BitMine Immersion Technologies (BMNR) said on Monday that it holds more than 6 million Ethereum (ETH) after buying 17,362 tokens in the week ending September 27.
The latest buy was smaller than the 27,562 ETH the company added a week earlier. It took the treasury to 6,001,302 ETH. That is 4.9% of the 122.1 million ETH in supply, against BitMine’s goal of owning 5%.
Staked Ether Holds at 5.07 Million
BitMine marked its ETH at $2,698 per token, using Coinbase prices. At that price, its crypto, cash, securities, and equity stakes add up to $17.2 billion. The release ranks BitMine second among crypto treasuries worldwide, behind Strategy (MSTR).
BitMine Chairman Tom Lee said the company built the position in under 15 months. He added that BitMine has bought ETH every week since its treasury strategy began on June 30, 2025. The treasury crossed 5 million ETH in late April.
BitMine reported 5,067,309 ETH staked, worth $13.7 billion at its mark. The company has reported that same count in every weekly update since August 9, according to its SEC filings. Over that stretch, the treasury kept growing, and the staked share has slipped to 84%.
The company stakes through MAVAN, the Made in America Validator Network it launched in March, and through outside staking partners. Lee projected annualized staking revenue of $358 million, based on a 2.62% seven-day yield from BitMine’s own operations. He said that projection rises to $424 million once all of the company’s ETH is staked.
Lee Expects Institutions to Add Crypto
“In our view, institutions are still underweight crypto and we expect them to be adding to their exposure in the final months of 2026,” Lee said. He added that ETH is beating the S&P 500 by 6,728 basis points in the quarter to date. He is due to give the keynote at Korea Blockchain Week in Seoul on September 30.
Cash and marketable securities fell to $672 million from $714 million a week earlier. BitMine gave no reason for the cash decline. Besides ETH and cash, BitMine held 213 Bitcoin (BTC), a $180 million stake in Beast Industries and a $115 million position in Eightco Holdings (ORBS). BitMine describes Eightco as one of the few listed stocks that give investors indirect exposure to OpenAI.
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