BitMine Immersion Technologies has continued its strategy of accumulating Ethereum, adding 27,180 ETH in the past week. This latest purchase brings the company’s total Ethereum holdings to 5,956,378 ETH as of September 13, according to reported disclosures.
The consistent weekly acquisition of Ether is part of BitMine’s stated strategy, referred to as the ‘Alchemy of 5%,’ which aims to own 5% of all Ether in circulation. With its current holdings representing 4.9% of the total ETH supply, the company is approximately 98% of the way to achieving this target, 15 months into the strategy.
BitMine Immersion Technologies reported combined crypto, cash, and moonshot holdings totaling $15.8 billion as of September 13. The company’s Ethereum holdings were marked at $2,513 per token, an increase from the previous week’s valuation of $2,495 per token, per Coinbase.
A significant portion of BitMine’s Ethereum treasury, approximately 85%, is staked through its in-house validator network, MAVAN (Made in America Validator Network). This staked amount totals 5,067,309 ETH, valued at $12.7 billion as of September 13. Chairman Thomas “Tom” Lee projects that annualized staking revenue is currently $334 million and could rise to $392 million once the Ether is fully staked, based on a current seven-day yield of 2.62%.
In the broader market context, Ether has demonstrated strong performance. It was reported as the best-performing macro asset in the third quarter, outperforming the S&P 500 by 5,866 basis points through September 11. Ether, along with Solana and Bitcoin, has been identified as one of the top three performing assets since June 30, and the ETH-to-BTC price ratio has reached its highest level since January 30.
Beyond its substantial Ethereum holdings, BitMine Immersion Technologies also reported holding 212 Bitcoin (BTC). The company also maintains other investments, including a $180 million stake in Beast Industries and a $98 million stake in Eightco Holdings (ORBS), which is noted as one of the few listed equities offering indirect exposure to OpenAI.
BitMine’s average daily dollar volume for trading over the four days leading up to September 11 was $924 million, ranking it 98th out of 5,704 listed names, according to Fundstrat. Its corporate ether treasury ranks first among similar corporate holdings and second among all crypto treasuries, trailing only MicroStrategy.
Total cash and marketable securities held by BitMine Immersion Technologies stood at $549 million on September 13. This represents a decrease from the $593 million reported the previous week, though the reason for this drawdown was not specified in the disclosures. The company’s reported figures and strategy indicate a sustained effort to build its digital asset treasury, with a particular focus on Ethereum, while also participating in the growing crypto staking economy.
Why This Matters
The materials describe a narrow update: BitMine Immersion Technologies purchased 27,180 ETH, increasing its total holdings to 5,956,378 ETH. The reason for the drawdown in BitMine’s total cash and marketable securities from $593 million to $549 million was not provided.
