BitMine Immersion Technologies has bought a further 53,501 ETH, taking its Ethereum treasury to 5,901,112 tokens worth approximately $14.54bn at the latest market price.
The company said the purchase was made during the week before 30 August, extending its run of weekly Ethereum acquisitions to 65 consecutive weeks.
“Over the past week, we acquired 53,501 ETH,” said chairman Tom Lee.
BitMine valued its Ethereum holdings at about $14.82bn using a reference price of $2,511 when it recorded the position at 15:00 Eastern Time on 30 August. The company said its balance represented roughly 4.9% of Ethereum’s reported circulating supply of 120.7 million tokens.
Ethereum was trading at about $2,464 at the time of writing, according to CoinGecko. That left the cryptocurrency down 0.4% over 24 hours and 1.1% over the previous seven days, putting the value of BitMine’s Ethereum holdings at approximately $14.54bn. The figure remains subject to change as the token’s market price moves.
Lee said BitMine had acquired Ethereum every week since introducing its treasury strategy on 30 June 2025.
The rate of buying has increased compared with several earlier updates. BitMine added 9,946 ETH in late July, taking its holdings to 5,787,414 tokens. It then purchased 9,926 ETH during the week ending 16 August, followed by a further 32,447 ETH in the next reporting period.
The company has previously set a target of owning 5% of Ethereum’s total supply. Based on its stated supply figure, that threshold would be approximately 6.04 million ETH, leaving BitMine about 134,000 tokens short of its goal.
Lee said in June that the pace of purchases could slow as the company moved closer to the target. An earlier treasury update put BitMine’s holdings at about 5.54 million ETH, or 4.6% of supply, after it bought 25,000 ETH from BitGo.
Staking becomes key source of revenue
BitMine also reported that 5,067,309 ETH was being staked through its own infrastructure and external validator partners. That balance accounts for approximately 85.9% of the company’s total Ethereum holdings.
At Ethereum’s latest CoinGecko price, the staked assets were worth about $12.49bn. Using the company’s 30 August reference price, BitMine valued them at close to $12.73bn.
Management estimated the deployed Ethereum could produce annualised staking revenue of $335m. The calculation was based on a seven-day annualised staking yield of 2.63%, although actual returns can vary according to validator participation, network rewards, operational performance and wider protocol conditions.
Lee said annual staking revenue could rise to $390m under similar yield conditions once more of the company’s Ethereum had been deployed. Approximately 833,803 ETH remains outside the reported staked balance.
BitMine launched MAVAN, or Made in America Validator Network, in 2026 as its institutional Ethereum staking operation. Some of the company’s holdings are deployed through MAVAN, while other assets are managed by partner validators.
Staking and validation have become an important part of BitMine’s income. A treasury report published in July said the company generated $45.7m from those activities in the three months to 31 May. That represented about 98% of its quarterly revenue of $46.5m.
The income also forms part of BitMine’s preferred-stock strategy. In June, the company declared a dividend of $0.1056 per share on its 9.50% Series A Perpetual Preferred Stock, which trades on the New York Stock Exchange under the ticker BMNP. Lee has previously said staking income could help fund payments on those preferred shares.
Alongside its Ethereum holdings, BitMine’s 30 August disclosure listed 211 Bitcoin, a $180m investment in Beast Industries and an $81m stake in Eightco Holdings. The company also held $541m in cash and marketable securities.
Using the prices and valuations available when the update was compiled, BitMine put the combined value of its cryptocurrency, cash, securities and strategic investments at $15.6bn. That is a snapshot of the company’s position at that time rather than a fixed figure, because cryptocurrency and listed asset prices fluctuate.
BitMine described itself as the largest reported corporate Ethereum treasury. Strategy, led by executive chairman Michael Saylor, remains the largest digital-asset treasury company by total asset value because of its Bitcoin holdings.
US investors can gain exposure to BitMine through its NYSE-listed common stock, BMNR, and its BMNP preferred shares. BMNR was trading at about $24.27 at the time of writing, up approximately 2% during the session. Its intraday range was between $23.72 and $24.46.
A previous Fundstrat study found an 80% correlation between BMNR and ETH in a sample of 17 large-cap stocks. That compared with a 74% correlation for Coinbase. The research did not state which period or return interval was used, and the relationship can change as share and cryptocurrency prices move.
BitMine said its average daily dollar trading volume over the latest five sessions reached approximately $1.36bn through 29 August, placing BMNR among the most heavily traded US stocks by dollar volume.
The company’s concentration in Ethereum also exposes shareholders to significant risks. Its quarterly filing with the US Securities and Exchange Commission identified ETH price volatility, liquidity limitations, unrealised losses, custody arrangements, counterparty exposure and changes to US digital-asset and staking regulations as factors that could affect its performance.
Ethereum’s market capitalisation stood at about $297.3bn at the latest price, with roughly $15.45bn traded over the previous 24 hours, according to CoinGecko.
The token has stayed below the $2,540-$2,550 resistance region after several unsuccessful attempts to hold a breakout. A recent technical analysis identified resistance near $2,533, where an ascending triangle pattern and a concentration of leveraged positions presented another test for buyers.
On the weekly chart cited in that analysis, ETH was positioned between its 50-week exponential moving average near $2,374 and its 50-week simple moving average at about $2,542. Those averages mark the immediate consolidation range while the price remains below the upper boundary.
Crypto analyst Ted said a weekly close above $2,550 could open a route towards resistance near $2,800. In the downside scenario, a fall below $2,370 could expose the $2,180-$2,220 support area.
