BitMine Buys $70M More Ethereum, Nears 5% Supply Goal
BitMine Immersion Technologies has made another significant Ethereum purchase, acquiring 28,086 ETH for $70 million. This transaction brings BitMine's total Ethereum holdings to 4.9% of the estimated total supply of 122 million ETH as of September 7.
The company's Chairman, Tom Lee, remains bullish on Ethereum's future and points to its strong performance in Q3 2026, beating the S&P 500 by 5,430 basis points. Lee attributes this success to multiple positive catalysts, including upcoming voting on the CLARITY Act in mid-September.
BitMine's Ethereum treasury is valued at around $15.7 billion and includes a $180 million stake in Beast Industries and a $91 million stake in other companies. The company also generates approximately $330 million in annualized revenue from staking its 5.06 million ETH on the Made in America VAlidator Network (MAVAN).
Lee notes that BitMine has been buying Ethereum since June 2025 and aims to reach a target of 5% of the network's supply.