Bitmine Boosts Ethereum Holdings, Nearing 5% Supply Goal
Bitmine Immersion Technologies significantly expanded its Ethereum holdings last week, acquiring an additional 27,180 tokens. This latest purchase brings the company’s total Ethereum reserves to nearly 6 million, propelling it closer to its ambitious target of controlling 5% of the cryptocurrency’s total supply.
In a statement released Monday, Bitmine announced that as of Sunday evening, its holdings stood at 5,956,378 ETH, valued at approximately $14.89 billion. This figure represents roughly 4.9% of Ethereum’s circulating supply. The recent acquisition was marginally smaller than the previous week’s purchase of 28,086 ETH, which had previously raised its total to 5.93 million tokens.
Bitmine Chairman Tom Lee reiterated the company’s consistent strategy, noting that it has purchased Ethereum every week since initiating its treasury diversification on June 30, 2025.
“As we enter the final month of calendar Q3 2026, ETH is the best-performing macro asset during the quarter, outperforming the S&P 500 by 5,866 basis points through last Friday,” Lee stated. “In fact, the top three performing assets since June 30th are ETH, SOL, and BTC. We believe this sets the stage for institutions to add to their crypto holdings given the substantial outperformance of crypto versus other macro assets in calendar Q3 so far.”
Bitmine’s total asset valuation reached $15.8 billion. This includes its substantial Ethereum holdings, 212 Bitcoin, $549 million in cash and securities, and stakes in Beast Industries and Eightco Holdings, valued at $180 million and $98 million, respectively.
A significant portion of its Ethereum holdings, approximately 85% or 5.07 million ETH, is currently staked. This strategy is projected to generate annualized revenue of $334 million at a 2.62% yield. Lee indicated that revenue could potentially increase to $392 million if all its ETH were staked through MAVAN and its partners, though both projections are contingent on prevailing token prices and yields.
In a parallel development, rival Ethereum treasury firm SharpLink announced in August its intention to stake $200 million through Lido. This move will allow SharpLink to receive tokens representing its staked Ethereum and accrued rewards, enabling its utilization within decentralized finance applications.
While companies like Bitmine have been actively acquiring altcoins, Bitcoin treasury giant Strategy reported no Bitcoin purchases in the week ending September 13. Instead, the company allocated an additional $139 million to buy back its preferred shares, according to a filing made public on Monday.
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