Ethereum accumulation firms overtake spot ETFs as BitMine nears 5% of ETH supply

Ethereum accumulation firms have moved ahead of spot ETFs as the largest group of ETH holders, and the gap is widening, with data highlighted by Unfolded showing BitMine alone holding nearly 5% of total supply. Unfolded said spot ETFs and digital asset treasury firms together account for about 11% of Ethereum. That shift adds context to BitMine Immersion Technologies' earlier disclosure that it held 5,797,813 ETH, or 4.8% of Ethereum's 120.7 million supply, as of Aug. 2 and was 96% of the way to its "Alchemy of 5%" target. BitMine also reported 209 Bitcoin, $173 million in cash and marketable securities, stakes in Beast Industries and Eightco Holdings, and total crypto holdings, liquid assets, marketable securities and moonshot investments worth $11.3 billion. The company said 4,917,189 ETH had been staked, estimated annualized staking revenue at $247 million, and repurchased 4.5 million shares under a $4 billion buyback plan while expanding its MAVAN platform.