Bitmine Immersion Technologies bought 27,180 more ETH last week, pushing its holdings to nearly 6 million tokens and roughly 4.9% of Ethereum's supply. The purchase keeps the company on pace toward its stated goal of owning 5% of the asset, while chairman Tom Lee points to ether's outperformance against stocks this quarter as a reason for institutions to keep buying.
Holdings near 6 million tokens
Bitmine bought 27,180 Ethereum tokens last week, bringing its total to 5,956,378 ETH as of Sunday evening. That stake is worth approximately $14.89 billion, representing roughly 4.9% of Ethereum's supply and putting the company close to its goal of owning 5% of the cryptocurrency.
The addition was smaller than the previous week's purchase of 28,086 ETH, which had lifted holdings to 5.93 million tokens. Bitmine has bought Ethereum every week since starting its treasury strategy on June 30, 2025, chairman Tom Lee said. Lee said ether is "the best-performing macro asset" this quarter, outperforming the S&P 500 by 5,866bp through last Friday, and argued that gap sets the stage for institutions to add to their crypto holdings.
Staking revenue and total valuation
About 85% of Bitmine's Ethereum — 5.07 million ETH — is staked, generating projected annualized revenue of $334 million at a 2.62% yield. Revenue could reach $392 million if all its ETH were staked through MAVAN and its partners, though both projections depend on token prices and yields.
Bitmine valued its total holdings at $15.8 billion, a figure that includes its Ethereum, 212 Bitcoin, $549 million in cash and securities, and stakes in Beast Industries and Eightco Holdings worth $180 million and $98 million, respectively.
Rivals also lean into ether staking
Rival treasury company SharpLink announced plans in August to stake $200 million through Lido. It will receive tokens representing its staked Ethereum and rewards, letting it use the position in decentralized finance applications.
Bitcoin treasury company Strategy took a different path, buying no Bitcoin in the week through September 13. It instead spent another $139 million buying back preferred shares, according to a Monday filing.
Source: Decrypt
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