Bitmine has acquired $70 million worth of Ethereum, increasing its total to 5.93 million ETH as it approaches a 5% ownership goal of the total supply.
Summary
- Bitmine has acquired 28,086 ETH for approximately $70 million, raising its total Ethereum holdings to 5.93 million ETH.
- The company’s total assets, which include crypto, cash, and securities, are now valued at $15.7 billion.
- Approximately 85% of Bitmine's ETH has been staked, with projected annual staking income of $330 million.
Bitmine Immersion Technologies has made a significant move by purchasing 28,086 ETH, valued at around $70 million, bringing its total Ethereum holdings to 5.93 million tokens. This acquisition is part of the company's strategy to eventually hold 5% of the total Ethereum supply.
The transaction was assessed at a reference price of $2,495 per ETH, although the exact amount paid remains undisclosed. This purchase follows a larger acquisition of 53,501 ETH the previous week.
Tom Lee, Chairman of Bitmine, emphasized the company's unique position in the market, stating, "Bitmine's consistent accumulation of cryptocurrency stands unmatched by any public company globally." He highlighted that the firm has been acquiring ETH weekly since initiating its ETH Treasury Strategy on June 30, 2025.
In Q3, Ethereum has significantly outperformed major assets, exceeding the S&P 500 index by 54.3 percentage points. Lee noted that ETH, BTC, and SOL have been the top performers since the end of June, which may prompt more institutional investments in cryptocurrencies.
As of September 7, Bitmine's Ethereum holdings were valued at about $14.8 billion, contributing to a total asset value of $15.7 billion. This includes 211 bitcoins, $593 million in cash and liquid securities, and stakes in various companies.
Bitmine's ETH now represents approximately 4.9% of the total Ethereum supply, slightly down from 98% toward its 5% goal after the latest purchases. The firm has staked around 5.1 million ETH, or 85% of its total holdings, with expected annual staking revenues of $330 million.
While Bitmine approaches its ownership target, it remains unclear whether the company will continue to buy ETH beyond that point. Lee previously indicated a desire to slow acquisitions to prevent prematurely reaching the target.
As Bitmine continues its strategy, other companies are reevaluating their digital asset investments for 2026. For instance, Michael Saylor's company did not make any Bitcoin purchases recently, while Strive reported a $143 million Bitcoin acquisition and SharpLink plans to stake $200 million in ETH through Lido.
