Catenaa, Sunday, September 27, 2026- Bitmine Immersion Technologies has increased its Ethereum holdings to 5,983,940 ETH after buying another 27,562 tokens, taking the company close to its target of owning 5% of Ethereum supply.
The company valued the holdings at $2,688 per ETH as of September 20, giving the Ethereum position a value of about $16.1 billion.
Bitmine said its ETH now represents about 4.9% of the 122.1 million token supply used in its calculation.
A 5% holding at that supply level would equal about 6.105 million ETH.
That leaves Bitmine roughly 121,060 ETH short of the target it calls the “Alchemy of 5%.”
The company said it has reached about 98% of that goal in 15 months.
Bitmine began its Ethereum treasury strategy on June 30, 2025 and says it has purchased ETH every week since then.
Its latest disclosure shows the strategy increasingly moving beyond simple accumulation into staking.
Bitmine had 5,067,309 ETH staked as of September 20, worth about $13.6 billion using the company’s reference ETH price.
That represents roughly 85% of its total Ethereum holdings.
Bitmine said its staking operations produced a seven-day annualized yield of 2.62%.
At the current staking level, the company projects annualized staking revenue of about $357 million if that yield were maintained.
The figure is a projection based on a short measurement period and could change as Ethereum staking yields, token prices and network conditions move.
Bitmine said staking revenue could rise to about $421 million annually if its entire Ethereum position were eventually staked at the same assumed yield.
The company operates its own staking infrastructure through MAVAN, or Made in America Validator Network.
MAVAN was initially developed to support Bitmine’s treasury but has since been expanded for institutional investors, custodians and other partners.
Staking allows ETH holders to commit tokens to Ethereum’s proof-of-stake system and receive rewards for helping secure the network.
The process also introduces operational risks, including validator failures, penalties and changes in network reward rates.
Bitmine reported total crypto, cash, marketable securities and other investments of $17.1 billion.
Apart from Ethereum, the company held 212 bitcoin.
It also reported a $180 million investment in Beast Industries and a $105 million stake in Eightco Holdings.
Cash and marketable securities totaled $714 million.
Ethereum remains by far the largest component of Bitmine’s balance sheet.
That concentration means changes in ETH prices can have a large effect on the reported value of the company’s assets.
A $100 movement in ETH, for example, would alter the market value of a 5.98 million ETH position by nearly $600 million before considering other factors.
The strategy gives public-market investors another route to obtain Ethereum exposure through a listed company rather than directly holding the cryptocurrency.
It also differs from a simple ETH holding strategy because Bitmine is attempting to generate staking income from much of the treasury.
Chairman Tom Lee said Bitmine believes a crypto bull market began in late June and expects institutional crypto exposure to rise during the final quarter of 2026.
He pointed to Ethereum’s performance during the third quarter and linked the move to tokenization, artificial intelligence and changing institutional allocations.
Those comments represent Bitmine management’s market outlook rather than an assurance of future ETH performance.
The company said Ethereum had outperformed the S&P 500 by 6,519 basis points during the third quarter through the date of its announcement.
Lee said Bitmine views that relative performance as a possible precursor to stronger Ethereum gains in the fourth quarter.
Bitmine’s rapid accumulation has turned the company into what it describes as the world’s largest corporate Ethereum treasury.
Its strategy resembles the digital asset treasury model made prominent by Strategy, which has concentrated its balance sheet heavily in Bitcoin.
Strategy reported 846,000 BTC as of September 20 after purchasing another 950 bitcoin during the latest reporting period.
The two companies, however, are pursuing different assets and increasingly different treasury structures.
Strategy has developed a complex financing model involving common stock, preferred securities, debt and cash.
Bitmine’s Ethereum strategy adds another element unavailable to a Bitcoin treasury: native staking income.
That allows Bitmine to seek recurring crypto-denominated returns from part of its holdings without selling ETH.
The tradeoff is greater exposure to Ethereum-specific risks and heavy concentration in one digital asset.
Bitmine is now close enough to its 5% target that the remaining gap is small relative to its recent accumulation pace.
At 27,562 ETH purchased during the latest week, buying continued at that exact rate would close the remaining gap in roughly four to five weeks.
Actual purchases may vary substantially from week to week.
Reaching 5% would also depend on Ethereum’s circulating supply at the time, which can change through issuance and token burning.
The milestone therefore remains a moving target rather than a fixed number of coins.
For now, the latest filing shows Bitmine approaching 6 million ETH while placing most of its treasury into staking.
That combination makes the next stage of its strategy about more than how much Ethereum it can acquire.
How efficiently it can generate staking returns from that increasingly large position is becoming equally important.
