BitMine Immersion Technologies acquired 28,086 ETH for around $70.1 million last week. The purchase takes the Ethereum Treasury company’s total holdings to 5.93 million ETH, 4.9% of the token’s circulating supply.
Chairman Tom Lee is bullish on ETH, citing positive crypto legislation, tokenization, and blockchain-based AI as positive market developments.
BitMine Announces ETH Purchase
According to a treasury update, BitMine held 5,929,198 ETH as of September 7, following its latest purchase. The purchase was completed at $2,495 per token, with the company’s total holdings valued at around $14.79 billion. BitMine began purchasing ETH on June 30, 2025, with Lee stating the company has added ETH every week since.
BitMine’s previous purchase saw the company acquire 53,501 ETH, taking its total holdings to 5,901,112 ETH as of August 30. Other weekly purchases include 9,926 ETH in the week ending August 16, and 32,447 in the week after.
BitMine also disclosed it was close to reaching its target of owning 5% of Ethereum’s total supply. The company needs to hold approximately 6.1 million ETH to meet its target, a figure it calls the “Alchemy of 5%.” The company currently is 170,802 ETH short of its target, although this figure can change as Ethereum’s total supply fluctuates.
BitMine also disclosed it held 211 BTC, a $180 million stake in Beast Industries, a $91 million investment in Eightco Holdings, and $593 million in cash and marketable securities. The company valued its combined crypto, cash, securities, and strategic investments at $15.7 billion.
Staked ETH Revenue
BitMine also disclosed it had staked 5,067,309 ETH through the Made in America Validator Network and other external staking partners. The company’s staked position is worth around $12.6 billion at its reference price of $2,495 and accounts for 85% of its holdings. The company has estimated its staked ETH could bring in $330 million in annualized staking revenue, based on a seven-day annualized yield of 2.61%. If BitMine stakes its entire ETH holdings, it could generate $386 million in revenue. However, these figures are projections, not fixed revenue.
Staking is an important revenue generator for BitMine. A treasury report revealed the company generated $45.7 million through staking and validation in three months ending May 31, which is 98% of its quarterly revenue of $46.5 million. Staking also supports BitMine’s preferred stock structure. The company’s Series A Perpetual Preferred Stock trades on the New York Stock Exchange. Lee has also said the company’s staking income could be used to fund preferred share dividend payments.
AI and Tokenization Could Support Ethereum
Lee has maintained a bullish outlook on ETH and other prominent cryptocurrencies, including BTC. Lee also stated that ETH outperformed the S&P 500 during the third quarter, making it the best-performing macro asset. He identified ETH, BTC, and SOL as the market’s strongest performers since June 30, arguing that institutional investors may want to increase their exposure to these assets.
“We believe there are multiple positive catalysts as we head into the final months of 2026.”
Lee named the upcoming vote on the CLARITY Act, tokenization, renewed crypto purchases, and the growing use of blockchains by AI agents. Lee believes tokenization and AI could benefit Ethereum more compared to Bitcoin. The BitMine chairman has previously linked Ethereum demand to blockchain and AI, and predicted that ETH will outperform BTC during the ongoing market cycle, witnessing growth similar to the 2017-2018 cycle, when ICOs supported price action, and 2020-2021, when NFTs drove network activity.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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