BitMine Adds 17,362 ETH, Ether Treasury Tops 6 Million Tokens

BitMine Immersion Technologies said it purchased 17,362 ether (ETH) in the week ended Sept. 27, lifting its holdings to 6,001,302 ETH. Using a reference price of $2,698 per ETH cited in the company's Monday update, the ether treasury was valued at about $16.2 billion. BitMine said that balance represents roughly 4.9% of the 122.1 million ETH supply used in its report, putting it at 98% of its stated goal to own 5% of the network's supply, a target described by Lee as the "Alchemy of 5%". The company did not provide a timeline for reaching the goal and said the reported balance was recorded at 3 p.m. Eastern Time on Sunday. The latest weekly addition was smaller than the prior week's 27,562 ETH. The company did not disclose an average purchase price. At the Sept. 27 reference price, the newly added 17,362 ETH would be worth about $46.8 million, though that figure reflects a market snapshot rather than actual purchase cost. Since June 30, 2025, BitMine has reported an ETH purchase in every weekly update. BitMine also reported total combined holdings of $17.2 billion across crypto, cash, marketable securities and two equity stakes. Alongside its ether position, the company listed 213 BTC, $672 million in cash and marketable securities, a $180 million valuation for its Beast Industries investment and a $115 million valuation for its Eightco stake. A week earlier, the combined figure was $17.1 billion. Over the period, cash and marketable securities declined from $714 million to $672 million, the Eightco valuation increased from $105 million to $115 million, and the bitcoin count rose by one from 212 BTC. On staking, BitMine said it has staked 5,067,309 ETH, about 84% of its reported holdings. At the $2,698 reference price, that staked balance was valued at roughly $13.7 billion. The staked amount was unchanged from the Sept. 21 update despite the additional ETH purchase. Staking delegates ETH to validators that secure the Ethereum network in return for protocol rewards. BitMine said it launched its MAVAN validator platform in 2026 to support its own treasury and now also serves institutional investors, custodians and ecosystem partners. The company said a portion of its ETH runs through MAVAN without specifying the share. Lee cited a seven-day annualized staking yield of 2.62%. Based on that rate, he projected about $358 million in annual staking revenue on the current staked balance. Under the same yield assumption, a fully staked treasury could generate an estimated $424 million annually. The company noted the figures are projections based on a short measurement window and can change with yield, ETH price and the amount staked.