BitMine adds 17,362 ETH as treasury crosses 6 million

BitMine bought 17,362 ETH last week, lifting its Ethereum holdings above 6 million tokens and bringing its 5% supply target closer.

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BitMine Immersion Technologies has bought another 17,362 ETH over the past week, pushing its total Ethereum holdings above 6 million tokens as the company moves closer to its stated goal of owning 5% of Ethereum’s supply.

Summary

• BitMine bought 17,362 ETH last week, lifting total Ethereum holdings above six million tokens overall.
• BitMine now holds 6,001,302 ETH, equal to about 4.9% of Ethereum’s stated circulating supply today.
• More than 5.06 million ETH is staked, representing roughly 84% of BitMine’s reported Ethereum holdings.
• BitMine valued crypto, cash, securities and other investments at a combined $17.2 billion overall today.
• Company management says its treasury is 98% toward the stated goal of owning 5% Ethereum.

BitMine said on Sept. 28 that it held 6,001,302 ETH as of Sept. 27 at 3:00 p.m. ET. Using the company’s reference price of $2,698 per ETH, the position was worth roughly $16.2 billion.

The company said its Ethereum balance represents approximately 4.9% of an estimated 122.1 million ETH supply. BitMine described itself as 98% of the way toward its “Alchemy of 5%” target, which seeks to build a treasury equal to 5% of Ethereum’s supply.

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BitMine Ethereum holdings cross 6 million ETH

The latest purchase extends BitMine’s weekly accumulation strategy, which began on June 30, 2025. Chairman Tom Lee said the company has purchased ETH during every week since launching the strategy.

“Over the past week, we acquired 17,362 ETH,” Lee said in the company release. He described the crossing of 6 million ETH as a milestone reached in under 15 months.

One week earlier, BitMine held 5,983,940 ETH after buying 27,562 ETH, according to an exhibit filed with the U.S. Securities and Exchange Commission. The filing put the treasury at approximately 4.9% of the same 122.1 million-token supply.

The latest purchase therefore raised the balance by 17,362 ETH, matching the amount disclosed by the company. Previous BitMine accumulation that brought holdings close to 6 million ETH showed the company maintaining weekly purchases even as the size of individual additions changed.

At a 5% share of the 122.1 million ETH supply used by BitMine, the target would equal approximately 6.105 million ETH. Based on the Sept. 27 balance, the company remains roughly 103,698 ETH short of that level, assuming the supply figure does not change.

More than 5 million ETH remains staked

BitMine reported 5,067,309 staked ETH as of Sept. 27, representing roughly 84% of its total Ethereum holdings. The amount remained unchanged from the prior weekly disclosure.

Using the company’s $2,698 ETH reference price, the staked position was valued at approximately $13.7 billion. BitMine said its staking operations were generating a seven-day annualized yield of 2.62%.

Lee said current annualized staking revenue is projected at roughly $358 million. He further projected potential annualized rewards of approximately $424 million if BitMine’s ETH were fully staked through MAVAN and its staking partners.

Both figures are company projections based on the stated yield and should not be treated as guaranteed revenue. BitMine’s own forward-looking statement warns that staking returns can change because of validator performance, protocol changes, network conditions and other operational factors.

The company launched MAVAN, or Made in America Validator Network, earlier in 2026 as part of its Ethereum staking strategy. BitMine says the platform now serves its treasury operations as well as institutional investors, custodians and ecosystem partners.

Earlier BitMine treasury coverage showing more than 5.06 million ETH staked documented a similar staking level when total holdings stood at 5.96 million ETH in mid-September.

BitMine values total holdings at $17.2 billion

Beyond Ethereum, BitMine reported combined crypto, cash, marketable securities and other investments of $17.2 billion.

As of Sept. 27, the portfolio included 213 BTC, $672 million in cash and marketable securities, a $180 million stake in Beast Industries and a $115 million investment in Eightco Holdings, alongside the 6,001,302 ETH treasury.

The portfolio value increased from $17.1 billion in the company’s Sept. 21 update. At that point, BitMine reported $714 million in cash and marketable securities, 212 BTC and an Eightco stake valued at $105 million.

BitMine’s ETH balance rose from 5,929,198 tokens on Sept. 7 to 5,956,378 ETH on Sept. 13, then 5,983,940 ETH on Sept. 20 before crossing 6 million the following week. SEC-filed company releases show that the accumulation continued throughout September.

BitMine purchases that lifted the treasury to 5.9 million ETH showed the company adding 53,501 ETH during the final week of August, a larger weekly acquisition than its latest 17,362 ETH purchase.

ETH trades below BitMine’s reference price

BitMine valued its Sept. 27 Ethereum holdings using a $2,698 reference price from Coinbase. Current market pricing has moved around that level.

CoinGecko shows Ethereum trading near $2,679 at the latest reading, down approximately 1.3% over 24 hours and roughly 1.8% over seven days.

Applying a live market price to BitMine’s holdings would produce a different treasury valuation from the company’s Sept. 27 snapshot because ETH prices move continuously. BitMine explicitly notes in its filings that changes in digital asset prices can materially alter the reported value of its holdings.

Management separately said ETH had outperformed the S&P 500 by 6,728 basis points during the third quarter through the date of the release. Lee described that performance as support for his view that institutions remain underexposed to crypto, though the statement represents management’s market view rather than a confirmed future outcome.

BitMine’s continued ETH accumulation follows earlier weekly purchases tied to its 5% Ethereum supply goal, which has remained the central target of the company’s treasury strategy throughout 2026.

Lee is scheduled to deliver a 25-minute keynote at Korea Blockchain Week in Seoul on Sept. 30 at 11:20 a.m. KST, according to BitMine’s latest release.

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