BitMine Immersion Technologies has just reached a new major milestone in its Ethereum accumulation strategy. By purchasing 17,362 additional ETH last week, the company led by Tom Lee now hold
BitMine Immersion Technologies has just reached a new major milestone in its Ethereum accumulation strategy. By purchasing 17,362 additional ETH last week, the company led by Tom Lee now holds more than 6 million tokens. This represents nearly 5% of the total supply. This acquisition thus strengthens its position as the world’s largest Ethereum crypto treasury. But not only that! It also illustrates (and especially!) the growing institutional confidence in this digital asset.
The announcement dates from Monday, September 28, 2026. Listed in New York (ticker BMNR) and the world’s leading Ethereum treasury, BitMine Immersion Technologies declares 6,001,302 ETH as of September 27. Breakdown: 17,362 ETH more than a week earlier, equivalent to $46.82 million according to Lookonchain.
BitMine now holds 6,001,302 ETH. This represents 4.9% of the circulating Ethereum supply, estimated at 122.1 million units. At a price of $2,698 recorded on Coinbase, the company’s crypto treasury exceeds $16 billion.
Why buy this digital asset amid a crypto market pullback? BitMine answers with method: it has been buying ETH weekly since June 30, 2025, regardless of the price. The price of Ethereum had just dropped after brushing $2,700, and retail crypto holders were worried. In the crypto market, such a bet is considered bold.
BitMine President Tom Lee calls it a “remarkable achievement,” reached in less than fifteen months. Indeed, the company surpasses 6 million ETH without ever missing a week of purchasing.
Buying Ethereum is not enough for BitMine; it also puts it to work. Staking consists of locking up ETH to help the Ethereum crypto network validate its transactions, in exchange for a reward paid in ETH. For a crypto investor, it’s like interest paid on a deposit.
According to the official statement, the company had locked up 5,067,309 ETH. This represents:
The staking thus turns BitMine’s Ethereum reserve into an income source, with an annualized yield of 2.62% over the last seven days.
The platform is called MAVAN, standing for Made in America VAlidator Network. BitMine launched it this year for its own ETH treasury. Since then, it has opened to institutional investors as well as crypto market custodians.
The projections are staggering. If the entire stock were locked through MAVAN and its partners, the company would expect $424 million in annual revenue. It forecasts $358 million with the portion already committed. Warning though! These are its own calculations, not audited accounts. They rely on a seven-day yield which can fluctuate.
5% of 122.1 million ETH equals about 6.105 million units. Currently, BitMine holds 6.001 million. The company is thus short by about 104,000 ETH to reach 5% of circulating Ethereum supply. At this week’s pace, it would get there in about six weeks.
For its ETH treasury, the company says it’s already at 98% of the “Alchemy of 5%,” its in-house target reached in fifteen months. It joined the Russell 1000, the index of large American caps, on June 26, 2026. Its stock even ranks among the most traded in the country, a rare case for a crypto asset: $1.1 billion average daily volume, placing it 94th out of 5,704 stocks according to Fundstrat. Over a month, it gains about 15% to reach $27.25 according to Bitcoin.com.
Tom Lee looks further:
We see signs confirming that a crypto bull market is underway.
He adds that institutions remain underexposed to crypto but should strengthen their positions by the end of 2026.
Bitcoin retains the size advantage. After its latest purchase of 1,665 BTC, Michael Saylor’s Strategy company holds 847,666 BTC. This amounts to over $70 billion. BitMine thus occupies the second place among the world’s crypto treasuries, and the first in Ethereum.
In terms of performance, however, Ethereum outperforms the largest crypto on the market. It gains nearly 72% in three months, versus about 43% for Bitcoin. Since the beginning of Q3, BitMine even claims ETH outperforms the S&P 500 by 6,728 basis points (i.e. 67.28 percentage points).
Note however that BitMine doesn’t put all its eggs in the same basket. Besides Ethereum, its portfolio includes:
The total weighs $17.2 billion.
There remains the downside. A treasury concentrated on Ethereum is worth what ETH is worth. If the price of this crypto asset falls, BitMine’s value will fall with it. Admittedly, staking will soften the impact slightly. Nevertheless, it will not nullify it. And within the crypto universe, volatility doesn’t give warnings.
In any case, BitMine is close to the target with 6 million ETH. There remains a real question for Ethereum and crypto: what will BitMine do once 5% is reached? Tom Lee speaks Wednesday in Seoul: maybe a clue will come.
