Bitmine said it now holds 5.74 million ETH, putting the company at 95% of its 12-month target to accumulate 5% of global Ethereum supply. According to the company, only 0.2 percentage points remain to complete that objective. Its total assets, including cash and venture investments, have climbed to $11.1 billion, with a meaningful share of those assets still producing revenue.
4.88 million ETH is staked through its US-based validator network
Of the total holdings, Bitmine has staked 4.88 million ETH through its MAVAN validator network in the US. That structure is generating an estimated $235 million to $277 million in annual passive income. The company described itself as nearing the last purchase stage of its Ethereum accumulation plan.
The setup matters because staking turns a large token position into an income-generating one, while validator infrastructure supports transaction verification and network operations. That link is direct. A large portion of Bitmine’s Ethereum strategy now sits at the intersection of balance-sheet exposure and recurring staking yield.
Tom Lee ties ETH/BTC strength to utility and regulatory expectations
At the same time, the ETH/BTC ratio has moved sharply higher. Bitmine chairman Tom Lee shared a chart arguing that major investors are starting to price Ethereum’s utility more aggressively. The source material also notes that Lee is a co-founder of Fundstrat.
Lee connected the move to expectations surrounding the Clarity Act. In his view, the proposed framework could open a path for ETH to be treated by the CFTC as a legal digital commodity, giving the asset a clearer regulatory position and easing uncertainty tied to the SEC. He pointed to Ethereum’s active role in USDC flows used by payments companies such as Visa and Shopify.
Unrealized losses widened as ETH fell to the $1,740-$1,800 range
Bitmine’s buying pace has also put heavy pressure on its balance sheet. Over the past year, the company acquired ETH at an average price above $3,300. With ETH trading in the $1,740 to $1,800 range as of July 6, unrealized losses had expanded to more than $9 billion to $10 billion.
Even with those paper losses, the company carries no debt, according to the source. Dividend payments and operating expenses are being covered by staking revenue, while overall financial performance is now closely tied to any rebound in ETH. That is why BMNR shares are described on Wall Street as a high-risk proxy for indirect Ethereum exposure.
Strategy sold 3,588 BTC while Bitmine kept buying Ethereum
Activity from other large players drew attention as well. Strategy, the company led by Michael Saylor and known for its Bitcoin holdings, sold 3,588 BTC for $216 million. After the sale, Strategy still held 843,775 BTC.
The timing stood out because the profit-taking came while Bitmine was still accumulating Ethereum. That overlap has pushed investors to look again at which digital assets are attracting the focus of the biggest pools of capital. On one side was a partial reduction in Bitcoin holdings; on the other was an Ethereum accumulation program still moving toward its stated target.