Bitmine Buys 27,562 More ETH, Nears 6 Million Tokens and 5% of Ethereum’s Supply
Ethereum treasury company Bitmine Immersion Technologies has added another 27,562 ETH to its balance sheet, a purchase that pushes the company to the doorstep of two separate milestones at once: nearly 6 million ETH in total holdings, and a stated goal of controlling roughly 5% of Ethereum’s entire circulating supply. Here is what the numbers mean and why the company keeps buying every single week.
What Bitmine bought, and what it now holds
Bitmine disclosed the purchase covering the week ending September 20, worth an estimated $74 million to $75 million at the time of acquisition. The buy lifts the company’s total ether holdings to 5,983,940 ETH — just over 16,000 tokens short of the 6 million mark. Combined with its cash, marketable securities, and other strategic holdings, Bitmine’s total balance sheet now stands at roughly $17.1 billion, alongside a small residual position of 212 bitcoin.
Bitmine posts these weekly holdings updates directly on its own account. Its most recent public disclosure in this exact format, covering the prior week, shows the pattern of consistent accumulation this latest purchase continues (the account’s posted weekly total for that specific update was 27,180 ETH, close to but not identical to this week’s 27,562 ETH figure, reflecting the normal week-to-week reporting cadence rather than the same transaction):
Why 5% of supply is the number that matters
Bitmine’s latest haul brings its ether stake to approximately 4.9% of Ethereum’s total supply, putting the company 98% of the way toward a publicly stated target it calls the “Alchemy of 5%” — accumulating roughly 5% of all ETH in existence. The company has pursued this goal through consistent weekly purchases since launching its Ethereum treasury strategy on June 30, 2025, sourcing coins primarily through over-the-counter channels such as Kraken and FalconX rather than moving large blocks directly on public exchanges.
Staking adds a second income stream
Bitmine does not simply hold its ether passively. The company stakes roughly 85% of its holdings, generating yield through its MAVAN platform, with projected annualized staking revenue reported at approximately $357 million. That staking income sits on top of any price appreciation in the underlying asset, giving the company a recurring cash flow stream that sets its strategy apart from a pure buy-and-hold approach.
Chairman Tom Lee’s bull case
Bitmine chairman Tom Lee, who is also the co-founder of Fundstrat, used the disclosure to reiterate his view that a broader crypto bull market is already underway, dating its start to late June. Lee has pointed to a rotation of capital away from artificial intelligence stocks and back into crypto, strengthening fundamentals tied to tokenization, and the approaching end of the traditional four-year crypto cycle as the drivers behind that call. He has also highlighted Ethereum’s outperformance against the S&P 500 by more than 6,500 basis points quarter-to-date as evidence the move has legs heading into the fourth quarter.
The bigger picture
With roughly $17.1 billion in combined holdings, Bitmine ranks as the largest Ethereum treasury company in the world and the second-largest crypto treasury globally behind Strategy’s 846,000 BTC position. Whether the company crosses the symbolic 6 million ETH threshold next week or the week after is largely a matter of timing at this point — the more consequential question is whether its pace of accumulation can be sustained as it approaches, and eventually reaches, its 5% supply target.
Cryptocurrency holdings, including corporate treasury positions in ether, are subject to significant price volatility, and staking carries its own technical and counterparty risks. This article is for informational purposes only. To learn more about how digital asset fundamentals work, visit coin680’s Bitcoin Academy.