Overview
- Last week, Bitmine purchased 28,086 ETH, valued at around $70 million based on its stated reference price.
- The company's total assets, including crypto, cash, and securities, amount to $15.7 billion.
- Bitmine has staked approximately 85% of its ETH, anticipating $330 million in annual staking income.
Bitmine Immersion Technologies recently expanded its Ethereum holdings by acquiring 28,086 tokens, resulting in a total of 5.93 million ETH as it nears its target of possessing 5% of the overall cryptocurrency supply.
This transaction was valued at roughly $70 million, calculated at a reference price of $2,495 per token, although the specific purchase price remains undisclosed.
Myriad: What will be Ethereum's next price move? Share your prediction.“Bitmine's consistent accumulation of cryptocurrency stands unmatched by any public company globally,” stated Tom Lee, Chairman of Bitmine. “We have purchased ETH weekly since the launch of our ETH Treasury Strategy on June 30, 2025.” (Note: Tom Lee is also an investor in Dastan, the parent company of Decrypt.)
This latest acquisition is smaller than the previous week's announcement of a purchase involving 53,501 ETH. Bitmine has maintained a weekly buying strategy since the inception of its treasury initiative in June 2025.
Lee noted that in the third quarter, Ethereum has outperformed major assets, surpassing the S&P 500 index by 54.3 percentage points.
“The top three performing assets since June 30th are ETH, BTC, and SOL,” he remarked. “This trend could encourage institutions to bolster their crypto holdings, given the significant outperformance of cryptocurrencies against other macro assets in Q3 thus far.”
As of September 7, Bitmine assessed its Ethereum holdings at about $14.8 billion, with total investments reaching $15.7 billion. This includes 211 bitcoin, $593 million in cash and liquid securities, a $180 million stake in Beast Industries, and a $91 million stake in Eightco Holdings.
Bitmine's ETH currently constitutes approximately 4.9% of the total Ethereum supply. The latest figures indicate that the company is 97% of the way toward its 5% goal, slightly down from 98% in the previous update despite the new acquisitions.
As the firm continues to amass ETH, it has staked around 5.1 million tokens, which is about 85% of its total holdings, with projected annual staking revenues at $330 million.
While Bitmine is nearing its 5% ownership target of Ethereum, it remains uncertain if they will continue to purchase beyond that point. Lee had mentioned in May that the company would reduce its buying pace to avoid reaching the target prematurely.
Bitmine's ongoing acquisitions occur as other companies with digital asset treasuries reevaluate their investment strategies for 2026.
In contrast, Michael Saylor's Strategy, the largest corporate Bitcoin holder, did not acquire any Bitcoin in the week ending September 7, following a $370 million purchase the week prior, while also spending $176.3 million on repurchasing preferred stock. Meanwhile, Strive, a Nasdaq-listed asset manager and Bitcoin treasury firm, reported a $143 million Bitcoin acquisition on August 31. SharpLink, another firm focusing on Ethereum treasury, plans to stake $200 million in ETH through Lido to generate rewards.