Last week Bitmine Immersion Technologies added another 27,180 Ethereum tokens to its collection, bringing its total holdings close to 6 million ETH as it moves closer to owning 5% of the cryptocurrency’s supply.
The company now holds 5,956,378 ETH, worth about $14.89 billion, as of Sunday evening. That represents roughly 4.9% of Ethereum’s supply. The purchase was slightly smaller than the previous week’s addition of 28,086 ETH, which lifted holdings to 5.93 million tokens.
Bitmine’s Weekly Buying Streak
Today, Bitmine Chairman Tom Lee said the company has purchased Ethereum weekly since launching its treasury plan on June 30, 2025. He also referenced the quarter’s results.
“As we enter the final month of calendar Q3 2026, ETH is the best-performing macro asset during the quarter, outperforming the S&P 500 by 5,866bp through last Friday. In fact, the top 3 performing assets since June 30th are ETH, SOL and BTC,” Lee said in a statement. “We believe this sets the stage for institutions to add to their crypto holdings given the substantial outperformance of crypto versus other macro assets in calendar Q3 so far.”
What the Holdings Actually Total
Bitmine valued its total holdings at $15.8 billion, including:
- 5,956,378 ETH
- 212 Bitcoin
- $549 million in cash and securities
- $180 million in Beast Industries
- $98 million in Eightco Holdings
Its biggest holding is its Ethereum stake. Around 85% of its portfolio—5.07 million ETH—is staked, producing estimated yearly income of $334 million at a 2.62% return. Lee noted that revenue could hit $392 million if all its ETH were staked through MAVAN and its partners, although both estimates hinge on token prices and yields.
The Chairman’s Disclosure
Lee is an investor in Dastan, Decrypt’s parent company.
How Bitmine’s Numbers Break Down
Here is how Bitmine’s positions break down by market value:
- Ethereum: $14.89 billion
- Cash and securities: $549 million
- Bitcoin: 212 BTC
- Beast Industries: $180 million
- Eightco Holdings: $98 million
The Stake Situation
Bitmine’s income comes from its staking arrangement. The company locks 5.07 million ETH into staked positions, which generates projected annualized revenue of $334 million at a 2.62% yield. Lee said revenue could hit $392 million if all its ETH were staked through MAVAN and its partners, though both projections rely on token prices and yields.
Rival Moves
In August, rival Ethereum treasury firm SharpLink said it would stake $200 million through Lido. The arrangement gives it tokens that stand for both its staked Ethereum and any rewards it earns. These tokens can then be used within decentralized finance applications.
Bitcoin Treasury Giant Holds Back
Strategy, the Bitcoin treasury giant, made no Bitcoin purchases during the week ending September 13, according to a Monday filing. Instead, it spent another $139 million on buying back preferred shares.
Key Facts Box
- Holdings: 5,956,378 ETH ($14.89B)
- Total valuation: $15.8B
- Staked ETH: 5.07 million (85% of holdings)
- Projected staking revenue: $334M annualized at 2.62%
- Possible max revenue: $392M if all ETH staked through MAVAN
- Q3 ETH outperformance vs. S&P 500: 5,866bp
- Strategy Bitcoin purchases this week: None
- Strategy preferred share buyback spend: $139M
The contrast between Bitmine’s weekly Ethereum purchases and Strategy’s pause on Bitcoin buying is striking. Bitmine is adding to its holdings every week, while Strategy has stopped buying entirely.
The chairman’s remarks about the quarter’s numbers tell their own story. ETH is the best-performing macro asset of the quarter, outperforming the S&P 500 by 5,866 basis points. Bitmine’s serve as a sign to institutions. It is still uncertain whether they will accept that message.
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