Bitmine crosses 6 million ETH after latest weekly purchase
Bitmine's ETH holdings pass 6 million
Bitmine Immersion Technologies (BMNR), the Ethereum treasury company chaired by Tom Lee, said Monday that its ether (ETH) holdings have reached 6,001,302 ETH, worth about $16.1 billion at current prices. The total follows a purchase of another 17,362 ETH since its previous update on Sept. 21.
A treasury company is a firm that mainly holds large amounts of cryptocurrency on its balance sheet. Bitmine reported that its total crypto, cash, marketable securities and other investments stand at $17.2 billion. It did not share the average price it paid for the latest purchase, which is worth about $46.7 million at current prices.
Key numbers
- Holdings: 6,001,302 ETH, about $16.1 billion at current prices.
- Latest purchase: 17,362 ETH, worth about $46.7 million at current prices.
- Total assets: $17.2 billion across crypto, cash, marketable securities and other investments.
- The ETH stack equals more than 4.9% of Ethereum's roughly 122.1 million ETH circulating supply.
- As of Sept. 27, Bitmine also holds 213 BTC ($17.8 million), a $115 million stake in Eightco Holdings, a $180 million stake in Beast Industries, plus $672 million in cash and marketable securities.
What Bitmine and Tom Lee said
In the company's statement, Lee said reaching more than 6 million ETH in under 15 months was "a tremendous achievement" and noted the firm was already seeing synergies from holding nearly 5% of Ethereum's total supply.
Lee also shared his market views. He said Bitmine continues to see "affirming signs that a crypto bull market is underway," having started in late June, and that institutions are still underweight crypto. He said ETH has outperformed other macro assets by 6,728 basis points for the quarter to date. These are the company's opinions and projections, not confirmed outcomes.
Staking and supply target
Bitmine's total staked Ethereum — coins locked to help run the network and earn rewards — stands at 5,067,309 ETH, about $13.6 billion. According to Lee, that is more staked ETH than any other entity in the world.
The company projects annualized staking revenues of $358 million, rising to $424 million once its ETH is fully staked by MAVAN and its staking partners. Bitmine's own staking operations produced a 7-day yield of 2.62% annualized. These figures are company projections.
Bitmine says it is now 98% of the way to its "Alchemy of 5%" target of owning 5% of Ethereum's supply, which it aimed to reach within 15 months of starting its treasury strategy.
How Bitmine compares with other treasury companies
According to SER data cited by The Block, Bitmine is the largest Ethereum treasury holder. It is followed by Joe Lubin's Sharplink with about 888,938 ETH and The Ether Machine with about 496,712 ETH.
Among all public crypto treasury companies, Bitmine ranks second behind Michael Saylor's Strategy, which holds 847,666 BTC ($70.6 billion) after its own weekly purchase announced Monday — more than 4% of bitcoin's 21 million supply cap.
What is confirmed
Confirmed by Bitmine's Monday announcement: its 6,001,302 ETH holdings, the 17,362 ETH weekly purchase, the $17.2 billion total of crypto, cash and other investments, its staked ETH total of 5,067,309, and its additional holdings of BTC, company stakes and cash as of Sept. 27.
What is still unclear
Bitmine did not disclose the average purchase price of its latest ETH purchase. Claims about a crypto bull market, institutional buying, and future staking revenue are Lee's opinions and projections, not verified facts.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.