Bitmine Immersion Technologies announced that it purchased 17,362 Ethereum over the past week. According to the company’s September 28 announcement, its total holdings reached 6,001,302 ETH.
The latest purchase brings Bitmine closer to its goal of accumulating 5% of Ethereum’s supply. The company estimates that its current holdings represent approximately 4.9% of the total ETH supply.
Bitmine purchased over 17,000 Ethereum last week
Chairman Tom Lee said the company acquired 17,362 ETH over the past week. Lee also stated that Bitmine has purchased ETH every week since launching its Ethereum treasury strategy on June 30, 2025.
The latest addition pushed the company’s Ethereum holdings above 6 million within approximately 15 months. Through its strategy, called “Alchemy of 5%,” Bitmine aims to acquire 5% of Ethereum’s total supply.
According to The Block, the company did not disclose the average price of its latest purchases. At the prices cited in the report, 17,362 ETH was worth approximately $46.7 million; however, this figure does not represent a purchase cost disclosed by the company.
This distinction matters when assessing treasury updates. The market value of a company’s crypto holdings changes with prices, while its acquisition cost depends on the prices at which it completed the purchases.
Total asset value reaches $17.2 billion
Bitmine reported a combined value of $17.2 billion for its crypto assets, cash, marketable securities and other investments. The company’s September 27 valuation uses a reference price of $2,698 per Ethereum.
Alongside Ethereum, the portfolio includes 213 Bitcoin. Bitmine also reported $672 million in cash and marketable securities, a $180 million investment in Beast Industries and a $115 million stake in Eightco Holdings.
The $17.2 billion figure therefore represents the combined value of several asset categories. It does not indicate the total amount the company has spent on Ethereum purchases.
Approximately 84% of holdings are staked
Staking also plays a significant role in Bitmine’s strategy. The company reported that it had staked 5,067,309 ETH as of September 27.
This amount represents approximately 84% of its total Ethereum holdings. Bitmine projected annualized staking revenue of $358 million from its current operations.
Staking allows asset holders participating in Ethereum’s validation process to earn rewards. Alongside exposure to price changes, generating income from its holdings is therefore another component of the company’s Ethereum strategy.
Bitmine projects that annualized rewards could reach $424 million if it stakes its entire Ethereum treasury through the MAVAN platform and its staking partners. This calculation assumes an annualized yield of 2.62%; it does not represent realized annual revenue.
Tom Lee expects institutional demand to increase
Tom Lee said he believes institutions’ allocations to crypto assets remain low. He also expects institutional investors to increase their exposure during the final months of the year.
Lee’s comments reflect management’s market outlook. Bitmine’s latest announcement highlights two concrete developments accompanying that outlook: its Ethereum holdings have surpassed 6 million ETH, while the amount allocated to staking remains above 5 million ETH.
