Bitmine Immersion Technologies said it bought another 27,180 Ethereum last week, bringing its holdings to 5,956,378 ETH as of Sunday evening and moving the company closer to its goal of owning 5% of the token’s supply.
In a Monday announcement, the company said that stash was worth about $14.89 billion and accounted for roughly 4.9% of Ethereum’s supply.
The latest purchase was slightly smaller than the previous week’s addition of 28,086 ETH, which had lifted Bitmine’s holdings to 5.93 million tokens.
Weekly ETH buying has continued since June 30, 2025
Chairman Tom Lee said again on Monday that Bitmine has bought Ethereum every week since launching its treasury strategy on June 30, 2025.
"As we enter the final month of calendar Q3 2026, ETH is the best-performing macro asset during the quarter, outperforming the S&P 500 by 5,866bp through last Friday. In fact, the top 3 performing assets since June 30th are ETH, SOL and BTC," Lee said in a statement.
"We believe this sets the stage for institutions to add to their crypto holdings given the substantial outperformance of crypto versus other macro assets in calendar Q3 so far," he added.
Bitmine values total holdings at $15.8 billion
Bitmine said its total holdings were valued at $15.8 billion, including its Ethereum position, 212 Bitcoin, $549 million in cash and securities, and stakes in Beast Industries and Eightco Holdings worth $180 million and $98 million, respectively.
About 85% of the company’s Ethereum, or 5.07 million ETH, is staked. Bitmine said that position generates projected annualized revenue of $334 million at a 2.62% yield.
Lee said revenue could reach $392 million if all of the company’s ETH were staked through MAVAN and its partners, although both projections depend on token prices and yields.
SharpLink and Strategy disclosed separate moves
Rival Ethereum treasury company SharpLink said in August that it planned to stake $200 million through Lido. It will receive tokens representing its staked Ethereum and rewards, allowing the company to use that position in decentralized finance applications.
At the same time, while companies including Bitmine have continued buying altcoins, Bitcoin treasury giant Strategy bought no Bitcoin in the week through September 13. According to a Monday filing, the company spent another $139 million repurchasing preferred shares.