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ETH BitMine increased its holdings by 28,086 ETH in a week, with a total position of 5.929 million, accounting for 4.9% of Ethereum's total supply.
BitMine Immersion Technologies, a Nasdaq-listed company, said in an announcement released on September 8 that the company purchased 28,086 ETH in the past week, increasing its total position to 5,929,198 ETH. This quantity accounts for approximately 4.9% of Ethereum's total supply and is worth approximately US$14.8 billion based on US$2,495 per ETH.
Tom Lee, chairman of, said: "BitMine's continuous record of buying cryptocurrencies is unmatched by any other listed company." It is reported that the company has purchased ETH for 65 consecutive weeks.
The pledge share of the verifier network far exceeds its holdings
In the same announcement, another data is particularly eye-catching: BitMine's own verifier network currently pledges nearly 12% of the pledged ETH on the Ethereum network. This ratio is not only comparable to major exchanges, but far exceeds that of all other publicly traded ETH Reserve companies.
Of the ETH held by BitMine, 5,067,309 tokens (85% of the total position) are directly pledged through the company's own validator network. Pledge refers to locking ETH into Ethereum's network verifier system, who confirm transactions in exchange for rewards.
According to the latest data from tracking website validatorqueue.com, as of this week, approximately 42.9 million ETH were pledged on the entire Ethereum network. This means that BitMine's own validators account for approximately 11.8% of the entire network's pledged ETH. Although another estimate uses older, smaller aggregate data to reach a ratio of 13%, BitMine's actual share is slightly smaller based on current network data, but it is still rare for a single company.
MAVAN is a self-built infrastructure, and a non-decentralized shared pool
This difference is critical because BitMine's validator network is called MAVAN, which is not a decentralized pool like Lido or Rocket Pool, which shares the work among thousands of independent operators. When BitMine launched the platform in March this year, it built it as its own proprietary infrastructure and made it clear that it aims to become the world's "largest Ethereum pledge service provider."
No other publicly traded ETH Reserve company can match it in size. SharpLink Gaming, ranked second, holds 868,699 ETH units and told the U.S. Securities and Exchange Commission that the vast majority of them have also been pledged. Even so, its holdings are only about one-seventh of BitMine's.
Concentration still below safety threshold
BitMine is not the only organization running a single company verifier on such a large scale. Coinbase's own validator infrastructure pledged 4.5 million ETH units in early 2026, accounting for approximately 12% of the total network at that time. Coinbase has said it will not allow its share to exceed 30%.
Ethereum's protocol document clearly points out the importance of this cap: If a single entity controls about one-third of the pledged ETH, it may prevent the network from finalizing blocks; if more than half, it can dominate which chain is built; if more than two-thirds, it can force a rollback. Both BitMine's 11.8% and Coinbase's share are well below these risk thresholds.
Unlike Coinbase, BitMine has not announced a cap on its own share. Its stated goal has always been only for supply, not pledge shares.
