According to the media, Bitmine already holds approximately 5673 000 ETHs, which, at the current level of total supply, is about 4.7%, only one step below its proposed target of holding 5% of the supply at the Taichu. According to the article, this strategy may, on the one hand, compress market liquidity and, on the other hand, make ETH prices more sensitive to the continued buying power of a single enterprise.

We're close to target.

BitMine disclosed on 22 June that its ETH holding value was approximately $10 billion, with some cash, a small amount of bitcoin and other investments. According to the data in the text, the total supply of the Taipei is about 120.7 million, with 5 per cent corresponding to about 6 million ETH, and Bitmine has now achieved about 94 per cent of the target.

According to the article, Bitmine was originally a Bitcoin mine, and then in June 2025, through a private fund-raising fund of $250 million, moved to an ETH-centred corporate treasury model. The idea is similar to Strategy’s currency holding model for listed companies built around bitcoin, which allows equity investors who cannot buy money directly to gain access to encrypted assets through equity.

Most ETH has been pledged

Unlike simple currency, Bitmine puts most ETH into pledge. According to the article, the company had over 4.7 million ETHs participating in the pledge through its own certifier platform, MAVAN, or approximately 83 per cent of the total hold. This part of the asset will not enter the secondary market in the short term once it is locked.

According to the text, the current proceeds of annualized pledge are between 2.7 and 2.8 per cent. BitMine anticipates that the annual pledge revenue may exceed $200 million after the full deployment of the warehouse. The company also issued a permanent priority share of 9.5 per cent and attracted investors with weekly cash dividends, and pledged income was seen as an important source of coverage for this component of the payments.

It is mentioned that there are many encrypted and friendly capital participants behind Bitmine, including ARK, Founders Fund, Pantera, Kraken, Galaxy Digital and DCG. This means that its ETH Treasury strategy is no longer just a marginal experiment, but is an important example of whether the market watch business model of currency holding can be replicated in the Etherak.

Multiple logic and empty questions.

According to the article, multiple logic is based on clearer supply mechanisms. Bitmine continuously buys and pledges ETH, which amounts to the removal of a large number of tokens from tradable pallets. If the locks of ETF, other treasury companies and long-term holders are added, the real marketable ETH may be further reduced. Once demand rises, the price response to new purchases may be magnified.

Potential sources mentioned on the demand side include more monetized assets settled at the Etherport, increased ETF inflows, and some institutions pledge that the AI automated system will require public block chains for value settlement in the future. According to the article, ETH price elasticity could rise if demand resumed and the wheel continued to shrink.

However, the empty view does not deny the tightening of supply, but questions whether the new purchase will keep up. The article quotes David Hoffman, co-founder of Bankless, who says that the central issue is “Where does the next multibillion dollar-grade buy come from” If the market continues to lack sufficient new financing, current price support may be over-dependent on BitMine, a single large buyer.

In this framework, Bitmine ' s strategy is considered a double-edged sword: It can boost the scarcity of ETH through pledge and continuous inhaling, and may also result in greater market dependence on a company ' s ability to finance, subtractive structures and continued willingness to increase. The article does not give a single conclusion, but argues that the experiment, which revolves around the company's treasury and the supply of Etherak, is being tested in the real market.