Highlights
- BitMine added 27,180 ETH over the past week, lifting its treasury to 5,956,378 tokens worth roughly $15 billion
- The stash equals 4.9% of Ethereum's 122 million-token supply — 98% of the way to chairman Tom Lee's "Alchemy of 5%" target
- Combined crypto, cash and securities holdings reached $15.8 billion, with 5,067,309 ETH staked for a projected $334 million in annualized yield
- ETH's exchange rate against Bitcoin has climbed to its highest level since January 30, adding a technical tailwind to the buying spree
BitMine Immersion Technologies bought another 27,180 ETH in the week ending September 13, bringing its total holdings to 5,956,378 tokens and extending a buying streak that has run without a break since June 30, 2025. At roughly $2,513 per ETH, the newest purchase alone was worth about $68 million, and the full position now sits close to $15 billion.
That stash represents 4.9% of Ethereum's entire 122 million-token supply, putting the company within striking distance of the 5% threshold chairman Tom Lee has called the firm's “Alchemy of 5%” goal — a target BitMine now says it has reached 98% of. Layered on top of the ETH position, BitMine's own disclosure lists 212 BTC, a $180 million stake in Beast Industries, a $98 million stake in Eightco Holdings, and $549 million in cash and marketable securities — pushing the combined balance sheet to $15.8 billion.
Roughly 85% of the ETH position, 5,067,309 tokens worth about $12.7 billion, is actively staked through the company's MAVAN infrastructure. BitMine says that book is currently yielding an annualized 2.62%, translating to a projected $392 million a year in staking rewards at full scale, with $334 million already running at current levels. That yield stream has become as central to the BitMine thesis as the treasury itself: it converts a static ETH holding into a recurring cash-flow business, something few corporate crypto treasuries have managed to replicate at this size.
ETH Outperforming Bitcoin Adds a Tailwind
The purchase lands as the ETH/BTC exchange rate pushes to its strongest level since January 30, having rebounded to a three-month high near 0.033 after months of consolidation against an ascending trendline from June's lows. For a company whose entire balance sheet is levered to Ethereum specifically rather than crypto broadly, that relative strength matters more than Bitcoin's own price action — it means BitMine's treasury has been compounding gains against BTC as well as the dollar. Tom Lee pointed to the same ratio move in the company's own disclosure, framing it as evidence that “Ethereum's strengthened position” is starting to show up in the numbers rather than just the narrative.
BitMine has now held the top spot among corporate ETH treasuries for over a year, a run that began within weeks of the company pivoting away from Bitcoin mining hardware and toward an Ethereum accumulation strategy in mid-2025. Its buying streak has continued through periods when ETH itself was flat or falling, a pattern that has drawn comparisons to MicroStrategy's Bitcoin-buying discipline — a comparison BitMine leans into directly, noting it now ranks second only to MicroStrategy's 845,080 BTC among all public-company crypto treasuries by dollar value.
With BMNR shares trading an average of $924 million a day, ranking 98th by dollar volume among all 5,704 US-listed stocks, and the company's addition to the Russell 1000 index in June, BitMine's ETH accumulation has effectively become a liquid proxy that institutional allocators can buy without touching a wallet. That structure is part of why each incremental weekly purchase — even one as large as this week's 27,180 ETH — tends to move markets less than the cumulative total does: investors are underwriting the strategy's consistency as much as any single week's number. The next test of that thesis comes later this month, with Tom Lee scheduled to keynote Korea Blockchain Week on September 30 as the CLARITY Act vote in the Senate adds fresh uncertainty to the regulatory backdrop BitMine is betting on. For now, the ETH/BTC ratio's climb and an uninterrupted 14-month buying record are the clearest signals that the market is still rewarding the bet.
