BitMine Immersion Technologies bought 27,180 more ether last week, pushing its treasury to 5,956,378 ETH and putting the company 98% of the way to owning 5% of Ethereum's supply. Chairman Tom Lee raised his staking-revenue projection as BlackRock's staking Ethereum ETF drew fresh attention to how the asset earns yield beyond price gains.
BitMine Immersion Technologies (BMNR) added 27,180 ETH over the past week, lifting its treasury to 5,956,378 tokens and its combined crypto, cash, and moonshot holdings to $15.8 billion as of September 13. The company has bought ether every week since launching the strategy on June 30, 2025.
BitMine closes in on its 5% target
The purchase put BitMine's holdings at 4.9% of the 122.0 million ETH in circulating supply, unchanged from a week earlier, under a plan the company calls the Alchemy of 5% — its target of owning 5% of all ether. BitMine puts the treasury 98% of the way to that mark, 15 months into the strategy. According to Cryptoprowl, Bitmine needs to buy another 144,000 Ethereum to hit its 5% goal and own 6.1 million tokens. The company spent $68 million acquiring ether over the last week, buying at an average price just over $2,500.
Staking revenue climbs as most of the treasury earns yield
BitMine stakes 5,067,309 ETH — about 85% of the treasury — through MAVAN, its in-house Made in America Validator Network. Chairman Tom Lee put projected annualized staking revenue at $334 million, up from $330 million a week earlier, rising to $392 million once the ether is fully staked, at a 2.62% seven-day yield. On social media, Lee said Ethereum's relative strength against Bitcoin is improving, which he called a bullish sign for the second-largest crypto by market capitalization. He also said a Senate vote on the Clarity Act crypto market-structure legislation scheduled for Sept. 15 could be a bullish catalyst for Ethereum and other digital assets.
BlackRock's ETFs show yield hasn't shifted investor demand yet
Institutional appetite for ether exposure is also playing out through exchange-traded funds. BlackRock's staking-enabled iShares Staked Ethereum Trust ETF (ETHB) held $1.05 billion in net assets on Sept. 11, while its non-staking iShares Ethereum Trust ETF (ETHA) still held $8.96 billion. ETHA also generated roughly 30 times ETHB's trading turnover that day. It attracted $148.8 million of net inflows on Sept. 11 versus $18.3 million for ETHB, per Farside Investors data. ETHB is still paying out: it listed a distribution of $0.036487 per share payable Sept. 10 after beginning to earn staking rewards in May.
The comparison suggests that missing yield was not the only handicap facing early Ethereum ETFs — ETHA's liquidity and head start still outweigh ETHB's income feature for now.
Sources: CryptoPotato, Cryptoprowl, CryptoSlate
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