BitMine Immersion Technologies has added another 28,086 ETH to its balance sheet, extending a buying program that has turned the company into the world’s largest corporate holder of Ethereum. The latest purchase was worth approximately $70.1 million at the company’s reference price of $2,495 per ETH and lifted BitMine’s total holdings to 5,929,198 ETH as of Sept. 7. At the same reference price, the Ethereum treasury was valued at roughly $14.79 billion.
The acquisition brings BitMine close to a target that has defined its treasury strategy since the company adopted the plan on June 30, 2025. Using an estimated Ethereum supply of 122 million tokens, BitMine now controls about 4.9% of all ETH. The company says it has completed 97% of what it calls its “Alchemy of 5%” objective, which seeks ownership of 5% of the network’s supply.
Chairman Tom Lee said BitMine has purchased ETH every week since the strategy began. The latest transaction continues that pattern and follows several other weekly additions, including 53,501 ETH reported at the end of August. While the treasury itself is the most visible part of the strategy, BitMine is also using staking to turn a large share of those holdings into an operating revenue source.
BitMine’s Ethereum holdings reach 5.93 million tokens
The Sept. 8 treasury update showed that BitMine held 5,929,198 ETH after buying 28,086 tokens over the prior week. The company used a reference price of $2,495 to value the latest acquisition at around $70.1 million.
Its complete ETH position was worth approximately $14.79 billion at that same price. That valuation is not fixed. Since the balance sheet is heavily exposed to Ethereum, the reported market value can change significantly as ETH rises or falls.
BitMine’s accumulation has been consistent. A previous update on Aug. 31 showed a purchase of 53,501 ETH, which raised the company’s balance to 5,901,112 tokens. Earlier weekly additions included 9,926 ETH during the period ending Aug. 16 and another 32,447 ETH in the next update.
Lee said the company has continued buying Ethereum every week since June 30, 2025. That regularity distinguishes the strategy from a one-time treasury allocation and shows that BitMine is actively working toward a predefined ownership target.
The company is now only about 170,802 ETH short of its 5% target
BitMine bases its “Alchemy of 5%” target on an estimated Ethereum supply of 122 million ETH. Under that assumption, exactly 5% would equal approximately 6.1 million tokens.
With 5,929,198 ETH currently held, BitMine remains roughly 170,802 ETH below that level.
The required amount could still change because Ethereum’s total supply is not static. Any shift in the network’s supply would affect the exact number of ETH necessary to equal 5%.
For now, however, the company says it has completed around 97% of the plan. Its current holdings represent about 4.9% of the supply figure used in the latest announcement.
That concentration gives BitMine unusually direct exposure to Ethereum relative to most publicly traded companies. It also means that movements in ETH can have a major effect on the reported value of the company’s assets.
Ethereum is not the only asset on BitMine’s balance sheet
Although ETH dominates BitMine’s treasury, the company reported other holdings as of Sept. 7.
The balance sheet included 211 Bitcoin, approximately $593 million in cash and marketable securities, a $180 million stake in Beast Industries and a $91 million investment in Eightco Holdings.
BitMine valued its combined crypto assets, cash, securities and strategic investments at $15.7 billion.
This means the company’s financial exposure is not exclusively tied to Ethereum. However, the size of its ETH position makes Ethereum the central component of its asset base by a wide margin.
The other holdings may still affect the company’s overall valuation and stock performance, especially because cash, equity investments and Bitcoin can move independently from ETH.
Staking now involves more than five million ETH
BitMine’s strategy goes beyond accumulating tokens and holding them passively.
The company reported that 5,067,309 ETH had been placed into staking through its Made in America Validator Network, or MAVAN, and through external staking partners.
At the company’s $2,495 reference price, that staked position was worth approximately $12.6 billion.
It represented around 85% of BitMine’s total Ethereum holdings.
That level of deployment shows how staking has become an important operational component of the treasury strategy. Instead of relying only on potential appreciation in the ETH price, BitMine is also attempting to generate recurring revenue from participating in Ethereum validation.
BitMine projects about $330 million in annualized staking revenue
Management estimated that the currently staked ETH could generate approximately $330 million in annualized revenue.
That projection is based on a seven-day annualized staking yield of 2.61%.
