BitMine Nears 5% ETH Target with $14.79 Billion Treasury Addition
BitMine Immersion Technologies has continued its aggressive Ethereum (ETH) buying spree, adding 28,086 ETH to its treasury over the past week. This brings the company's total holdings to 5,929,198 ETH, valuing its position at approximately $14.79 billion using a Coinbase reference price of $2,495 as of September 7.
This represents about 4.9% of Ethereum's total supply, which is estimated to be around 122 million ETH. The company has been working towards owning 5% of the circulating supply, and this purchase brings it closer to that target.
BitMine's treasury now includes $593 million in cash and marketable securities, along with stakes valued at $180 million in Beast Industries and $91 million in Eightco Holdings. The company has been buying ETH every week since June 30, 2025, and has slowed its purchases as it approaches the 5% target.
About 85% of BitMine's holdings are staked, generating an estimated $330 million in annualized staking revenue using a seven-day annualized yield of 2.61%. Chairman Tom Lee said that BitMine has continued to add ETH while slowing its purchases near the stated 5% target.