BitMine Immersion Technologies has purchased 28,086 ETH worth about $70.1 million, raising its Ethereum treasury to 5.93 million tokens as Chairman Tom Lee predicts further gains for the asse
BitMine Immersion Technologies has purchased 28,086 ETH worth about $70.1 million, raising its Ethereum treasury to 5.93 million tokens as Chairman Tom Lee predicts further gains for the asset.
SummaryBitMine said in a Sep. 8 treasury update that it held 5,929,198 ETH as of Sep. 7, following the purchase of 28,086 tokens during the previous week.
Using the company’s reference price of $2,495, the latest acquisition was worth approximately $70.1 million. Its entire Ethereum position carried a value of about $14.79 billion at the same price, although the balance-sheet value will change alongside ETH.
“Over the past week, we acquired 28,086 ETH,” Lee said.
The purchase extended a run that began when BitMine adopted its Ethereum treasury strategy on June 30, 2025. According to Lee, the company has added ETH every week since the plan started.
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As crypto.news reported on Aug. 31, BitMine had previously added 53,501 ETH, taking its balance to 5,901,112 tokens. Earlier weekly purchases included 9,926 ETH during the period ending Aug. 16 and another 32,447 ETH in the following update.
Based on the 122 million ETH supply used in the latest announcement, BitMine now controls about 4.9% of all tokens. The company said it has completed 97% of its plan to own 5% of the supply, a target it calls the “Alchemy of 5%.”
Reaching exactly 5% under the company’s current supply estimate would require approximately 6.1 million ETH. BitMine therefore remains about 170,802 ETH below that level, though the required amount can change as Ethereum’s total supply moves.
Beyond Ethereum, the Sep. 7 balance sheet included 211 Bitcoin, $593 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $91 million investment in Eightco Holdings. BitMine valued its combined crypto, cash, securities, and strategic investments at $15.7 billion.
Alongside its weekly purchases, BitMine reported that 5,067,309 ETH had been placed into staking through its Made in America Validator Network and external staking partners. The staked position was worth roughly $12.6 billion at the company’s reference price and represented about 85% of its Ethereum holdings.
Management estimated annualized staking revenue of approximately $330 million based on a seven-day annualized yield of 2.61%. If BitMine eventually stakes its full ETH balance through MAVAN and partner validators, the company projects annual rewards of about $386 million under the same yield assumption.
Both figures are projections rather than fixed revenue. Ethereum staking returns can change with network participation, validator performance, protocol rules, and the market price of ETH.
BitMine launched MAVAN earlier in 2026 to support its own treasury. According to the latest announcement, the platform has since expanded its services to institutional investors, custodians, and other Ethereum market participants.
Staking has already become an important source of operating revenue for the company. A previous treasury report showed that BitMine earned $45.7 million from staking and validation during the three months ended May 31, accounting for about 98% of its reported $46.5 million in quarterly revenue.
The same income stream supports BitMine’s preferred-stock structure. Its 9.50% Series A Perpetual Preferred Stock trades on the New York Stock Exchange under the BMNP ticker, while Lee has previously said staking income could help fund preferred-share dividend payments.
While BitMine continued buying, Lee maintained his bullish view on Ethereum and other large cryptocurrencies. He said ETH had been the best-performing macro asset during the third quarter through Sep. 4, beating the S&P 500 by 5,430 basis points.
Lee also identified ETH, Bitcoin, and Solana as the three strongest-performing assets since June 30. Based on that performance, he argued that institutional fund managers may consider increasing their exposure to digital assets, though the statement represents his market view rather than confirmed purchasing activity.
“We believe there are multiple positive catalysts as we head into the final months of 2026,” Lee said.
Among the factors named by Lee were an expected mid-September vote on the CLARITY Act, renewed crypto purchases by South Korean investors, financial-asset tokenization, and the use of blockchain networks by AI agents. The announced timing of the congressional vote was presented by Lee and should not be treated as a guaranteed legislative schedule.
Lee expects tokenization and AI-related activity to increase the use of Ethereum compared with Bitcoin. In August, he also linked Ethereum demand to the same two sectors while predicting that ETH would outperform Bitcoin during the current market cycle.
According to his framework, initial coin offerings supported Ethereum during the 2017–2018 cycle, NFTs drove activity in 2020–2021, and stablecoins played a central role in 2025. Lee believes tokenized assets and blockchain-based AI agents could serve a similar role during the next period of ETH growth.
Ethereum’s recent price performance has added support to his case. During the week ending Aug. 24, ETH gained 29.3%, compared with a 21.4% increase for Bitcoin over the same period.
Tom DeMark, founder of DeMark Analytics and an adviser to BitMine, offered a separate technical view in the company’s update. He said ETH traded sideways through August without breaking lower, allowing a 12-day bearish signal to expire.
“We believe this further supports the continuation of the prior uptrend,” DeMark said, adding that the sharp one-day rally in the previous week may have provided a preview of the move he expects next. His assessment remains a forecast and does not guarantee another ETH rally.
For U.S. investors, BitMine provides publicly traded exposure to a company whose balance sheet is largely tied to Ethereum. Fundstrat reported in August that BMNR had an 80% correlation with ETH in its comparison of 17 large-cap crypto-linked stocks, though the firm did not disclose the measurement period used for the calculation.
BMNR has gained 99% during the third quarter, according to BitMine, making it the fourth-best-performing stock in the Russell 1000 during that period. The index itself gained 3%, while four crypto-related companies ranked among its 21 strongest performers, the company said.
BitMine entered the Russell 1000 large-cap index on June 26. According to Fundstrat data cited by the company, BMNR recorded an average daily trading volume of $1.1 billion during the five sessions ending Sep. 4, ranking 81st among 5,704 U.S.-listed stocks.
The company’s figures show that BMNR’s exposure extends beyond changes in the ETH price because staking income, operating expenses, financing decisions, and its other investments can also affect the stock. Its $15.7 billion reported asset total included the Beast Industries and Eightco positions as well as cash, Bitcoin, and marketable securities.
BitMine also said its Ethereum holdings made it the world’s largest corporate ETH treasury and the second-largest cryptocurrency treasury overall, behind Strategy. The company cited Strategy’s reported balance of 840,447 BTC, valued at approximately $66 billion.