Bitmine Nears 5% Ethereum Supply Goal Amid Market Downturn

Bitmine’s latest purchase accounts for approximately 4.7% of Ethereum’s 120.7 million circulating supply. The firm continues to prioritize staking, with nearly 4.9 million ETH—roughly 85% of its total holdings—currently locked in staking protocols. These assets generate an annualized yield of 2.75%, contributing to a projected $211 million in annual staking revenue. This strategy remains central to the company’s capital structure, as its BMNP preferred-share dividends are directly linked to staking income and treasury growth.

While Ethereum prices have struggled, falling roughly 8% over the past week and testing support near $1,510, institutional interest persists. Bitmine recently joined the Russell 1000 index, a move Tom Lee believes will broaden the company’s shareholder base. Other corporate players are mirroring this sentiment; SharpLink recently acquired 39,196 ETH, signaling that some treasury managers are positioning for long-term adoption despite seven consecutive weeks of net outflows from spot Ethereum ETFs. Technical indicators remain cautious, with the asset currently trapped in a descending triangle pattern that leaves traders watching the $1,510 support level closely for signs of a potential breakdown or trend reversal.