BitMine Immersion Technologies has expanded its Ethereum treasury to nearly 5.85 million ETH, strengthening its position as the largest corporate holder of Ether and bringing the company within striking distance of its ambitious goal of controlling 5% of Ethereum’s total supply.

In its latest treasury update, BitMine reported holdings of 5,847,611 ETH as of August 23, valued at approximately $14.27 billion at the company’s reference price of $2,440 per ETH. Including Bitcoin, cash, marketable securities and other investments, BitMine’s total crypto and related holdings reached approximately $14.9 billion. The company said its Ethereum position represents about 4.8% of Ethereum’s 120.7 million ETH supply, putting it roughly 97% of the way toward its stated 5% target.

The latest increase came after BitMine purchased 32,447 ETH during the preceding week. The acquisition was worth roughly $79 million at the company’s reference price and marked another step in a strategy that has seen BitMine purchase ETH consistently since launching its Ethereum Treasury Strategy in June 2025.

BitMine’s accumulation has accelerated as Ethereum’s market performance has improved. ETH gained roughly 30% in the week leading up to the company’s latest disclosure, marking its strongest weekly advance since May 2025 and one of its largest weekly gains in recent years. The rally pushed Ethereum above $2,500 before the market began to experience renewed volatility.

For BitMine, however, the strategy is about more than simply holding ETH on its balance sheet. A substantial portion of the company’s holdings is being put to work through staking. As of August 23, BitMine had 5,067,309 ETH staked, equivalent to approximately 87% of its total Ether holdings. At the company’s stated staking yield, BitMine projected annualized staking revenue of about $330 million.

That makes the company’s treasury increasingly resemble an institutional Ethereum infrastructure operation rather than a passive cryptocurrency reserve. By staking billions of dollars worth of ETH, BitMine can potentially generate recurring rewards while maintaining exposure to the long-term appreciation of the underlying asset.

The company’s aggressive accumulation also places it in a rapidly developing category of corporate crypto treasuries. BitMine is already the largest publicly traded Ethereum treasury, while companies such as SharpLink and The Ether Machine have also accumulated substantial ETH positions. The trend mirrors the corporate Bitcoin treasury strategy pioneered on a much larger scale by Strategy, but Ethereum’s staking mechanism creates an additional potential source of yield for treasury holders.

BitMine chairman Tom Lee has linked the company’s strategy to several broader trends, including institutional tokenization and the growing use of blockchains in artificial intelligence applications. He has argued that improving financial conditions could provide an additional tailwind for crypto markets and that Ethereum’s strengthening fundamentals could support further gains.

The company has also continued accumulating even after ETH’s substantial rally, reinforcing the view that BitMine is pursuing a long-term treasury strategy rather than attempting to time short-term market movements. The size of its position means that further purchases could become increasingly influential at the margin, particularly if other institutional investors adopt similar strategies.

There is also evidence that the accumulation may not be finished. On August 26, on-chain data showed a transfer of 20,000 ETH, worth almost $49 million, from a Kraken wallet to an address linked to BitMine. The transfer has been reported as another potential purchase, although it is separate from BitMine’s latest official treasury disclosure and had not yet been incorporated into a new company holdings announcement.

BitMine now sits less than 200,000 ETH away from its 5% target based on the current supply figure. Reaching that milestone would make the company one of the most significant single holders of an asset that underpins a large portion of the crypto economy.

The immediate question for the market is whether BitMine’s strategy will remain an isolated corporate bet or become a template for a broader wave of institutional Ethereum accumulation. With nearly 5% of the supply already under its control and billions of dollars of ETH being staked, BitMine has made clear that it intends to be a long-term participant in Ethereum’s economic infrastructure — not merely a speculative holder.