Bitmine Immersion Technologies bought another 28,086 Ethereum tokens last week, taking its total holdings to 5.93 million ETH as the company moves closer to its goal of owning 5% of Ethereum’s supply.
Using Bitmine’s reference price of $2,495 per token, the latest purchase was worth about $70 million. The company did not disclose its acquisition cost.
Weekly ETH purchases continue
In a statement, Bitmine Chairman Tom Lee said, 「Bitmine's track record of consistent buying of crypto is unmatched by any public company in the world. Bitmine has bought ETH each and every week since the inception of the ETH Treasury Strategy on June 30, 2025.」
Decrypt disclosed that Lee is an investor in Dastan, Decrypt’s parent company.
The latest buy was smaller than the 53,501 ETH purchase announced a week earlier. According to the company, Bitmine has been buying Ethereum every week since launching its treasury strategy in June 2025.
Holdings and target progress
As of Sept. 7, Bitmine valued its Ethereum at about $14.8 billion, while its combined holdings stood at $15.7 billion.
That total includes:
- 211 BTC;
- $593 million in cash and marketable securities;
- a $180 million stake in Beast Industries;
- a $91 million stake in Eightco Holdings.
Bitmine said its ETH represents about 4.9% of Ethereum’s supply. In its latest release, the company said it is 97% of the way toward its 5% target, versus 98% in the previous announcement, even after the additional purchases.
About 85% of holdings are staked
While continuing to accumulate ETH, Bitmine has staked roughly 5.1 million tokens, about 85% of its holdings. Lee said annualized staking revenue is now projected at $330 million.
As Bitmine gets closer to its 5% ownership target, it remains unclear whether purchases will continue after that mark is reached. Lee said in May that the company would slow its buying to avoid hitting the goal too early.
Lee’s comments on asset performance
Lee said Ethereum was the best-performing major asset in the third quarter through last Friday, beating the S&P 500 by 54.3 percentage points.
He added, 「In fact, the top 3 performing assets since June 30th are ETH, BTC and SOL. 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.」
Moves by other digital asset treasury companies
Bitmine’s weekly buying comes as other companies with digital asset treasury strategies continue to adjust their holdings and investment plans heading into 2026.
Strategy, led by Michael Saylor and still the largest corporate Bitcoin holder, bought no Bitcoin in the week through Sept. 7. The week before, it had purchased $370 million worth of Bitcoin and spent $176.3 million repurchasing preferred stock.
Strive, a Nasdaq-listed asset manager and Bitcoin treasury company, announced a $143 million Bitcoin purchase on Aug. 31. SharpLink, an Ethereum treasury company, said it plans to stake $200 million in ETH through Lido to earn rewards.