Bitmine Immersion Technologies has expanded its Ethereum treasury to 5.93 million ETH, representing 4.9% of Ethereum’s total supply. The company’s latest disclosure also puts its broader crypto, cash, securities and private investment holdings at $15.7 billion, reinforcing its position as the largest publicly disclosed Ethereum treasury.
Bitmine Adds 28,086 ETH as Treasury Reaches 5.93 Million
Bitmine Immersion Technologies has expanded its Ethereum treasury to 5,929,198 ETH, worth about $14.79 billion at its September 7 price. The holdings represent 4.9% of Ethereum’s 122 million supply, giving Bitmine an unusually large direct position. Its broader crypto, cash, securities and private investments now total $15.7 billion.
The company acquired another 28,086 ETH during the past week, maintaining buying that the company says has continued every week since June 30, 2025.
That consistency matters because treasury companies can amplify market exposure, but it also concentrates corporate balance-sheet risk in one volatile asset. The company’s strategy therefore offers investors Ethereum exposure and company leverage.
Also Read: BitMine Holdings Adds 53,000 ETH as Ethereum Treasury Nears 6 Million
Bitmine Stakes 5.07 Million ETH for $330M Annual Revenue
Bitmine has also staked 5,067,309 ETH, roughly 85% of its holdings. The company said annualized staking revenue is projected at about $330 million, although returns can vary with network conditions and yields. This creates revenue while keeping most ETH tied to Ethereum’s proof-of-stake infrastructure.
Chairman Thomas “Tom” Lee said, “Over the past week, we acquired 28,086 ETH,” emphasizing the company’s weekly purchasing record. The company’s scale makes its accumulation relevant to investors, although purchases should not automatically indicate broader market demand. Its balance sheet remains highly sensitive to ETH price movements.
Bitmine Targets 4.9% of Ethereum Supply With Weekly Buying
The latest disclosure also shows 211 BTC, $593 million in cash and marketable securities, a $180 million stake in Beast Industries and $91 million in Eightco Holdings.
These holdings diversify the company beyond ETH, but Ethereum remains dominant in its treasury. That concentration makes ETH’s price performance important to Bitmine’s valuation.
The company is approaching its goal of holding 5% of Ethereum supply, with the latest 4.9% position leaving a small gap. Reaching that threshold would make its strategy more significant because corporate purchases can affect liquidity. However, owning 5% of supply would not mean control over Ethereum’s protocol or governance.
Bitmine Links ETH Treasury Growth to 3 Institutional Catalysts
Lee also argued that Ethereum’s Q3 performance could encourage institutions to increase crypto allocations. The company said ETH had outperformed the S&P 500 by 5,430 basis points through Friday, while Lee pointed to tokenization and agentic artificial intelligence as catalysts. These are company views, so investors should separate the company’s thesis from market data.
The immediate focus is whether the company continues buying ETH and whether staking income grows alongside its treasury.
Its MAVAN platform is also intended to provide institutional-grade Ethereum staking infrastructure, extending the strategy beyond accumulation. For investors, the company is increasingly an Ethereum proxy, combining upside exposure with significant concentration risk.
Also Read: Ethereum Bullish Surge as BitMine Buys $81M in Top Week
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