Bitmine Nears 5% Ethereum Supply Target With Latest ETH Purchase

TLDR

Bitmine Immersion Technologies raised its Ethereum holdings to 5.96 million ETH, worth close to $15 billion.
The company now owns about 4.9% of Ethereum’s total supply and is 98% of the way to its 5% target.
Bitmine has staked over 5 million ETH through its MAVAN platform, projecting $334 million in yearly staking income.
Ethereum outperformed the S&P 500 by 5,866 basis points in the third quarter of 2026.
Bitmine’s total crypto and cash holdings now stand at $15.8 billion.

Bitmine Immersion Technologies has grown its Ethereum treasury to 5.96 million ETH. The company announced the update on September 14, 2026.

The purchase brings Bitmine’s total holdings to about 4.9% of Ethereum’s supply. Based on 122 million ETH in circulation, the firm is now 98% of the way toward its stated goal of owning 5% of all Ethereum.

Bitmine calls this goal the “Alchemy of 5%.” The company has been buying ETH every week since starting its treasury strategy on June 30, 2025.

Over the past week, Bitmine added 27,180 ETH to its holdings. At a price of $2,513 per ETH, the company’s Ethereum alone is worth close to $15 billion.

Staking Makes Up Most of the Holdings

Bitmine has staked 5,067,309 ETH through MAVAN, its own institutional staking platform. That figure represents about 85% of the company’s total Ethereum holdings.

The staked position is worth approximately $12.7 billion. MAVAN was built to support Bitmine’s own treasury but has since expanded to serve outside institutional investors.

The current seven-day staking yield is 2.62%. Based on that rate, Bitmine projects roughly $334 million in annual staking income from its current holdings.

If the company reaches its full 5% target, it expects staking income to rise to about $392 million per year.

Bitmine’s broader portfolio includes more than Ethereum. The company reported $549 million in cash and marketable securities, along with 212 Bitcoin.

It also holds a $180 million stake in Beast Industries and about $98 million in Eightco Holdings. Bitmine describes the Eightco position as indirect exposure to OpenAI.

Combined, these assets bring Bitmine’s total crypto, cash, and investment holdings to $15.8 billion.

Ethereum Outperforms Other Assets in 2026

Ethereum has been the top performing major asset in the third quarter of 2026. The cryptocurrency beat the S&P 500 by 5,866 basis points during that period.

Bitmine Chairman Tom Lee said the ETH to BTC price ratio reached its highest level since January 30, 2026. He described this as a new uptrend for Ethereum relative to Bitcoin.

Lee pointed to Ethereum’s growing role in Wall Street tokenization and agentic AI applications as factors behind the move. Technical analyst Tom DeMark also forecast a sharp upward price move for Ethereum in the coming weeks, based on the asset’s trading pattern in August.

Bitmine pointed to several factors that could shape the crypto market later in 2026. These include a scheduled vote on the CLARITY Act and renewed buying from Korean investors.

Bitmine holds the largest Ethereum treasury in the world. It ranks as the second largest crypto treasury overall, behind Strategy Inc, which holds 845,080 Bitcoin valued at roughly $71 billion.

Bitmine stock also trades under a large volume. The company reported an average daily dollar volume of $924 million, ranking 98th among all US listed stocks.

Tom Lee is scheduled to deliver a keynote address at Korea Blockchain Week on September 30, 2026, in Seoul. The talk will focus on Ethereum’s role in the current market cycle.