Bitmine buys 27,180 ETH, pushes holdings to nearly 6 million tokens
Bitmine Immersion Technologies bought another 27,180 ETH last week, bringing its holdings to 5,956,378 ETH as of Sunday evening, the company announced Monday. The Ethereum stash is worth approximately 14.89 billion USD and represents roughly 4.9 percent of Ethereum’s entire circulating supply, inching the treasury company closer to its stated goal of owning 5 percent of all ETH.
The purchase was slightly smaller than the previous week’s addition of 28,086 ETH, which had lifted holdings to 5.93 million tokens. Chairman Tom Lee once again noted that the company has bought Ethereum every single week since launching its treasury strategy on June 30, 2025, an unbroken streak of more than sixty consecutive weekly purchases.
A 15.8 billion USD war chest, 85 percent of it staked
Bitmine valued its total holdings at 15.8 billion USD, a figure that includes the Ethereum pile, 212 Bitcoin, 549 million USD in cash and securities, and strategic stakes in Beast Industries and Eightco Holdings worth 180 million USD and 98 million USD respectively. It is effectively a closed-end crypto fund with a public listing, and its weekly disclosure ritual has become one of the most closely watched data points in the Ethereum market.
Approximately 85 percent of the company’s Ethereum, some 5.07 million ETH, is currently staked. At a 2.62 percent yield, Bitmine projects annualized staking revenue of 334 million USD. Lee said revenue could reach 392 million USD if all of its ETH were staked through MAVAN and its partners, though both projections depend on token prices and yields holding steady. Either figure would comfortably cover the company’s operating costs, turning Bitmine into a self-funding accumulation vehicle.
Lee: ETH is the best-performing macro asset of Q3
In a statement accompanying the announcement, Lee made an aggressive call on relative performance. “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. In fact, the top three performing assets since June 30th are ETH, SOL and BTC,” he said. “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.”
The claim lands amid a broader institutional reassessment of Ethereum. Rival treasury company SharpLink announced plans in August to stake 200 million USD through Lido, receiving liquid tokens that represent its staked ETH and rewards, allowing the position to be redeployed across decentralized finance applications. The staked-liquid-staking-token playbook gives treasuries yield without sacrificing composability, and Bitmine’s MAVAN partnership points in the same direction.
Altcoin treasuries diverge from a frozen Bitcoin giant
The contrast with the Bitcoin side of the treasury trade is stark. While Bitmine and peers have gone on an altcoin buying spree, Bitcoin treasury giant Strategy bought no Bitcoin at all in the week through September 13 and instead spent another 139 million USD buying back its STRC preferred shares, according to a Monday filing. Ethereum’s treasury complex is now the marginal buyer of consequence in its market, much as Strategy was for Bitcoin through 2024 and 2025.
The concentration cuts both ways. A single entity controlling nearly 5 percent of supply and staking most of it tightens float and adds persistent buy pressure, but it also creates a systemic dependency: a large forced seller, a slashing event, or a shift in staking economics at Bitmine scale would ripple through Ethereum’s validator set and liquid staking markets. Regulators have so far said little about entity-level concentration, but at 5 percent of supply the question will eventually be asked.
The milestone math is stark. At roughly 6 million ETH and a 2.62 percent staking yield, Bitmine’s validator rewards alone add the equivalent of thousands of ETH to its position each year, meaning the treasury compounds even without fresh capital. Analysts tracking the treasury-company sector note that Bitmine’s premium to net asset value has held up through September’s volatility, suggesting public-market investors are paying up for the staking income stream as much as for the ETH exposure itself.
For now, the market is rewarding the model. ETH trades near 2,540 USD, up on the day, and the Q3 outperformance Lee cites is real: Ethereum has trounced every traditional asset class this quarter. With one week left in the quarter and Bitmine’s weekly cadence intact, the 6 million ETH milestone and the symbolic 5 percent of supply threshold are both within reach in the coming days, a milestone that would mark the largest single-entity stake in Ethereum’s history.
27,180 this week vs 28,086 last week. the buys are shrinking slightly while price sits still, they know everyone is watching the 5 percent line
4.9 percent of all ETH sitting in one corporate wallet is wild. one more push and they hit their 5 percent target
0.1 percent of supply left to reach the goal, thats over a million ETH, like 40 more weeks at this pace. gl with that
sixty straight weekly buys and the pace has only dipped slightly. they hit 5 percent of supply long before eth sees 2,600 at this rate
or they just approved a bigger tranche and the weekly print shrinks anyway. reading intent into 900 ETH of difference is noise trading on press releases
5 percent of all ETH sitting in one corporate treasury is wild. Vitalik really out here watching his coin get microstrategy’d
the difference vs microstrategy is bitmine earns yield on 85 percent of it. staking makes the carry story actually work instead of pure hope on price
334M in staking revenue and the stock still trades at a premium to NAV, the sata playbook works on ethereum too apparently
^ it works until ETH issuance questions start. then you own a company whose whole balance sheet is one volatile asset
Tom Lee buying every single week since June 2025 without missing once is honestly the most commitment I have seen from a fund manager
commitment is easy when staking yield on 5.9 million ETH covers your treasury costs lol
sure, and the yield comes from staking 85 percent of nearly 6 million ETH. one slashing event or prolonged unlock queue and that carry story gets tested fast
5,956,378 ETH and a 212 BTC side pocket. Tom Lee running the bitcoin treasury playbook with the asset that actually pays him to hold it, cant even be mad