If BitMine eventually stakes its entire ETH balance through MAVAN and its external validator partners, the company estimates annual rewards could rise to approximately $386 million under the same yield assumption.
Those numbers are projections, not guaranteed revenue.
Ethereum staking returns can change depending on network participation, validator performance, protocol rules and the price of ETH. The dollar value of staking income can therefore move even if the number of ETH rewards remains similar.
BitMine’s forecast should consequently be read as a current estimate based on recent yield conditions rather than a fixed income stream.
Staking has already become BitMine’s main operating revenue source
The importance of staking is not purely theoretical.
A previous treasury report showed that BitMine generated $45.7 million from staking and validation during the three months ended May 31.
That represented approximately 98% of the company’s reported quarterly revenue of $46.5 million.
Those figures show that staking has already moved from a future strategy into a meaningful operating business for BitMine.
The revenue model also connects directly with the company’s capital structure. BitMine’s 9.50% Series A Perpetual Preferred Stock trades on the New York Stock Exchange under the BMNP ticker.
Lee has previously said that staking income could help fund dividend payments on the preferred shares.
That creates a direct link between the Ethereum treasury and one component of shareholder distributions.
MAVAN has expanded beyond BitMine’s own treasury
BitMine launched the Made in America Validator Network earlier in 2026 to support its Ethereum holdings.
According to the latest update, MAVAN has since expanded to serve institutional investors, custodians and other participants in the Ethereum market.
That development means BitMine is no longer describing MAVAN solely as internal treasury infrastructure.
The company is positioning the validator network as a service that can potentially support external institutions as well.
The source does not provide revenue figures specifically attributable to outside MAVAN clients, so it would be premature to estimate how meaningful that expansion has become financially.
Still, the move broadens BitMine’s strategy beyond simply owning and staking its own ETH.
Tom Lee remains bullish on Ethereum heading into late 2026
The continued purchases coincide with Lee maintaining a strongly positive outlook on Ethereum and other major digital assets.
He said ETH had been the best-performing macro asset during the third quarter through Sept. 4, outperforming the S&P 500 by 5,430 basis points.
Lee also identified Ethereum, Bitcoin and Solana as the three strongest-performing assets since June 30.
Based on that relative performance, he argued that institutional fund managers may consider increasing exposure to digital assets.
That is Lee’s view and should not be interpreted as confirmation that institutions have already decided to increase allocations.
The distinction matters because BitMine’s treasury strategy is itself built around a bullish interpretation of Ethereum’s future demand.
Lee points to legislation, tokenization and AI as possible catalysts
Lee identified several factors that he believes could support digital assets during the final months of 2026.
One was an expected mid-September vote on the CLARITY Act. The timing was presented by Lee and should not be treated as a guaranteed congressional schedule.
He also cited renewed crypto purchases by South Korean investors, increasing tokenization of financial assets and the potential use of blockchain networks by AI agents.
Lee believes tokenization and AI-related activity could increase the use of Ethereum more than Bitcoin.
His thesis is that Ethereum’s programmable infrastructure may benefit if more financial assets move on-chain and if automated AI systems increasingly interact with blockchain networks.
These are expectations, not confirmed future demand.
Lee compares tokenization and AI with previous Ethereum growth cycles
Lee has framed Ethereum’s development through a sequence of previous market themes.
According to his view, initial coin offerings were a major driver during the 2017-2018 cycle. NFTs became a central source of activity in 2020-2021, while stablecoins played an important role in 2025.
He believes tokenized assets and blockchain-based AI agents could represent the next comparable phase of Ethereum usage.
That comparison is part of Lee’s investment framework and does not establish that tokenization or AI will necessarily produce the same effect as those earlier trends.
Still, the thesis helps explain why BitMine continues to accumulate ETH even after building a position worth nearly $15 billion at the company’s reference price.
Recent ETH performance has strengthened Lee’s argument
Ethereum’s recent price action has provided additional support for the bullish case described by BitMine.
During the week ending Aug. 24, ETH gained 29.3%, compared with a 21.4% increase for Bitcoin over the same period.
Lee has previously said he expects Ethereum to outperform Bitcoin during the current market cycle.
Again, that remains a forecast rather than a guaranteed outcome.
The recent relative performance is consistent with his view, but one week of stronger gains does not establish a permanent leadership trend.
