BitMine Amasses 3.7% of Ethereum Supply

BitMine acquired 50,928 ETH, reaching 4.47 million ETH, 3.71% of Ethereum's supply.

BitMine has acquired 50,928 ETH over the past week. The firm’s reserves have reached 4.47 million ETH, accounting for 3.71% of the Ethereum market supply.

🧵
1/ BitMine provided its latest holdings update for March 2nd, 2026:

$9.6 billion in total crypto + “moonshots”:
— 4,473,587 ETH at $1,976 (@coinbase)
— 193 Bitcoin (BTC)
— $200 million stake in Beast Industries @MrBeast
— $14 million stake in Eightco…

— Bitmine (NYSE-BMNR) $ETH (@BitMNR) March 2, 2026

BitMine has set a long-term goal to accumulate 5% of the ETH supply.

“BitMine is methodically executing its strategy of investing in Ethereum, advancing through the final stages of this ‘mini-crypto winter.’ In recent days, geopolitical uncertainty has increased as the US initiated military actions against Iran, and the impact on financial and digital asset markets will be felt in the coming weeks,” said the company’s chairman, Tom Lee.

He believes the current correction offers an “attractive” entry point into the asset, and the ETH price “does not reflect its high utility and role as the future of the financial sector.”

The company plans to launch its own staking solution, MAVAN MAVAN, in the first quarter. As of March 1, the amount locked through three third-party providers for passive income generation was 3.04 million ETH. This theoretically implies an annual revenue of $172 million under current conditions. If the entire ETH balance is utilized, the figure would reach $253 million.

The value of BitMine’s accumulated Ethereum, the second-largest cryptocurrency by market capitalization, is approximately $8.94 billion. The company also holds:

• 193 BTC;
• a $200 million stake in Beast Industries @MrBeast;
• a $17 million stake in Eightco Holdings;
• $898 million in cash.

In terms of crypto treasury value, BitMine ranks second only to the leader of the DAT segment, Strategy.

Flagship Expands Its Lead

Strategy purchased 3,015 BTC for approximately $204.1 million over the week. The average price per coin was $67,700.

Strategy has acquired 3,015 BTC for ~$204.1 million at ~$67,700 per bitcoin. As of 3/1/2026, we hodl 720,737 $BTC acquired for ~$54.77 billion at ~$75,985 per bitcoin. $MSTR $STRChttps://t.co/o9WaALcjan

— Strategy (@Strategy) March 2, 2026

The company’s Bitcoin reserves have reached 720,737 BTC. Since August 2020, Strategy has spent $54.77 billion to build this reserve, with an average cost of $75,985 per BTC.    

At the time of writing, the company’s treasury is valued at approximately $50 billion.

To finance its recent Bitcoin purchases, Strategy sold shares worth $237 million under market conditions.

Meanwhile, ProCap Financial, led by Anthony Pompliano, acquired 450 BTC. This increased its crypto reserve to 5,457 BTC and reduced the average cost of asset acquisition.

We have acquired another 450 bitcoin at $BRR.

We continue to aggressively repurchase shares trading below NAV.

“Our disciplined approach to our balance sheet has put us in a position to play offense now that Bitcoin has significantly fallen from the all-time high.” pic.twitter.com/r66vFoURlP

— Anthony Pompliano 🌪 (@APompliano) March 2, 2026

Simultaneously, the company repurchased 782,408 of its own shares, which it considers “undervalued by the market.”

“Why buy more Bitcoin if your shares are trading at a discount to NAV? It makes more sense to simply use that money to buy shares at a reduced price. It’s a cheaper way to acquire BTC than paying full market price,” commented well-known critic of the first cryptocurrency, Peter Schiff.

Pompliano agreed with his reasoning and clarified that the firm is using the maximum buyback volume allowed by regulations.

In late February, the volume of short positions on Strategy’s shares reached $6 billion with the company’s market capitalization at $42 billion.