Bitmine Expands Ethereum Holdings to 6.02 Million Coins

Bitmine Immersion Technologies has expanded its Ethereum holdings by acquiring an additional 15,112 ETH, bringing its total to approximately 6.02 million coins. The company, led by Fundstrat’s Tom Lee, has made weekly ETH purchases a consistent practice, edging closer to its 5% ownership target of Ethereum’s circulating supply.

The latest purchase follows Bitmine’s previous weekly disclosure, where it added 17,362 ETH during the week ending September 27, 2026. This brought its holdings to 6,001,302 ETH, representing 4.9% of Ethereum’s circulating supply of around 122.1 million ETH. The new addition pushes Bitmine further toward Lee’s ambitious 5% goal, a target he refers to as the “Alchemy of 5%.”

Since launching its treasury program on June 30, 2025, Bitmine has maintained an uninterrupted ETH buying spree. As of the September 27 update, the company had reached 98% of its 5% target in just 15 months. Using a reference price of $2,698 per ETH, Bitmine valued its Ethereum holdings at an estimated $16.2 billion, with total assets nearing $17.2 billion.

Ethereum dominates Bitmine’s balance sheet, but the company also holds 213 BTC, $672 million in cash and marketable securities, and stakes in Beast Industries and Eightco Holdings. Approximately 84% of its ETH holdings, or 5.067 million coins, are staked through the MAVAN institutional platform, yielding an annual reward projection of about $358 million at a recent staking yield of 2.62%.

Lee’s 5% threshold is seen as a strategic milestone, believed to create network effects and attract institutional attention to Ethereum. He notes that ETH has outperformed the S&P 500 since Bitmine began its treasury strategy and anticipates significant inflows into digital assets, particularly ETH, during the fourth quarter of 2026.

For Bitmine shareholders, the company’s value is closely tied to ETH’s price movements. The non-ETH assets, while offering some diversification, play a secondary role compared to the dominant Ethereum holdings. The next milestone is clear: Bitmine is now even closer to achieving Lee’s 5% target.