Bitmine Approaches Owning 4% of Total ETH Supply and Has No Plans to Sell

According to a recent statement by Tom Lee from Fundstrat, the company Bitmine, one of the leading players in mining, is approaching ownership of about 4% of the total Ethereum supply.

"If we stake this today, it would generate over a million dollars in net income per day," noted Lee

Emphasizing a long-term holding strategy. Bitmine has no plans to sell its ETH, which could reduce market pressure and support price stability.

Bitmine is a company known for its operations in cryptocurrency mining, which actively invests in Ethereum. The total ETH supply currently stands at about 120.7 million tokens, so 4% is approximately 4.8 million ETH, worth over $15 billion at current prices. This strategy aligns with the trend among large holders who see ETH not just as a speculative asset but also as a source of passive income through staking in the Ethereum 2.0 network.

Who exactly holds the largest amounts of Ethereum, and how does this affect the decentralized network? Here is an overview of the key players who control over 70% of the supply.

Largest Ethereum Holders: Who Controls the Network?

Ethereum is a decentralized network, but a significant portion of tokens is concentrated in the hands of a few major players. According to analysts, here are the top holders as of the end of 2025:

Beacon Deposit Contract

Owns over 73 million ETH, accounting for about 60.59% of the total supply. This is the primary mechanism for securing the network, where validators lock tokens to earn rewards.

Wrapped Ether (WETH)

A smart contract holding over 2.26 million ETH (about 1.87%). WETH is used for trading in DeFi protocols like Uniswap.

Coinbase

The exchange owns about 4.93 million ETH (4.09%), a significant portion of which are client assets in hot wallets. Coinbase also holds 136,782 ETH as investments.

Binance

About 4.23 million ETH (3.51%), mostly in cold storage. Binance is one of the largest market players, with client assets in focus.

Bitfinex

Holds significant volumes, often associated with trading and Tether (USDT).

BlackRock's ETHA Trust

An institutional fund accumulating ETH through ETFs, becoming increasingly prominent in 2025.

Vitalik Buterin

Ethereum co-founder owns about 240,000 ETH (around 0.2%), making him the largest individual holder.

Large Whales

Among anonymous holders, standout wallets include one from an OG Bitcoin whale who in 2025 converted thousands of BTC to ETH, reaching 691,358 ETH worth nearly $3 billion. Another whale accumulated 65,801 ETH (about $205 million) with an average entry price of $3,066. According to Glassnode, mega-whales (over 10,000 ETH) accumulated +2.2 million ETH in August 2025, though the pace has slowed. Overall, whales with 1,000-10,000 ETH control over 14.3 million ETH, reaching historical highs.

These holders, including exchanges and institutions, control over 70% of the supply, making the market sensitive to their actions. However, as Bitmine demonstrates, many opt for a HODL (holding) strategy, reducing volatility.

Considering the strategies of large holders such as Bitmine, which focus on long-term holding and staking, it becomes clear that Ethereum continues to evolve as a key asset in the cryptosphere. Now let's look at the current network metrics and forecasts for the near future, which highlight its growth potential.

Current Ethereum Data and Future Prospects

As of December 14, 2025, the ETH price fluctuates around $3,112-$3,116, with a daily trading volume exceeding $9 billion. Market capitalization is about $375 billion, with a circulating supply of 120.4 million ETH. Over the past week, ETH has risen by 1-2%, but a recent pullback from the 50-day EMA (exponential moving average) suggests a possible drop to $2,380 if support at $3,100 doesn't hold.

Forecasts for the end of 2025 are optimistic: analysts expect growth to $3,205 by December 16, and some projections reach $3,980 by December 31. In 2026, the potential reaches $5,000, supported by whale accumulation, with daily purchases exceeding 800,000 ETH. Growth factors include:

• With millions of ETH in staking, the network generates stable rewards (about 4-5% annually), attracting institutions like Bitmine.
• ETFs from BlackRock and others bring new funds, stabilizing the price.
• Following Dencun in 2024, future upgrades will improve scalability, reducing fees.
• Whales are shifting funds from BTC to ETH, as shown by transactions worth hundreds of millions.

Risks include regulatory changes and macroeconomics, but whale accumulation, as in Bitmine, signals a bullish trend.