BitMine Immersion Technologies holds 6,001,302 ETH and needs 103,698 more tokens to reach its stated goal of owning 5% of Ethereum's supply. The remaining purchase would cost about $279.8 million against $672 million in reported cash, but the harder question is what the company does with its capital once it gets there.
Closing in on the 5% target
BitMine said on Sept. 28 that it held 6,001,302 ETH, leaving it 103,698 tokens short of its goal of owning 5% of Ethereum's supply, based on the company's latest supply estimate. Buying that remainder at BitMine's Sept. 27 reference price would cost about $279.8 million.
The company reported $672 million in cash and marketable securities on the same date. That makes the estimated purchase cost roughly 42% of that reported pool. Completing the goal looks affordable on paper, but ETH's price and supply can change, and BitMine has not earmarked the money for that purpose.
Weekly buying pace has slowed
BitMine said it acquired 17,362 ETH in the latest week, about 37% fewer than the 27,562 ETH it reported for the week before. It says it has bought ETH every week since starting the strategy in June 2025.
In July, the company repurchased about 5.5 million BMNR shares at an average price of $15.6156, roughly $85.9 million in total. That same week it bought 7,430 ETH, and Chairman Tom Lee said the reduced buying pace reflected the share repurchase. That precedent shows management has weighed its stock against more ETH, though the July decision does not determine its next one.
Fading premiums raise the stakes
A Sept. 24 DWF Labs study found that only four of the 20 largest digital asset treasury companies in its sample traded above one times the value of their crypto holdings, a ratio called mNAV. Issuing shares at a premium can finance token buying without the same dilution pressure, so DWF expects management and capital structure to matter more as those premiums fade. That finding shows why the market price of a treasury company's stock matters to any plan to keep acquiring crypto after a stated target is reached.
Although BitMine is not facing an apparent cash shortage at its reported reference price, the question is whether its next use of capital does more for shareholders than another ETH purchase.
What the existing position can earn
BitMine said it had 5,067,309 ETH staked as of Sept. 27, about 84% of its holdings. The company projects $358 million in annualized staking revenue at that balance and $424 million in annualized rewards if it fully stakes its ETH, using a 2.62% yield measured over seven days.
Lee had already signaled a gradual approach to the 5% threshold and more spending on staking, infrastructure and Ethereum-related investments in July. Crossing 5% would bring more attention to whether ETH per share, staking returns, cash retained, or BMNR repurchases will best explain the value of its next allocation.
His keynote at Korea Blockchain Week on Sept. 30 is titled Ethereum's Wall Street Moment. That is when investors may get a clearer answer, though for now BitMine's plan for the capital that follows its 5% goal remains less defined.
Source: CryptoSlate
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