Bitmine Nears 5% of Ethereum Supply With $68 Million ETH Purchase

In Brief:

• Bitmine purchased 27,180 ETH for $68 million, raising holdings to 5.96 million tokens and nearing its stated 5% supply target.
• Bitmine has staked 5.06 million ETH, generating projected annual revenue of $334 million at a 2.62% yield from network rewards.
• Its treasury includes Bitcoin, cash, securities, and corporate investments, while Tom Lee identifies institutional demand as a catalyst for Ethereum.

Bitmine Immersion Technologies has expanded its Ethereum treasury to 5.96 million ETH, bringing its 5% supply target within reach. According to the latest update, Bitmine purchased 27,180 Ethereum (ETH) worth approximately $68 million during the week ending September 13.

Its balance reached 5,956,378 ETH, valued at about $15 billion using an Ethereum price of $2,513. This position represents roughly 4.9% of Ethereum’s estimated 122 million token supply.

Consequently, Bitmine has completed about 97% of its plan to control 5% of all Ethereum in circulation. The company launched its long-term treasury strategy on June 30, 2025, and has purchased ETH every week throughout that period.

Besides Ethereum, Bitmine held 212 Bitcoin (BTC) and $549 million in cash and marketable securities. Its portfolio included a $180 million Beast Industries stake and a $98 million investment in Eightco Holdings. Altogether, its cryptocurrency, cash, securities, and other investments carried a reported value of approximately $15.8 billion globally.

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Staking Strategy Strengthens Bitmine’s Ethereum Position

Bitmine has staked more than 5.06 million ETH, representing approximately 85% of its total Ethereum balance. Its staking operations produced an annualized seven-day yield of 2.62%.

At that rate, Bitmine projects approximately $334 million in annual staking revenue from its deployed holdings. Moreover, management expects rewards to reach $392 million once every available token enters staking.

The company plans to deploy those remaining assets through its MAVAN validator network and selected external staking partners. Nevertheless, staking income can fluctuate because network participation, validator performance, and reward rates affect realized returns.

Chairman Tom Lee linked Ethereum’s stronger 2026 performance against Bitcoin to expanding interest in tokenization and artificial intelligence applications. He also identified agentic AI systems as a potential source of demand for Ethereum infrastructure.

Additionally, Lee highlighted institutional demand, possible regulatory developments, and growing cryptocurrency activity in South Korea as potential market catalysts.

Bitmine’s concentrated treasury provides significant exposure to Ethereum’s price movements and staking economics. However, weaker ETH prices could materially reduce the reported value of its holdings. Further purchases could complete Bitmine’s 5% supply target while expanding the income potential of its substantial staked Ethereum position.

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