BitMine Immersion Technologies is 103,698 ETH short of its ambition to own 5% of Ethereum’s total supply, with the company’s next capital decision increasingly shaped by the value of its shares.
The Ethereum treasury company said on Sept. 28 that it held 6,001,302 ETH, based on its latest estimate of the network’s total supply. At BitMine’s Sept. 27 reference price, buying the remaining tokens would cost about $279.8 million.
BitMine reported $672 million in cash and marketable securities on the same date. That means the estimated purchase would represent roughly 42% of its available pool, although ETH’s price and supply can change and the company has not set aside the money specifically for the purchase.
BitMine said it bought 17,362 ETH in the latest week, down about 37% from the 27,562 ETH reported in the previous week. The company says it has purchased ETH every week since beginning its strategy in June 2025.
However, the company has previously chosen share buybacks over a faster increase in its Ethereum holdings. In July, BitMine repurchased about 5.5 million BMNR shares at an average price of $15.6156, spending roughly $85.9 million, while buying 7,430 ETH that week. Chairman Tom Lee said the slower pace of ETH purchases reflected the buyback.
That decision does not determine what BitMine will do next, but it shows that management has considered the relative value of purchasing Ethereum and buying back its own shares. Other options include retaining liquidity or generating income from the ETH already on its balance sheet.
A Sept. 24 study by DWF Labs found that only four of the 20 largest digital asset treasury companies in its sample, measured by assets under management, were trading above one times the value of their cryptocurrency holdings. That ratio is known as mNAV.
Companies able to issue shares at a premium can use that capital to buy tokens without creating the same level of dilution pressure. DWF said management decisions and capital structures would become more important if those premiums decline.
The relationship between BitMine’s share price and its crypto holdings could therefore become central once the 5% target is achieved. Although the company does not appear to face an immediate cash constraint at its reported reference price, investors will assess whether another ETH purchase offers greater value than other uses of capital.
Staking provides another route
BitMine said 5,067,309 ETH, or about 84% of its holdings, was staked as of Sept. 27. Using a seven-day measured yield of 2.62%, it projects annualised staking revenue of $358 million at that balance.
If all of its ETH were staked, the company estimates annualised rewards of $424 million. It also said its MAVAN staking platform had expanded to serve institutions, custodians and partners.
Lee signalled in July that BitMine would take a gradual approach to the 5% threshold while increasing spending on staking, infrastructure and Ethereum-related investments. After the target is reached, the balance between ETH per share, staking returns, cash reserves and BMNR repurchases is likely to receive greater attention.
Lee is due to speak at Korea Blockchain Week on Sept. 30 in a keynote titled “Ethereum’s Wall Street Moment”. His remarks may provide more detail on BitMine’s plans, which currently show it can afford to complete the target under its price assumptions but leave its subsequent capital strategy less clear.
