BitMine Boosts Ethereum Holdings by 27,562 Tokens

BitMine Immersion Technologies (BMNR) has continued its aggressive Ethereum (ETH) purchase strategy, buying 27,562 ETH in a week to September 20. This brings its total holdings to $17.1 billion and puts it on track to reach its goal of owning 5% of ETH's supply.

The company bought the tokens at an average price of $2,688 per token, according to Coinbase data, which adds up to approximately $74 million in purchases over the week. This marks a significant increase from the previous week's purchase of 27,180 ETH, which was valued at around $69 million.

The company's Chairman, Thomas 'Tom' Lee, stated that BitMine has been buying ETH every week since June 30, 2025, and is now 98% of the way to its target. He believes a crypto bull market is underway, citing a rotation from AI back to crypto.

The company's staked total has remained flat at 5,067,309 ETH, worth around $13.6 billion, through MAVAN, its Made in America Validator Network. Lee projects annualized staking revenue of $357 million, which is expected to rise to $421 million once the ether is fully staked.