BitMine tops 6 million ETH as weekly buying cools to 17,362 tokens

BitMine Immersion Technologies (BMNR) said Monday it now holds more than 6 million Ethereum (ETH) after purchasing 17,362 ETH in the week ended Sept. 27. The accumulation pace slowed from the prior week, when the company added 27,562 ETH. The latest purchase lifted BitMine's treasury to 6,001,302 ETH, equal to 4.9% of the 122.1 million ETH outstanding. The company has previously set a target of owning 5% of total supply. BitMine values its ETH at $2,698 per token based on Coinbase pricing. Using that mark, it said its combined holdings across crypto, cash, securities and equity stakes total $17.2 billion. The company also said this places it second globally among crypto treasury holders, behind Strategy (MSTR). Chairman Tom Lee said the position was built in less than 15 months and that the company has bought ETH every week since it launched its treasury strategy on June 30, 2025. BitMine's holdings surpassed 5 million ETH in late April. Staked ETH remains unchanged at 5,067,309 ETH, which BitMine marked at $13.7 billion. The company has reported the same staked total in each weekly update since Aug. 9, according to SEC filings. Over that period, total ETH holdings continued to rise, pushing the staked portion down to 84%. BitMine stakes through MAVAN, its Made in America Validator Network launched in March, as well as external staking partners. Lee estimated annualized staking revenue of $358 million, based on a 2.62% seven-day yield from BitMine's own operations. He said the estimate would increase to $424 million once all of the company's ETH is staked. Lee said he expects institutions to increase crypto allocations late in 2026, arguing they remain underweight. He also said ETH has outperformed the S&P 500 by 6,728 basis points quarter-to-date. Lee is scheduled to deliver the keynote address at Korea Blockchain Week in Seoul on Sept. 30. BitMine reported cash and marketable securities of $672 million, down from $714 million a week earlier, without providing an explanation for the decline. In addition to ETH and cash, the company said it holds 213 Bitcoin (BTC), a $180 million stake in Beast Industries, and a $115 million position in Eightco Holdings (ORBS). BitMine describes Eightco as one of the few publicly listed stocks offering investors indirect exposure to OpenAI.