Tom Lee-led BitMine Immersion Technologies has added another 27,180 ETH to its corporate treasury, extending an accumulation programme that has made the company one of the world’s largest holders of Ethereum.
BitMine said on Monday that its Ethereum holdings reached 5,956,378 ETH as of September 13. At the company’s reference price of $2,513 per ETH, the latest addition was worth approximately $68.3 million, although BitMine did not disclose the actual average price paid for the tokens. The company valued its total Ethereum position at roughly $15 billion and said its combined crypto, cash, marketable securities and other investments were worth approximately $15.8 billion.
BitMine Moves Within Reach of Its 5% Ethereum Target
BitMine said its 5.96 million ETH position now represents approximately 4.9% of Ethereum’s roughly 122 million-token supply. That puts the company close to the self-imposed target behind what it calls its “Alchemy of 5%” strategy: accumulating 5% of the entire Ethereum supply. “Over the past week, we acquired 27,180 ETH,” Chairman Tom Lee said, adding that BitMine has purchased Ethereum every week since launching its ETH treasury strategy on June 30, 2025.
The company has increasingly put those holdings to work through staking. As of September 7, BitMine said 5,067,309 ETH had been staked, representing around 85% of its current Ethereum position. At a reported seven-day annualised staking yield of 2.62%, the company estimates its existing staked ETH could generate approximately $334 million in annualised revenue. BitMine said potential annual staking rewards could rise to around $392 million if substantially all of its ETH were eventually staked through its MAVAN validator network and other partners. BitMine’s wider balance sheet also includes 212 BTC, a $180 million investment in Beast Industries, a $98 million stake in Eightco Holdings and approximately $549 million in cash and marketable securities.
Lee Sees Further Catalysts for Ethereum
Lee remains bullish on Ethereum’s relative performance, arguing that a renewed rise in the ETH-to-Bitcoin ratio could accompany increased blockchain adoption by traditional financial institutions. He said previous periods of ETH/BTC strength were driven by themes including initial coin offerings, NFTs and stablecoins, while the next cycle could increasingly be supported by Wall Street tokenisation and AI agents using blockchain infrastructure.
BitMine’s capital-markets adviser Tom DeMark also said he expects Ethereum to make a “sharp upward move” in the coming weeks, citing recent price behaviour as evidence that the previous uptrend could resume. The latest acquisition underscores the scale of BitMine’s transformation from a Bitcoin mining company into an Ethereum-focused treasury vehicle. With its holdings now approaching 6 million ETH, further weekly purchases could soon push the company beyond its stated 5% supply target.