Bitmine Immersion Technologies bought another 27,180 Ethereum tokens last week, bringing its holdings to nearly 6 million ETH as it approaches its goal of owning 5% of the cryptocurrency’s supply.
In its Monday announcement, Bitmine said it held 5,956,378 ETH, worth approximately $14.89 billion, as of Sunday evening, representing roughly 4.9% of Ethereum’s supply.
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The purchase was slightly smaller than the previous week’s addition of 28,086 ETH, which lifted its holdings to 5.93 million tokens.
Bitmine Chairman Tom Lee once again noted today that the company has bought Ethereum every week since starting its treasury strategy on June 30, 2025. (Disclosure: Lee is an investor in Dastan, Decrypt’s parent company.)
"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."
Bitmine valued its total holdings at $15.8 billion, including its Ethereum, 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 its Ethereum—5.07 million ETH—is staked, generating projected annualized revenue of $334 million at a 2.62% yield. Lee said revenue could reach $392 million if all its ETH were staked through MAVAN and its partners, though both projections depend on token prices and yields.
Rival Ethereum treasury company SharpLink announced plans in August to stake $200 million through Lido. It will receive tokens representing its staked Ethereum and rewards, allowing it to use the position in decentralized finance applications.
While companies, including Bitmine, have gone on an altcoin buying spree, Bitcoin treasury giant Strategy, meanwhile, bought no Bitcoin in the week through September 13. It spent another $139 million buying back preferred shares, according to a Monday filing.
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