BitMine Immersion Technologies has bought a further 28,086 Ethereum tokens, worth about $70.1m, taking its total holdings to 5,929,198 ETH as chairman Tom Lee maintains a bullish outlook for the cryptocurrency.
The latest purchase, made during the week ending 7 September, means BitMine now controls about 4.9% of Ethereum’s estimated supply of 122 million tokens. The company said it is 97% of the way towards its target of owning 5% of all ETH, a goal it calls the “Alchemy of 5%”.
At BitMine’s reference price of $2,495, its complete Ethereum treasury was valued at approximately $14.79bn. The value of the holdings will, however, change in line with the price of ETH.
“Over the past week, we acquired 28,086 ETH,” Lee said.
BitMine began its Ethereum treasury strategy on 30 June 2025 and Lee said the company had bought ETH every week since then. Its previous update showed holdings of 5,901,112 tokens after the purchase of 53,501 ETH.
Earlier acquisitions included 9,926 ETH during the period ending 16 August and another 32,447 ETH in the following week.
To reach exactly 5% of the supply based on its current estimate, BitMine would need approximately 6.1 million ETH. It is therefore around 170,802 tokens short of that figure, although the amount required could shift as Ethereum’s total supply changes.
The company’s latest balance sheet also listed 211 Bitcoin, $593m in cash and marketable securities, a $180m stake in Beast Industries and a $91m investment in Eightco Holdings.
BitMine said the combined value of its cryptocurrency, cash, securities and strategic investments was $15.7bn.
Staking projected to generate $330m a year
BitMine has also placed 5,067,309 ETH into staking through its Made in America Validator Network, known as MAVAN, and external staking partners.
That figure represents about 85% of the company’s Ethereum holdings and was worth roughly $12.6bn at the reference price of $2,495.
Using a seven-day annualised yield of 2.61%, management estimated that the staked assets could produce about $330m in annual revenue. If the company eventually stakes its entire Ethereum balance through MAVAN and partner validators, it projects annual rewards of approximately $386m on the same yield assumption.
Those figures are forecasts rather than guaranteed income. Staking returns can vary according to network participation, validator performance, changes to Ethereum’s rules and the market price of ETH.
BitMine launched MAVAN earlier in 2026 to support its own treasury and said the service has since expanded to institutional investors, custodians and other participants in the Ethereum market.
Staking and validation are already a significant part of BitMine’s business. A previous treasury report said the company earned $45.7m from those activities in the three months to 31 May, representing about 98% of its reported quarterly revenue of $46.5m.
The income also supports BitMine’s preferred-stock structure. Its 9.50% Series A Perpetual Preferred Stock trades on the New York Stock Exchange under the ticker BMNP. Lee has previously said staking income could help finance dividend payments on the preferred shares.
Lee points to legislation, tokenisation and AI
Lee continued to argue that Ethereum and other major cryptocurrencies could rise further, saying ETH was the best-performing macro asset in the third quarter through 4 September.
According to Lee, it had outperformed the S&P 500 by 5,430 basis points. He also identified Ethereum, Bitcoin and Solana as the three strongest-performing assets since 30 June.
He said that performance could encourage institutional fund managers to increase their exposure to digital assets, although that remains his market assessment and does not confirm that fund managers have made new purchases.
“We believe there are multiple positive catalysts as we head into the final months of 2026,” Lee said.
The factors he highlighted included an expected mid-September vote on the CLARITY Act, renewed cryptocurrency buying by South Korean investors, the tokenisation of financial assets and the use of blockchain networks by artificial-intelligence agents.
The proposed timing of the congressional vote was cited by Lee and is not a guaranteed legislative timetable.
Lee believes tokenisation and AI-related activity could drive greater use of Ethereum than Bitcoin. He also linked demand for ETH to those two areas in August and predicted that Ethereum would outperform Bitcoin during the current market cycle.
His analysis points to initial coin offerings as a major source of Ethereum activity during the 2017-18 cycle, followed by non-fungible tokens in 2020-21 and stablecoins in 2025. He believes tokenised assets and AI agents operating on blockchain networks could play a similar role in Ethereum’s next period of growth.
Ethereum’s recent price movement has provided some support for that argument. In the week ending 24 August, ETH rose 29.3%, compared with a 21.4% increase for Bitcoin.
Tom DeMark, founder of DeMark Analytics and an adviser to BitMine, gave a separate technical assessment in the company’s update. He said ETH had traded sideways throughout August without breaking lower, allowing a 12-day bearish signal to expire.
“We believe this further supports the continuation of the prior uptrend,” DeMark said. He added that a sharp one-day increase during the previous week might have offered a preview of the move he expects next.
His comments remain a forecast and do not guarantee another rise in Ethereum’s price.
BMNR offers indirect exposure to Ethereum
BitMine’s publicly traded shares give U.S. investors indirect exposure to a company whose balance sheet is heavily linked to Ethereum.
Fundstrat said in August that BMNR had an 80% correlation with ETH in an analysis of 17 large-cap cryptocurrency-linked stocks. It did not disclose the period used for that calculation.
BitMine said BMNR had risen 99% during the third quarter, making it the fourth-best-performing stock in the Russell 1000 over that period. The index gained 3%, while four cryptocurrency-related companies were among its 21 strongest performers, according to the company.
BitMine joined the Russell 1000 large-cap index on 26 June. Fundstrat data cited by BitMine showed that BMNR had average daily trading volume of $1.1bn during the five sessions ending 4 September. That placed it 81st among 5,704 U.S.-listed stocks.
The company’s share price is not determined solely by movements in ETH. Staking income, operating costs, financing decisions and the performance of its other investments can also affect BMNR. Its reported $15.7bn asset total includes the Beast Industries and Eightco Holdings stakes, as well as cash, Bitcoin and marketable securities.
BitMine said its Ethereum holdings made it the world’s largest corporate ETH treasury and the second-largest cryptocurrency treasury overall, behind Strategy.
The company cited Strategy’s reported holding of 840,447 BTC, valued at approximately $66bn.
