Bitmine Buys 28,086 ETH, Nears 5% of Ethereum’s Total Supply

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Bitmine Immersion Technologies said on Sept. 8 that it added 28,086 Ethereum (ETH) to its treasury in the seven days through Sept. 7. At Tuesday’s market price of approximately $2,472, the purchase was worth around $69.4 million. Using the company’s own reference price of $2,495 per token, its total holdings of 5,929,198 ETH are now valued at approximately $14.8 billion.
The latest acquisitionwas smaller than the 53,501 ETH Bitmine purchased the previous week. Even so, it pushed the company to 97% of its target of owning 5% of Ethereum’s circulating supply, leaving it roughly 171,000 ETH short of the goal. Bitmine has purchased ETH every single week since launching its Ethereumtreasury strategy on June 30, 2025.

At last week’s pace, the company could reach the 5% threshold in fewer than seven weeks. Chairman Tom Lee said in May that Bitmine intended to slow its buying to avoid reaching the target too early, though no updated guidance on that plan has been issued since.

Staking Generates Projected $330M in Annual Revenue

Bitmine has staked approximately 5.07 million of its tokens, or about 85% of its total ETH balance, through its MAVAN platform and external staking partners. Those staked tokens are valued at roughly $12.6 billion. Based on a seven-day annualized yield of 2.61%, the company projects $330 million in annualstaking revenue.
Beyond ETH, Bitmine holds 211 Bitcoin (BTC), a $180 million stake in Beast Industries, and a $91 million stake in Eightco Holdings. Cash and marketable securities add another $593 million. Total assets across all holdings stood at $15.7 billion as of Sept. 7.

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Lee Cites Q3 Crypto Outperformance as Case for Institutions

Lee said ETH outperformed the S&P 500 by 54.3 percentage points in Q3 through Sept. 4. “The top 3 performing assets since June 30th are ETH, BTC and SOL,” he said. “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.”

Tom DeMark, founder of DeMark Analytics and a capital markets adviser to Bitmine, said his technical indicators support a continuation of ETH’s upward price trend. “ETH moved sideways without a downside break and the 12-day metric expired, which implies a renewal of the upside move,” DeMark said. ETH has been ranging between $2,400 and $2,500 for roughly two weeks, consolidating after a 35% rally in mid-August.

The bullish outlook sits alongside a significant paper loss. Bitmine carries $5.1 billion in unrealized losses on its ETH position, accordingto Dropstab data, as Ethereum has fallen 16% since the start of 2026. The company’s NYSE-listed BMNR shares were down more than 2% at the Sept. 8 market open, pushing its year-to-date decline into double-digit percentage territory.
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