BitMine Immersion Technologies has added another 27,562 ETH to its balance sheet, extending an uninterrupted accumulation campaign that has turned the Tom Lee-chaired company into the world’s largest corporate holder of Ethereum. The company said Monday that it acquired the tokens during the week ending September 20, increasing its holdings to 5,983,940 ETH. The newly acquired ETH was worth approximately $75 million at market prices around the announcement, although BitMine did not disclose its actual average acquisition price.
At the $2,688 reference price BitMine used in its September 21 disclosure, its Ethereum position was worth roughly $16.1 billion. Including 212 BTC, cash, marketable securities and what the company describes as “moonshot” investments, BitMine reported total holdings of $17.1 billion.
BitMine Moves Within Reach of Its 5% Ethereum Target
The latest acquisition follows another purchase of 27,180 ETH disclosed one week earlier. On September 14, BitMine reported 5,956,378 ETH and total crypto, cash, securities and other investments worth $15.8 billion. BitMine now says its 5.98 million ETH represents approximately 4.9% of Ethereum’s circulating supply of 122.1 million tokens. That puts the company about 98% of the way toward its self-described “Alchemy of 5%” objective of owning 5% of the network’s ETH supply. The scale also separates BitMine significantly from other publicly traded Ethereum treasury companies. The Block reported that Sharplink holds about 888,938 ETH, while The Ether Machine has approximately 496,712 ETH. BitMine is also the second-largest public corporate crypto treasury overall by asset value, behind Strategy’s Bitcoin holdings.
A growing portion of BitMine’s ETH is generating staking income rather than remaining idle. As of September 20, the company reported 5,067,309 ETH staked, representing roughly 85% of its entire Ethereum position. At its current staking level, BitMine projects approximately $357 million in annualized staking revenue. If its entire ETH treasury were staked at the cited 2.62% annualized yield, the company estimates annual rewards could reach approximately $421 million.
Lee Expects Institutional Crypto Exposure to Increase
The latest purchase came as Ethereum rallied sharply during the third quarter. BitMine said ETH had outperformed the S&P 500 by 6,519 basis points quarter-to-date, strengthening the investment thesis behind its aggressive accumulation strategy. Lee argued that a crypto bull market has been underway since late June, citing a rotation from artificial-intelligence equities toward crypto, improving fundamentals around tokenization and AI, and what he views as the end of the traditional four-year crypto cycle. He also said institutional investors remained underweight digital assets during much of 2026 and expects them to increase exposure during the final three months of the year. That remains Lee’s market view rather than an established outcome, but it helps explain why BitMine has continued accumulating ETH despite the cryptocurrency’s substantial third-quarter appreciation.
BitMine has now purchased Ethereum every week since launching its ETH treasury strategy on June 30, 2025, according to Lee. Its latest disclosure suggests that accumulation has not slowed as the company approaches its 5% target. The strategy also creates substantial concentration risk. With nearly $16.1 billion represented by a single cryptocurrency, changes in ETH prices can produce large swings in BitMine’s reported asset value and equity valuation. Still, the latest 27,562 ETH addition brings BitMine unusually close to a milestone few public companies have attempted: controlling approximately one-twentieth of the circulating supply of a major cryptocurrency while simultaneously deploying most of that treasury into staking.
