Bitmine Buys 15,112 Ethereum, Holdings Reach 6.02M ETH

Bitmine Immersion Technologies Boosts Ethereum Holdings to Over 6 Million Coins

Bitmine Immersion Technologies has acquired an additional 15,112 Ether (ETH), bringing its total Ethereum holdings to approximately 6.02 million coins. The firm, led by Fundstrat’s Tom Lee, has established a consistent weekly ETH purchasing strategy, now nearing its target of 5% ownership of the cryptocurrency’s circulating supply.

Consistent Accumulation

The latest acquisition follows Bitmine’s previous weekly disclosure for the period ending September 27, 2026, when the company added 17,362 ETH, raising its total to 6,001,302 ETH. At that time, this represented 4.9% of Ethereum’s then-estimated circulating supply of 122.1 million ETH. The recent purchase of 15,112 ETH further advances the company’s progress toward Lee’s 5% objective.

Bitmine embarked on this accumulation strategy on June 30, 2025, with the launch of its treasury program, and has maintained uninterrupted ETH purchases since. As of the September 27 update, the company announced it had achieved 98% of its self-proclaimed “Alchemy of 5%” target, a milestone reached in approximately 15 months.

Valuation and Diversification

Based on a reference price of $2,698 per ETH, Bitmine valued its Ethereum holdings at an estimated $16.2 billion in its prior update, with total assets reaching approximately $17.2 billion. While Ethereum constitutes the largest portion of its assets, Bitmine also holds:

• 213 Bitcoin (BTC)
• $672 million in cash and marketable securities
• A $180 million stake in Beast Industries
• A $115 million stake in Eightco Holdings

Approximately 5.067 million ETH, or roughly 84% of its total holdings, is staked via the company’s MAVAN institutional platform. Bitmine reported a recent staking yield of 2.62%, projecting annual rewards of approximately $358 million based on this rate.

Strategic Rationale

Tom Lee has characterized the 5% ownership threshold as a pivotal point, believing that achieving this share of the supply can foster network effects and attract greater institutional interest in Ethereum. He has also highlighted ETH’s outperformance against the S&P 500 since Bitmine initiated its treasury strategy. Lee anticipates continued institutional inflows into digital assets, particularly ETH, in the fourth quarter of 2026, citing that institutions remain significantly underweight in this asset class.

For shareholders of BMNR, the company’s valuation is closely correlated with ETH’s price. The $16.2 billion valuation of its ETH holdings, calculated at $2,698 per coin, means that fluctuations in Ethereum’s price have a substantial impact on the balance sheet. The company’s non-ETH assets, including cash, Bitcoin, and equity stakes, provide a degree of diversification, though they represent a smaller component of the overall $17.2 billion in total assets.

With Bitmine having reached 98% of its 5% target in late September, the latest purchase marks another step toward this significant milestone.