Bitmine Nears 5% Ethereum Supply Target After 15th Straight Month of Buying

Bitmine Immersion Technologies has continued its streak of Ethereum purchases, acquiring an additional 15,112 ETH in September. This brings its total holdings to 6,016,414 ETH, representing about 4.9% of the total supply of 122.1 million. The company is now 99% of the way to its “Alchemy of 5%” target, a goal it has been pursuing since June 30, 2025.

The latest purchase was valued at approximately $41 million, with Bitmine’s total ETH holdings now worth around $16.4 billion, based on an ETH price of $2,726. Tom Lee, Bitmine’s chairman, expressed confidence in a crypto bull market, noting that Ethereum outperformed the S&P 500 by 6,832 basis points this quarter despite macroeconomic challenges. He also highlighted that Bitmine’s performance surpassed Ethereum’s even during the bear-market phase from 2025 to 2026.

Bitmine’s total assets, including cash, other tokens, and investments, stood at $17.4 billion as of October 4. This includes 214 BTC, $643 million in cash and liquid securities, and stakes in companies like Beast Industries and Eightco Holdings. The company is also monetizing its Ethereum holdings by staking about 84% of them, or 5,067,309 ETH, through its MAVAN platform, expecting annualized revenue of $363 million.

As the largest corporate holder of Ethereum in treasury reserves, Bitmine’s strategy has evolved beyond mere accumulation, focusing on securing staking income. Market attention is now on whether the company will exceed the 5% threshold of Ethereum supply and how its large holdings and staking will impact its financial performance.