Bitmine has staked ether equal to 4.15% of Ethereum's supply

Divide Bitmine's 5,067,309 staked tokens by the 122.1 million ether in existence and the stake comes to about 4.15% of supply ^[19]. Whether that makes the company a large part of Ethereum's validator set depends on how much ether is staked across the whole network. The Oct. 5 update does not include that total, or a split of the stake between Bitmine's own MAVAN network and the outside partners it also uses ^[3][6].

Supply is the share that can be measured, and Bitmine has published where it intends to stop. Five percent of 122.1 million is 6,105,000 ETH ^[11], leaving the company 88,586 tokens short ^[12]. At last week's pace that is a little under six weeks of buying ^[13]. At the $2,726 reference price it costs about $241 million ^[14], just over a third of the cash and securities on the balance sheet in late September ^[15]. Lee calls the goal the "Alchemy of 5%" ^[5]. "Bitmine has bought ETH each and every week since the inception of the ETH Treasury Strategy on June 30, 2025," he said ^[9].

Bitmine has not added to its stake since late September. The staked balance was 5,067,309 ETH then and the same on Oct. 5 ^[8], so last week's 15,112 tokens joined an unstaked reserve that now totals 949,105 ETH, about 16% of the treasury ^[20]. Staking that reserve at the company's own yield would add about $68 million a year to projected rewards ^[21].

The May quarter's $45.7 million in staking revenue annualizes to about $183 million ^[22], roughly half the current projection. That projection holds the ether price at $2,726 and uses a seven-day annualized yield ^[3][7].

The program can go a few ways from here. Bitmine can reach 6,105,000 and stop, leaving a staking income company with a fixed pile. It can keep buying past the mark; the updates describe 5% as a target ^[5]. Or it can stake the reserve, and at current holdings that would put about 4.93% of all ether behind its validators ^[26].

I think ETH holders weighing concentration should follow the staked line more closely than the purchase line, because the purchase line has a published end and the staked line has 949,105 tokens of room to grow ^[20]. The counter-case is that a target is only as firm as the buyer, and a company whose chairman says it has bought every week for about 15 months ^[9][5] has little reason to stop at a round number. If weekly purchases carry on past 6,105,000 ETH, supply concentration becomes the open-ended risk and this view is wrong.