Bitmine Immersion Technologies (NYSE: BMNR) said it bought another 27,180 Ethereum (ETH) over the past week, extending its accumulation streak after previously reaching 66 consecutive weeks of purchases. In an update released on Sept. 14 Taipei time, the company said its combined crypto assets and cash had reached $15.8 billion and that it has now completed 98% of its goal of holding 5% of the global ETH supply.
ETH holdings rose to 5,956,378 coins
According to the company’s disclosure, Bitmine held 5,956,378 ETH as of Sept. 13 Eastern Time. Using Coinbase pricing of $2,513 per ETH, the company said the position accounts for about 4.9% of Ethereum’s total supply.
Bitmine said that since launching its “ETH Treasury Strategy” in June 2025, it has taken about 15 months to reach 98% of its “Alchemy of 5%” target, which refers to holding 5% of the world’s ETH supply. The company described itself as the most consistent buyer among publicly listed companies.
Asset base reaches $15.8 billion
Beyond its core ETH position, Bitmine disclosed several other assets in the report. The company said its total asset base has reached $15.8 billion, including:
- 212 Bitcoin (BTC)
- A $180 million equity stake in Beast Industries
- A $98 million equity stake in Eightco Holdings (ORBS), which the company described as indirect exposure to OpenAI
- $549 million in cash and marketable securities
About 85% of ETH has been staked
Bitmine said it has deployed about 85% of its ETH holdings into staking. That amounts to roughly 5,067,309 ETH with a stated value of about $12.7 billion.
The staking is being run through MAVAN, short for Made in America VAlidator Network, a validator network built by Bitmine and opened to institutional users. Based on the current 7-day annualized yield of 2.62%, the company estimated annualized staking income of about $334 million. If all of its ETH were eventually staked through that network, Bitmine said the figure could reach as much as $392 million a year.
Tom Lee pointed to four catalysts
Bitmine Chairman Tom Lee said in the release that the ETH/BTC ratio has climbed to its highest level since early 2026 and is forming a new uptrend.
He also said Ethereum has been the best-performing macro asset in the third quarter, outperforming the S&P 500 by 5,866 basis points.
Looking ahead, Lee named four catalysts for the crypto market:
- A congressional vote in mid-September on the U.S. CLARITY Act
- A rotation of South Korean capital out of AI-related stocks and back into crypto
- The four-year cycle approaching a bottom
- Long-term tailwinds from tokenization and agentic AI
Lee is expected to give a further keynote on Sept. 30 at Korea Blockchain Week in Seoul.