Author: The Defiant Team

Translated by: Shenchao TechFlow

Senchao Introduction: After MicroStrategy established the "corporate treasury buys coins" paradigm with BTC, the market has been waiting for the ETH version of the answer. BitMine responded by spending $73 million in a week, accounting for 4.8% of the circulating supply: institutions are not just "bullish" on ETH, but are systematically "stockpiling" ETH.

Spending $73 million in a week, holding approaches 5% red line

BitMine Immersion Technologies (NYSE: BMNR), chaired by Tom Lee of Fundstrat, is a publicly traded treasury company with ETH as its core reserve. According to the company's holding update released on Monday, it purchased 42,197 ETH last week, worth approximately $73 million.

This increase has pushed BitMine's total holdings to 5,742,237 ETH, accounting for about 4.8% of the circulating supply of Ethereum—just one step away from its publicly set 5% control line.

$11.1 billion asset map: More than just ETH

BitMine disclosed in its accounts that its total cryptocurrency assets and other holdings amount to approximately $11.1 billion, which are quite diversified:

• ETH positions valued at $1,800 per ETH;
• Additionally holding 206 BTC;
• $180 million equity in Beast Industries;
• $71 million equity in Eightco Holdings (NASDAQ: ORBS);
• And $527 million in cash and securities.

In other words, while ETH is the absolute protagonist, BitMine's treasury is already a diversified asset balance sheet spanning tokens, equity, and cash.

Staking remains unchanged, but the "stockpiling" rhythm hasn't stopped

It is noteworthy that BitMine's total staked ETH remains at 4,879,157 ETH, unchanged from the previous week. According to tracking data disclosed by the company, even though the overall ETH balance is increasing, the company has not added to its staked positions this week.

This means that the incremental ETH is more "stockpiled" on hand, rather than immediately put into staking for interest. This "stockpiling before staking" rhythm keeps BitMine firmly in the position of the largest corporate ETH holder and continues the trend of building positions since June.

5% is the target line and also a narrative turning point

BitMine has set "controlling 5% of the total ETH supply" as the benchmark threshold for its treasury strategy, and this week's increase has brought it almost to the line. The stock trades on the New York Stock Exchange under the code BMNR.

Tom Lee has previously described crypto assets as a "wartime store of value" and has publicly defended the company's financing model multiple times. As holdings approach 5%, the market is re-examining an old question: when a publicly traded company holds nearly 5% of ETH's circulating supply, has its influence on the network, the secondary market, and even ETH pricing power exceeded the realm of "treasury allocation"?

From MicroStrategy's BTC to BitMine's ETH, the corporate treasury buying coins paradigm is evolving from "isolated cases" to "a track." And for ETH, 4.8% may just be the beginning.