Bitmine added 9,587 ETH, bringing its holdings to 6,070,092 ETH worth approximately $13.6 billion, according to an Odaily report citing Decrypt, published on November 10, 2026, at 01:15:10 UTC+8.
The digital-asset treasury company held 4.97% of ETH’s total supply. Bitmine said this represented 99% of its stated goal of owning 5% of the supply.
Holdings value versus valuation
These figures describe the size and reported value of Bitmine’s ETH position, rather than establishing ETH’s fair value. The company’s 5% target is an accumulation objective, not a valuation measure.
As of November 8, the report put Bitmine’s total holdings value at $14.3 billion. In addition to ETH, its holdings included:
- 216 BTC;
- $475 million in cash and securities;
- a $180 million equity stake in Beast Industries;
- a $75 million position in Eightco Holdings.
Fee burning and the store-of-value argument
The report also cited an X post by Ethereum co-founder Vitalik Buterin explaining why he views ETH as a store of value. His reasoning included the view that fee burning plays a less pronounced role than it once did, and that optimizing around fee burning could conflict with decentralization.
That argument is distinct from Bitmine’s supply-ownership target: one concerns ETH’s monetary properties and protocol trade-offs, while the other measures a company’s accumulation progress. The report provides no valuation model linking either argument to a fair-value estimate for ETH.
Original source: Odaily, citing Decrypt. Published November 10, 2026, at 01:15:10 UTC+8; total-holdings figures are dated November 8.