BitMine Closes In on 5% of All ETH as Its Stock Settles Back Near Break-Even

• BitMine added 28,086 ETH this week, lifting its treasury to 5,929,198 ETH, about 4.9% of all ether in existence and 97% of the way to the company’s own “Alchemy of 5%” target.
• BitMine’s market value, roughly $15.1 billion, now sits within a few percentage points of what its ether, cash and other holdings are actually worth, down from a 35% premium in mid-2025 and a discount steep enough last November to prompt the company’s first dividend.
• BitMine bought ether and repurchased its own stock in the same week in early August, after treating the two as a trade-off just two weeks earlier.

1/BitMine provided its latest holdings update for September 8, 2026

$15.7 billion in total crypto + "moonshots":– 5,929,198 ETH at $2,495 per ETH per ETH per ETH (per @coinbase)– 211 Bitcoin (BTC)– $180 million stake in Beast Industries @MrBeast– $91 million stake in…

— Bitmine (NYSE-BMNR) $ETH $BMNP (@BitMNR) September 8, 2026

BitMine Immersion Technologies said Sept. 8 that it bought 28,086 ETH over the past week, bringing its ether treasury to 5,929,198 tokens, about 4.9% of all ether in existence. That puts BitMine 97% of the way to “Alchemy of 5%,” the accumulation target Chairman Tom Lee set roughly 14 months ago when the former Bitcoin miner refashioned itself into the largest corporate holder of ether.

A stock that has stopped pricing the thesis, one way or the other

The milestone lands at an odd moment for BitMine’s stock. BMNR’s market value, about $15.1 billion, is now within a few percentage points of what the company’s ether, cash and other holdings are actually worth, essentially break-even. That is a real swing: BMNR traded at roughly a 35% premium to its coin holdings in July 2025, then slipped into an outright discount by late November, around the same time the company declared its first-ever dividend.

The reversal matters because it shows the market isn’t paying up, or discounting, for the accumulation strategy itself right now, just pricing the coins. That is a meaningfully different position than a year ago, when investors either rewarded BitMine for buying aggressively or punished it for buying into a falling market.

Buybacks and accumulation, no longer a trade-off

BitMine has also stopped treating stock buybacks and ether purchases as competing uses of cash. In the week of July 20, it slowed its ETH buying to just 7,430 tokens, well below its normal weekly pace, specifically to fund a 5.5 million share buyback; Lee said as much at the time. Two weeks later, it did both at once, buying 10,399 ETH while repurchasing another 4.5 million shares. The same week, Strategy, the bitcoin-treasury company BitMine’s model was built on, disclosed selling bitcoin rather than adding to it, a reminder that the corporate-treasury playbook isn’t moving in one direction across the board.

BitMine still holds far more ether than any other public company, well clear of second-place SharpLink Gaming. What it doesn’t currently have is a valuation that treats that lead as worth anything beyond the ether itself. Whether that changes once “Alchemy of 5%” is actually finished, rather than 97% finished, is the open question BitMine’s own announcements haven’t addressed.