BitMine's Ethereum Hoard Hits 4.9%, Market Value Breaks Even

BitMine, a company that has been aggressively accumulating Ethereum (ETH), has reached an important milestone. As of September 8th, its treasury now holds 5,929,198 ETH, which accounts for about 4.9% of all existing ether. This puts BitMine 97% of the way to its target of holding 5% of all Ethereum, a goal Chairman Tom Lee set roughly 14 months ago.

The company's market value is now within a few percentage points of what its holdings are actually worth, essentially break-even. This is a significant shift from mid-2025 when the stock traded at a 35% premium to its coin holdings and late November last year when it slipped into an outright discount.

BitMine has also stopped treating stock buybacks and ether purchases as competing uses of cash. In fact, it did both in the same week in early August, buying 28,086 ETH and repurchasing 4.5 million shares. This change in strategy is notable, given that other companies are not accumulating ether at the same pace.