Bitmine Immersion Technologies has accumulated more than six million Ethereum tokens, bringing Tom Lee’s crypto treasury company close to its goal of controlling 5% of Ethereum’s circulating supply. According to Decrypt, Bitmine purchased another 17,362 ETH last week, worth just under $47 million at the $2,698 price used in the company’s release.
As of Friday afternoon, Bitmine held 6,001,302 ETH valued at approximately $16.2 billion. That represents 4.9% of the 122.1 million ETH in circulation. The company refers to its objective as the “Alchemy of 5%” and says it has reached 98% of the target in 15 months.
A growing corporate crypto treasury
Bitmine’s total holdings were valued at $17.2 billion when its other assets were included. These consisted of 213 Bitcoin, $672 million in cash and marketable securities, and stakes valued at $180 million in Beast Industries and $115 million in Eightco. Bitmine identifies those equity investments as “moonshots”; it describes Eightco as one of the listed vehicles providing indirect exposure to OpenAI.
The company says it has bought Ethereum every week since beginning its accumulation strategy on June 30, 2025. That purchasing record, according to Lee, is unmatched among public companies. Bitmine is now described as the largest Ethereum treasury and the second-largest corporate crypto treasury overall, behind Strategy, whose holdings include 847,666 BTC valued at roughly $71 billion.
Bitmine’s backers include ARK founder Cathie Wood, Founders Fund, Pantera, Kraken, Galaxy Digital and Bill Miller III.
Staking adds a revenue stream
Bitmine has staked 5,067,309 ETH, or 84% of its holdings. The staked tokens are worth about $13.7 billion and are held mainly through MAVAN, an institutional staking platform initially built for Bitmine’s own treasury and later made available to outside investors.
Using a seven-day annualized yield of 2.62%, Lee estimates that current staking revenue could amount to $358 million a year. That figure would rise to $424 million if all of Bitmine’s ETH were staked. Staking generally involves committing tokens to help support a blockchain network in exchange for potential rewards, although the reported yield can change.
Market picture
Moneyiar market data recorded Ethereum at $2,681.7028821295 at 22:03 on September 25, 2026, down 0.13% over 24 hours but up 2.05% over seven days. The data also showed Shiba Inu at $0.0000058406, up 0.46% in 24 hours and 6.1% over seven days; Uniswap at $9.4332270255, up 2.98% and 4.82%, respectively; and Pepe at $0.0000044327, down 0.06% over 24 hours and up 14.7% over seven days.
ETH remains below its highs, but Lee argues that it has been the strongest-performing macro asset of the quarter, saying it has outperformed the S&P 500 by about 67 percentage points since the end of June. He also said a crypto bull market began in late June and expects institutions to increase their crypto exposure in the final months of 2026. Those comments represent Lee’s market view, not a guarantee of future performance.
