Overview
- Last week, Bitmine acquired 27,180 ETH, raising its total to nearly 5.96 million tokens.
- The company's overall assets, including crypto, cash, and investments, amount to $15.8 billion.
- About 85% of its Ethereum is currently staked, yielding an expected annual revenue of $334 million.
Bitmine Immersion Technologies has added 27,180 Ethereum tokens to its portfolio in the past week, bringing its total holdings close to 6 million ETH as it aims for a 5% share of the cryptocurrency's overall supply.
In a statement released on Monday, Bitmine reported that it possesses 5,956,378 ETH valued at around $14.89 billion as of Sunday, equating to roughly 4.9% of Ethereum's circulating supply.
Myriad: What's next for Ethereum's price? Make your prediction here.This latest purchase was slightly below the previous week’s acquisition of 28,086 ETH, which had raised Bitmine's holdings to 5.93 million tokens.
Tom Lee, Chairman of Bitmine, reiterated that the company has consistently purchased Ethereum each week since it initiated its treasury strategy on June 30, 2025. (Note: Lee is an investor in Dastan, the parent company of Decrypt.)
"As we approach the end of Q3 2026, ETH has emerged as the leading macro asset this quarter, surpassing the S&P 500 by 5,866 basis points as of last Friday. The top three performing assets since June 30 are ETH, SOL, and BTC," Lee stated. "This strong performance indicates that institutions may begin increasing their crypto allocations, given the significant outperformance of crypto against traditional macro assets in Q3."
Bitmine's total asset valuation stands at $15.8 billion, which includes its Ethereum holdings, 212 Bitcoin, $549 million in cash and securities, and investments in Beast Industries and Eightco Holdings valued at $180 million and $98 million, respectively.
Approximately 85% of Bitmine's Ethereum, or 5.07 million ETH, is staked, generating an expected annual revenue of $334 million at a yield of 2.62%. Lee mentioned that if all Ethereum were staked through MAVAN and its partners, revenue could potentially rise to $392 million, though these figures are contingent on token prices and yields.
In a similar vein, rival Ethereum treasury firm SharpLink announced in August its plans to stake $200 million via Lido, which will allow it to obtain tokens that represent its staked Ethereum and associated rewards for use in decentralized finance applications.
While companies like Bitmine are on an altcoin acquisition spree, Bitcoin treasury giant Strategy has not purchased any Bitcoin in the week ending September 13, opting instead to spend $139 million on repurchasing preferred shares, as disclosed in a filing on Monday.