BitMine Immersion Technologies added 17,362 ETH last week and ended Friday with 6,001,302 tokens, equal to about 4.9% of the 122.1 million ether in circulation, the treasury company said in a release published September 28, 2026. At the $2,698 Coinbase price used in that release, the position is worth roughly $16.2 billion. Cointribune reported the weekly buy on Monday.
The chairman, Tom Lee, described the total as accumulated in under fifteen months, and Decrypt put the value of the week’s purchase at just under $47 million at the snapshot price.
Also read: Bitmine expands ETH treasury to $10.9B, repurchases 4.5M shares
Key facts
- BitMine held 6,001,302 ETH as of September 27, 2026, about 4.9% of the 122.1 million tokens in circulation, valued at roughly $16.2 billion at $2,698 per token.
- The company bought 17,362 ETH in the past week, worth $46.82 million according to Lookonchain; Decrypt described the purchase as just under $47 million.
- BitMine has staked 5,067,309 ETH, or 84% of its holdings, worth $13.7 billion, mostly through its MAVAN staking platform.
- Total holdings across crypto, cash, marketable securities and equity stakes reached $17.2 billion, including 213 BTC, $672 million in cash and securities, $180 million in Beast Industries and $115 million in Eightco.
- The company says it is 98% of the way to its “Alchemy of 5%” target, which it has been pursuing since its buying program began on June 30, 2025.
Staking turns the reserve into revenue
BitMine stakes the ETH it holds rather than leaving it idle. At a seven-day annualized yield of 2.62%, Lee projects $358 million a year in staking revenue from the current position, rising to $424 million if the whole treasury is staked through MAVAN and its partners. Cointribune noted that these are the company’s own projections, based on a seven-day yield that can move, and not audited accounts.
MAVAN, short for Made in America VAlidator Network, was built for BitMine’s own treasury and has since been opened to institutional investors and custodians. Decrypt quoted Lee saying the company has staked more ETH than any other entity, a claim Blockchainreporter also reported in its weekly update coverage.
Also read: Tom Lee Says Ethereum Could Outperform Bitcoin as Tokenization and AI Agents Drive Demand
How the corporate crypto treasuries compare
BitMine is the largest Ethereum treasury and the second-largest corporate crypto treasury of any kind, behind Michael Saylor’s Strategy, which holds 847,666 BTC worth over $70 billion after its latest purchase of 1,665 BTC. Blockchainreporter reported that BitMine’s $17.2 billion total builds on the $17 billion the treasury first crossed a week earlier.
The reports vary slightly on figures. Cointribune cited a bitcoin.com price of $27.25 for a roughly 15% gain over a month and an average daily stock volume of $1.1 billion, placing the shares 94th out of 5,704 stocks per Fundstrat. Decrypt and Blockchainreporter did not report those figures. Blockchainreporter noted that the company’s Series A preferred stock trades on the NYSE under the symbol BMNP, while the common listing referenced by Cointribune is BMNR. All three outlets date the weekly update to September 28, 2026.
Why it matters
A single listed company now controls close to one twentieth of all ether in circulation, which concentrates a meaningful slice of supply in a treasury whose value moves with ETH. Staking income softens but does not remove that exposure. The weekly buying program, running without a missed week since mid-2025, gives institutions a visible public-company vehicle tied to Ethereum rather than bitcoin.
What to watch
BitMine needs about 104,000 more ETH to reach 5% of supply, which at this week’s pace would take roughly six weeks. Lee is scheduled to deliver a keynote at Korea Blockchain Week in Seoul on September 30, where Cointribune suggested he may give a hint about what the company does once the 5% target is reached.
This article is not financial advice, and crypto markets are volatile and uncertain.
Reported by cointribune.com.
Sources: Cointribune, Decrypt, Blockchainreporter
