BitMine Immersion Technologies purchases 28,086 ETH, bringing its total holdings to 5.93M ETH (~5% of total supply) worth $14.8B.
Macro & Markets ·
BitMine Immersion Technologies acquired 28,086 ETH valued at approximately $70 million during the week ending September 7, according to CoinMarketCap. The purchase lifted its total holdings to 5.93 million ETH, worth roughly $14.8 billion, positioning the corporate treasury operator at 97% of its stated target of controlling 5% of Ethereum's circulating supply—approximately 171,000 ETH away from that threshold. The company has made weekly purchases since launching its Ethereum strategy on June 30, 2025, with this week's acquisition trailing the prior week's 53,501 ETH purchase.
BitMine generates revenue through staking, with roughly 85% of its ETH balance currently staked and projected to yield $330 million annually at current rates. Its broader asset portfolio includes 211 Bitcoin, equity stakes in other ventures, and cash reserves totaling $15.7 billion in combined value. The company also carries $5.1 billion in unrealized losses on its Ethereum position given the token's 16% decline since early 2026.
Chairman Tom Lee has signaled confidence in the thesis, highlighting Ethereum's outperformance relative to the S&P 500 during the third quarter and positioning crypto accumulation as an institutional opportunity. The precise timing of when BitMine will reach its 5% target remains open, though at the current purchase pace the threshold could be reached within seven weeks.