Bitmine Immersion Technologies added another 17,362 ETH over the past week, a purchase valued at just under $47 million based on the $2,698 snapshot price used in its press release.
As of Friday afternoon, the company held 6,001,302 ETH worth about $16.2 billion. That equals 4.9% of the 122.1 million Ethereum tokens in circulation. Bitmine calls the goal the “Alchemy of 5%” and said it is 98% of the way there in 15 months.
Total holdings rise to $17.2 billion after including the rest of the balance sheet: 213 BTC, $672 million in cash and marketable securities, and two equity stakes listed under “moonshots” — $180 million in Beast Industries and $115 million in Eightco. Bitmine described Eightco as one of the only listed vehicles offering indirect exposure to OpenAI.
Most of the ETH has been staked
Bitmine said 5,067,309 ETH, or 84% of its holdings, has been staked. At current values, that portion is worth about $13.7 billion. Most of the staking has been done through MAVAN, the institutional staking platform the company built for its own treasury before opening it to outside investors.
Using a 7-day annualized yield of 2.62%, Lee said current projected staking revenue stands at $358 million a year. If all of the company’s ETH were staked, that figure would rise to $424 million. Lee said, “Bitmine has staked more ETH than other entities in the world.”
Weekly ETH purchases since June 30, 2025
Bitmine has added Ethereum every week since the strategy began on June 30, 2025. Lee said that record is “unmatched by any public company in the world.”
ETH was trading around $2,700 at the time of the report, still well below its highs. Lee argued that it has been the best-performing macro asset of the quarter, saying it has outperformed the S&P 500 by roughly 67 percentage points since the end of June.
Lee also said the market has turned. In his words, a crypto bull market began in late June. He added: “In our view, institutions are still underweight crypto and we expect them to be adding to their exposure in the final months of 2026.”
Second-largest corporate crypto treasury
Bitmine is now the largest Ethereum treasury and the second-largest corporate crypto treasury of any kind, behind Bitcoin treasury firm Strategy. Strategy now holds 847,666 BTC worth roughly $71 billion.
Its backers include ARK’s Cathie Wood, Founders Fund, Pantera, Kraken, Galaxy Digital and Bill Miller III.
