Tom Lee, chairman of BitMine, as the company nears its Ethereum supply goal

BitMine Reaches 5.98 Million ETH and Moves Within 2% of Its Supply Goal

By Isaac • September 21, 2026 3:34 pm • Comments

BitMine Immersion Technologies is now within striking distance of a goal that sounded almost absurd when the company announced it: holding 5% of Ethereum’s circulating supply.

The company said it owned 5,983,940 ETH as of September 20 after buying another 27,562 ETH during the week. At BitMine’s reference price of $2,688 per token, the Ethereum position alone was worth roughly $16.1 billion.

The position gives one public company control of more than 4.9% of Ethereum’s estimated 122.1 million circulating tokens.

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In its September 21 holdings update, BitMine says the company has completed 98% of what it calls the “Alchemy of 5%,” its plan to acquire 5% of ETH supply. The treasury strategy began on June 30, 2025, and BitMine says it has bought ETH every week since.

The release also says 5,067,309 ETH, or roughly 85% of the company’s Ethereum position, was staked as of September 20. BitMine projected $357 million in annualized staking revenue at that balance and said the figure could rise to $421 million if all of its ETH is eventually staked through its Made in America Validator Network and outside partners.

Those figures are company projections rather than guaranteed returns.

The first post in the company’s announcement thread laid out the scale of the balance sheet:

BitMine reported $17.1 billion in total crypto, cash, marketable securities and other investments. Beyond ETH, that figure included 212 Bitcoin, $714 million in cash and marketable securities, a $180 million stake in Beast Industries and a $105 million stake in Eightco Holdings.

The latest ETH purchase was worth roughly $74 million to $75 million at prices cited in contemporaneous reporting. BitMine did not disclose its average price for the weekly batch.

The Block calculated that the new purchase brought BitMine to 5,983,940 ETH and noted that the company remains the largest Ethereum treasury holder. The next two public-company ETH treasuries were far behind, at roughly 888,938 ETH and 496,712 ETH.

Its reporting also put BitMine second among public crypto treasuries of any kind, behind Strategy’s Bitcoin reserve. That comparison shows how quickly BitMine has separated from the rest of the corporate Ethereum field while still remaining below the largest Bitcoin treasury.

The report placed the weekly acquisition at about $75 million at current prices and said BitMine did not disclose an average purchase price. It also confirmed that the 5% target has been pursued for 15 months, turning the latest update into another step in a sustained accumulation program rather than a one-off trade.

BitMine’s own post emphasized that the buying has not paused since the treasury strategy began:

The supply target matters because ETH is not sitting idle in the same way that a corporate Bitcoin treasury typically does.

Validator performance, network issuance, fees, uptime and ETH’s market price can all change the dollar value of that staking income.

The same release was filed with the Securities and Exchange Commission, putting the treasury totals, staking figures and management’s market outlook into BitMine’s public disclosure record rather than leaving them as social-media claims.

Chairman Tom Lee argued that a new crypto bull market began in late June, citing stronger tokenization activity, the interaction between artificial intelligence and crypto, and his view that the market’s old four-year cycle is losing force.

He also said Ethereum’s third-quarter performance could set up a stronger fourth quarter as institutions increase exposure after spending much of 2026 underweight crypto.

Decrypt reported that the company is now 98% of the way to the 5% target after 15 months of weekly accumulation. The pace is notable, but so is the concentration.

Its account put the latest 27,562-ETH addition at roughly $74 million and emphasized that BitMine has not skipped a week of buying since the strategy launched. The report also tied the accumulation to Lee’s claim that institutions remain underweight crypto heading into the final quarter of 2026.

A treasury approaching 6 million ETH creates enormous exposure to one asset. The staking income can offset some carrying costs, yet a steep ETH decline would still hit the value of BitMine’s balance sheet and could pressure its stock.

There are operational risks as well. Staking at this scale requires reliable validator infrastructure, careful key management and protection against penalties or downtime.

The company’s projected revenue depends on executing that work consistently.

BitMine has nevertheless turned the basic corporate-treasury playbook into something different. Instead of merely holding an asset and waiting for appreciation, it is trying to own a meaningful slice of a proof-of-stake network and earn yield from helping secure it.

The final 2% of the company’s stated goal is now the immediate marker. Reaching it would not end the bigger questions about valuation, concentration or staking execution.

It would establish one fact beyond dispute: a public company built a position equal to roughly one in every 20 ETH in circulation, and it did it in little more than a year.

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