For BitMine, however, ETH outperformance has an immediate balance-sheet effect because the company holds almost six million tokens.
Tom DeMark sees the August consolidation as technically constructive
Tom DeMark, founder of DeMark Analytics and an adviser to BitMine, offered a separate technical interpretation in the latest update.
He said Ethereum traded sideways through August without breaking lower.
According to DeMark, that allowed a 12-day bearish signal to expire.
He argued that the development supported continuation of the prior uptrend.
DeMark also pointed to a sharp one-day rally during the previous week as a possible preview of the move he expects next.
That is a technical forecast and does not guarantee another Ethereum rally.
Its inclusion in the treasury update nevertheless shows that BitMine is supporting its accumulation strategy with both fundamental and technical arguments.
BMNR offers public-market exposure to BitMine’s ETH strategy
For U.S. investors, BitMine’s shares provide indirect exposure to a company whose balance sheet is dominated by Ethereum.
Fundstrat reported in August that BMNR had an 80% correlation with ETH in a comparison involving 17 large-cap crypto-linked stocks.
The firm did not disclose the measurement period used for that calculation, which limits how much can be concluded from the statistic.
BitMine said BMNR had gained 99% during the third quarter, making it the fourth-best-performing stock in the Russell 1000 over that period.
The Russell 1000 itself gained 3%, according to the company.
Four crypto-related companies were also among the index’s 21 strongest performers.
BitMine’s stock is not a pure Ethereum proxy
Even with a strong relationship to ETH, BMNR does not move solely because of Ethereum’s price.
BitMine has staking revenue, operating expenses, financing decisions and other investments that can affect its shares independently.
The company’s $15.7 billion asset total includes cash, Bitcoin, marketable securities, the Beast Industries stake and the Eightco position.
Its preferred-stock obligations and validator operations also contribute to the financial structure.
That means investors buying BMNR are gaining exposure to a company built around Ethereum, but not simply purchasing a listed version of ETH.
The distinction is important because corporate execution can either add to or reduce the effect of movements in the underlying asset.
BitMine has also become a heavily traded U.S. stock
BitMine entered the Russell 1000 large-cap index on June 26.
According to Fundstrat data cited by the company, BMNR recorded average daily trading volume of approximately $1.1 billion during the five sessions ending Sept. 4.
That ranked the stock 81st among 5,704 U.S.-listed companies.
The trading activity indicates that BitMine has become a significant public-market vehicle for investors interested in the Ethereum treasury strategy.
The source does not establish why individual investors are trading the shares, but the combination of a large ETH treasury and strong stock performance has made BMNR a prominent crypto-linked equity.
BitMine claims the largest corporate Ethereum treasury
The company says its holdings make it the world’s largest corporate Ethereum treasury.
BitMine also describes itself as the second-largest corporate cryptocurrency treasury overall.
According to the figures it cited, Strategy remains larger, with 840,447 BTC valued at approximately $66 billion.
The comparison illustrates the scale BitMine has reached since beginning the Ethereum strategy in June 2025.
Its next major milestone is now close: moving from 4.9% to 5% of Ethereum’s estimated supply.
Conclusion
BitMine’s latest purchase of 28,086 ETH raised its treasury to 5,929,198 tokens, worth approximately $14.79 billion at the company’s $2,495 reference price. The company now estimates that it owns 4.9% of Ethereum’s supply and is about 170,802 ETH short of its “Alchemy of 5%” target under the current 122 million-token supply assumption.
At the same time, more than 5.06 million ETH has been staked, creating an annualized revenue projection of roughly $330 million at a 2.61% yield. That combination of accumulation and staking makes Ethereum both BitMine’s principal balance-sheet asset and its dominant operating revenue source.
Final Takeaway
BitMine’s strategy is no longer simply about building a large ETH position. The company is combining weekly purchases, large-scale staking and validator infrastructure with a long-term bullish thesis built around tokenization, blockchain-based AI and institutional digital-asset demand. Tom Lee’s outlook remains a forecast rather than a certainty, and staking returns can change. What is measurable today is the scale: nearly 5.93 million ETH held, more than 5.06 million staked and a treasury that is now within roughly 170,802 ETH of the company’s stated 5% supply goal.
