Bitmine Immersion Technologies has pushed its Ethereum holdings above 6 million ETH after another week of aggressive buying, bringing the company closer to its long-term goal of owning 5% of Ethereum’s total supply.
According to Bitmine’s latest holdings update, the company purchased an additional 15,112 ETH over the past week. That took its total Ethereum treasury to 6,016,414 ETH, valued at roughly $16.4 billion based on a reference price of $2,726 per token.
Bitmine now controls around 4.9% of Ethereum’s estimated 122.1 million token supply, putting it just short of its stated 5% target.
Bitmine continues weekly ETH accumulation
Bitmine has maintained a steady Ethereum buying strategy since launching its treasury initiative on June 30, 2025.
Chairman Tom Lee said the company has bought ETH every single week since the strategy began, highlighting the consistency behind its accumulation approach.
The latest purchase comes after Bitmine acquired 17,362 ETH in late September, a move that pushed its holdings above the 6 million ETH milestone for the first time.
At that stage, the company held 6,001,302 ETH and had already reached roughly 98% of its target to own 5% of Ethereum’s total supply.
The latest 15,112 ETH purchase has moved Bitmine even closer to that goal.
Bitmine has staked 84% of its Ethereum holdings
A large portion of Bitmine’s Ethereum treasury is now being put to work through staking.
The company has staked 5,067,309 ETH, worth approximately $13.8 billion, through its MAVAN platform and external staking partners.
That means around 84% of Bitmine’s total Ethereum holdings are currently committed to staking.
Based on a seven-day annualized yield of 2.63%, Bitmine estimates that its existing staking position could generate around $363 million in annual revenue.
If the company eventually stakes its entire ETH balance, projected annual staking rewards could rise to approximately $431 million using the same yield assumption.
MAVAN becomes a major part of Bitmine’s Ethereum strategy
MAVAN, short for Made in America Validator Network, was launched earlier in 2026 as part of Bitmine’s broader Ethereum strategy.
The platform was originally designed to support Bitmine’s own large-scale ETH holdings, but the company has since opened the infrastructure to institutional investors, custodians and other participants in the crypto ecosystem.
Staking is already becoming one of Bitmine’s most important revenue streams.
During the three months ended May 31, the company reported $45.7 million in staking and validation revenue. That accounted for roughly 98% of its $46.5 million quarterly revenue.
As Bitmine’s Ethereum treasury has expanded, so has the scale of its staking operation.
The company had approximately 4.9 million ETH staked when those quarterly results were reported in July. Its latest disclosed staking balance now stands at more than 5.06 million ETH.
Interestingly, the staked amount remained unchanged in the most recent update even though Bitmine continued buying more ETH.
Tom Lee remains bullish on Ethereum
Tom Lee has continued to express a positive outlook on Ethereum and the broader crypto market.
In the latest company update, Lee highlighted Ethereum’s third-quarter performance relative to traditional markets.
According to Bitmine, ETH outperformed the S&P 500 by 6,832 basis points during the third quarter of 2026.
Lee said this performance was notable because it came despite several macroeconomic pressures, including higher oil prices, rising global bond yields, tighter financial conditions and a more hawkish Federal Reserve.
His latest comments follow a series of bullish statements about the crypto market.
In September, Lee said a new crypto bull market was already underway after Bitmine purchased 27,562 ETH and pushed its total holdings close to 5.98 million tokens.
Bitmine said Lee is also expected to publish his October chairman’s message under the title “Crypto bull underway — this cycle likely the largest.”
He is scheduled to speak at Token2049 in Singapore on Oct. 7.
Bitmine’s total holdings reach $17.4 billion
Ethereum represents the largest portion of Bitmine’s balance sheet, but the company also holds several other assets.
As of Oct. 4, Bitmine reported:
- 6,016,414 ETH
- 214 Bitcoin
- $643 million in cash and marketable securities
- A $180 million stake in Beast Industries
- A $117 million position in Eightco Holdings
Combined, Bitmine said its crypto holdings, cash, securities and other investments were worth approximately $17.4 billion.
The company has described its Beast Industries and Eightco positions as “moonshots,” suggesting they are higher-risk investments with potentially significant upside.
Bitmine also says its Ethereum position makes it the world’s largest corporate ETH treasury and the second-largest corporate crypto treasury overall behind Strategy.
Bitmine is also buying back its own shares
The company’s capital strategy is not limited to Ethereum purchases.
Bitmine has also been actively repurchasing its own stock.
According to Lee, the company bought back approximately 21 million BMNR shares during the first nine months of 2026.
He described the program as the largest crypto treasury equity buyback to date.
By late July, Bitmine had already repurchased around 6.1 million shares while continuing to expand its Ethereum holdings.
Lee also pointed out that BMNR shares fell approximately 3% during the first nine months of 2026, while ETH declined about 10% over the same period.
According to his comparison, Bitmine stock outperformed Ethereum by 731 basis points during that period.
Trading activity remains high
Investor interest in Bitmine shares has remained elevated as the company continues expanding its Ethereum treasury.
Citing Fundstrat data, Bitmine said BMNR recorded average daily dollar trading volume of approximately $827 million over the five trading days through Oct. 2.
That placed the stock 125th among 5,704 U.S.-listed equities by trading volume.
The high level of trading activity suggests that Bitmine’s Ethereum accumulation strategy continues to attract significant attention from both crypto-focused and traditional market investors.
Ethereum remains the core of Bitmine’s strategy
Ether was trading near $2,711 at the time of the company’s update, up slightly on the day.
ETH had gained more than 10% over the previous month and more than 50% over the past three months.
For Bitmine, Ethereum remains the centerpiece of its treasury strategy.
With more than 6 million ETH already accumulated and 84% of that balance currently staked, the company is combining long-term asset accumulation with recurring staking income.
Its next major milestone will likely be reaching the 5% ownership target.
If Bitmine continues buying ETH at its current pace, the company could soon become one of the most influential institutional holders within the Ethereum ecosystem.
Disclaimer: This article is for informational and educational purposes only and should not be considered financial or investment advice. Cryptocurrency markets are highly volatile, and investors should conduct their own research before making any financial decisions.
