BitMine has added another 28,086 ether to its growing Ethereum treasury, bringing the company within roughly 171,000 ETH of its ambitious goal of owning 5% of Ethereum’s total supply.
The latest purchase, announced Tuesday, takes BitMine’s holdings to 5,929,198 ETH, worth about $14.8 billion based on the company’s reference price of $2,495 per token on Sept. 7. BitMine now controls approximately 4.9% of Ethereum’s 122 million ETH supply, putting it about 97% of the way toward its target.
At the latest weekly buying rate, BitMine could reach the 5% threshold in roughly six weeks if it continues accumulating at a similar pace.
The purchase was smaller than the company’s previous acquisition of 53,501 ETH, but it extends a buying streak that has continued every week since BitMine launched its Ethereum treasury strategy on June 30, 2025. The company has increasingly positioned itself as a publicly traded vehicle for investors seeking exposure to Ethereum rather than simply as a traditional operating business.
BitMine only needs to buy 170,000 more ETH to reach their goal
BitMine keeps accumulating despite slower pace
BitMine did not disclose the exact price it paid for the latest batch of ETH. Using its Sept. 7 reference price, however, the 28,086 tokens would be worth approximately $70 million.
The accumulation comes after a period of relatively muted price action for Ethereum. ETH has traded around the $2,400-$2,500 area after a sharp rally earlier in August, with the market consolidating rather than extending its advance immediately.
BitMine chairman Tom Lee remains bullish on the asset. He argued that Ethereum has been the strongest-performing major macro asset during the third quarter and said its performance, alongside Bitcoin and Solana, could encourage institutional investors to increase their crypto exposure.
According to BitMine, ETH had outperformed the S&P 500 by 54.3 percentage points since June 30 through Sept. 4. The company also highlighted the performance of crypto-related equities, saying four of the 21 best-performing Russell 1000 stocks over that period were crypto-related.
The company’s bullish view is not limited to its chairman. Tom DeMark, founder of DeMark Analytics and a capital markets adviser to BitMine, said technical indicators suggest Ethereum could resume its recent uptrend after holding above its recent trading range.
“ETH moved sideways without a downside break,” DeMark said, arguing that the setup could support a renewed move higher.
Whether that prediction plays out will depend on broader crypto market conditions, but BitMine is continuing to build its position regardless of Ethereum’s short-term direction.
ETH Price Prediction (Source: Myriad)
More than 5 million ETH is already staked
A key part of BitMine’s strategy is turning its enormous ETH holdings into a source of recurring income rather than simply holding the tokens.
As of Sept. 7, the company had 5,067,309 ETH staked, representing about 85% of its entire Ethereum treasury. At BitMine’s reference price, the staked assets were worth roughly $12.6 billion.
BitMine estimates that its current staking activity could generate approximately $330 million in annualized revenue, based on a seven-day staking yield of 2.61%. The company has also said that fully staking its ETH through its MAVAN platform and staking partners could eventually produce annualized rewards of about $386 million at the same yield assumption.
That staking strategy gives BitMine a second potential source of returns while reducing the amount of ETH in its immediately liquid holdings.
The company launched MAVAN, or Made in America VAlidator Network, earlier this year as an institutional Ethereum staking platform. It was initially designed to support BitMine’s own treasury but has since expanded toward institutional investors and ecosystem partners.
Ethereum (ETH) Price Performance on Sept 09, 2026 (Source: CoinMarketCap)
$15.7 billion in crypto, cash and other assets
Ethereum makes up the overwhelming majority of BitMine’s treasury, but the company’s balance sheet extends beyond ETH.
As of Sept. 7, BitMine reported 211 BTC, $593 million in cash and marketable securities, a $180 million stake in Beast Industries and a $91 million position in Eightco Holdings. Combined with its crypto holdings, cash and other investments, the company said its total assets in these categories stood at approximately $15.7 billion.
The scale of the Ethereum position makes BitMine one of the most concentrated publicly traded bets on the network. Reaching 5% of the total supply would mean holding roughly 6.1 million ETH at the current 122 million supply estimate.
That also raises a question about what happens after the target is reached.
BitMine has previously indicated that it could slow purchases to avoid reaching the 5% threshold too quickly. The company has not said that it intends to stop buying ETH entirely once the target is achieved, leaving open the possibility that the 5% figure represents a milestone rather than a hard ceiling.
A growing corporate Ethereum trade
BitMine’s strategy is unfolding as publicly traded companies increasingly use digital assets as treasury instruments.
Strategy, the largest corporate Bitcoin holder, did not purchase Bitcoin in the week through Sept. 7 after buying $370 million worth the previous week. Instead, it spent $176.3 million repurchasing preferred stock. Strive, another publicly traded Bitcoin treasury company, recently announced a $143 million Bitcoin purchase.
Meanwhile, Ethereum-focused treasury firm SharpLink has pursued staking strategies of its own, including plans to stake $200 million in ETH through Lido.
For BitMine, however, the strategy remains unusually aggressive. The company has accumulated ETH every week since launching its treasury strategy in June 2025, steadily building one of the largest corporate holdings of the asset.
With less than 3% of its 5% target left to acquire, the next several weeks could determine whether BitMine becomes the first major public company to cross that threshold — and whether its buying continues to exert a meaningful influence on the increasingly institutional Ethereum market.
