Bitmine Immersion Technologies has increased its Ethereum treasury to 6,016,414 ETH after buying another 15,112 ETH over the past week.
The company now holds about 4.9% of Ethereum’s total supply of 122.1 million tokens, putting it very close to its goal of owning 5% of all ETH.
At a reference price of $2,726 per ETH, Bitmine’s holdings are worth around $16.4 billion.
Chairman Tom Lee said Bitmine has continued buying Ethereum every week since it launched its ETH treasury strategy on June 30, 2025.
The latest purchase came shortly after Bitmine bought 17,362 ETH and crossed the 6 million ETH mark in late September. Its treasury has now grown by another 15,112 ETH in just one week.
“Bitmine has bought ETH each and every week since the inception of the ETH Treasury Strategy on June 30, 2025,” Lee said.
Bitmine has staked most of its ETH
Bitmine has also put most of its Ethereum to work through staking.
The company has 5,067,309 ETH staked through its MAVAN platform and other staking partners. That represents about 84% of its total Ethereum holdings and is worth roughly $13.8 billion.
Bitmine said its current staking activity produces a seven-day annualized yield of 2.63%. Based on that rate, the company expects about $363 million in annual staking revenue.
If Bitmine eventually stakes its entire ETH treasury, it estimates annual rewards could reach around $431 million at the same yield.
MAVAN, short for Made in America Validator Network, was launched in 2026 to support Bitmine’s Ethereum holdings. The company has also opened the infrastructure to institutional investors, custodians and other participants in the Ethereum ecosystem.
Staking has already become an important source of revenue for Bitmine. During the three months ended May 31, the company generated $45.7 million from staking and validation, accounting for 98% of its $46.5 million in quarterly revenue.
The amount of ETH being staked has continued to grow along with the company’s treasury. Bitmine had about 4.9 million ETH staked when its quarterly results were reported, compared with more than 5.06 million ETH today.
Tom Lee remains bullish on Ethereum
Lee also pointed to Ethereum’s performance during the third quarter despite difficult market conditions.
According to Lee, ETH outperformed the S&P 500 by 6,832 basis points during the quarter. He said the performance was notable given higher oil prices, rising global bond yields, tighter financial conditions and what he described as a hawkish Federal Reserve.
Lee has remained positive on Ethereum as Bitmine continues increasing its holdings. In September, he said a crypto bull market was underway after another large ETH purchase pushed the company’s treasury close to 5.98 million ETH.
Bitmine said Lee will release his October chairman’s message this week under the title “Crypto bull underway — this cycle likely the largest.”
He is also scheduled to speak at Token2049 in Singapore on Oct. 7.
Bitmine’s total holdings reach $17.4 billion
Ethereum makes up most of Bitmine’s holdings, but the company also owns other assets.
As of Oct. 4, Bitmine held 214 Bitcoin, $643 million in cash and marketable securities, a $180 million stake in Beast Industries and $117 million in Eightco Holdings.
Together, its crypto holdings, cash, securities and other investments were valued at around $17.4 billion.
Bitmine described its positions in Beast Industries and Eightco as “moonshots.”
The company said it now has the largest corporate Ethereum treasury in the world and the second-largest corporate crypto treasury overall, behind Strategy.
Bitmine has also been buying back its own shares. Lee said the company purchased 21 million BMNR shares during the first nine months of 2026, calling it the largest crypto treasury-related stock buyback to date.
Despite the continued ETH purchases, BMNR shares fell 3% during the first nine months of 2026, while ETH declined 10% during the same period. Lee said this represented 731 basis points of outperformance for Bitmine shares compared with Ethereum.
Trading in BMNR has also remained active. Bitmine, citing Fundstrat data, said its stock averaged $827 million in daily trading volume during the five sessions through Oct. 2. That ranked it 125th among 5,704 U.S.-listed stocks by average daily dollar volume.
Ether was trading near $2,711 on Monday, up about 0.37% on the day. ETH had gained more than 10% over the previous month and more than 50% over the previous three months.
