that Bitmine keeps buying at an unchanged pace. Arkham said that remains possible given that Fundstrat co-founder Tom Lee, who leads the strategy, has consistently taken a bullish view and could continue increasing holdings after the 5% threshold is crossed.
Arkham said the least likely outcome is a complete halt to purchases. If the market’s largest corporate ETH buyer exits the demand side, that could weaken bullish sentiment in the short term. Even if Bitmine stops adding to its position, however, its staked holdings would still continue to grow through network rewards.
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