Bitmine’s Ether Hoard Nears 5% Supply Target After Latest Buy

Bitmine Immersion Technologies added 27,180 ether last week, spending approximately $68 million at an average price slightly above $2,500 per token. The purchase lifted the company’s Ethereum holdings to 5,956,378 ETH as of September 13, worth roughly $14.97 billion at the company’s reference price of $2,513.

That leaves Bitmine about 144,000 ETH short of its stated goal of owning 5% of Ethereum’s approximately 122 million-token supply. The target represents around 6.1 million ETH, putting the company within reach after a little more than a handful of purchases at its recent weekly pace. Bitmine said it has acquired ether every week since launching its Ethereum treasury strategy on June 30, 2025.

The company is not treating the holdings as a passive balance sheet asset. Bitmine reported that 5,067,309 ETH was staked through its MAVAN validator network, or about 85% of its total position. Management projects annualized staking revenue of approximately $334 million based on a recent 2.62% yield, although that figure depends on future staking participation, network conditions and ETH prices.

Chairman Tom Lee has framed the accumulation as a broader bet on Ethereum’s role in tokenized financial markets and emerging blockchain applications tied to agentic artificial intelligence. He also pointed to a strengthening ETH-to-BTC ratio and expected institutional demand as reasons to remain aggressive.

One of the company’s preferred catalysts, however, weakened almost immediately after the purchase was announced. The U.S. Senate failed on September 15, 2026, to advance the CLARITY Act, a market-structure bill that Bitmine had cited as a potential source of regulatory momentum. Crypto-related shares sold off after the vote, underscoring the policy risk attached to the sector’s institutional-growth narrative.

Bitmine’s portfolio now includes 212 bitcoin, $549 million in cash and marketable securities, a $180 million stake in Beast Industries and $98 million invested in Eightco Holdings, or ORBS. The concentration remains stark: ETH accounts for most of the company’s reported $15.8 billion in crypto, cash and strategic holdings. For BMNR shareholders, the operating story increasingly turns on two variables, the price of ether and whether staking income can offset the volatility of holding such a large digital-asset position.