Bitmine Immersion Technologies (BMNR) said its Ethereum treasury reached 5,929,198 ETH after a weekly purchase of 28,086 tokens, extending an uninterrupted buying streak that began on June 30, 2025.
The New York Stock Exchange (NYSE)-listed company put its combined holdings of cryptocurrency, cash, marketable securities and equity stakes at $15.7 billion as of September 7 at 2:00 p.m. Eastern Time (ET), using a reference price of $2,495 per ETH sourced from Coinbase.
The disclosure was made in a Tuesday statement issued through PR Newswire by the company, which is chaired by Fundstrat co-founder Thomas “Tom” Lee. At the referenced mark, the ETH stack alone is worth approximately $14.79 billion.
The remainder of the treasury comprises 211 Bitcoin (BTC), a $180 million position in Beast Industries, a $91 million stake in Eightco Holdings (NASDAQ: ORBS), and $593 million in cash and marketable securities. Bitmine described its Eightco position as providing indirect equity-market exposure to OpenAI.
The 5% target moves as the denominator changes
Bitmine now cites the total Ethereum supply at 122.0 million tokens and pegs its share at 4.9%, or 97% of the way to what the company calls the “Alchemy of 5%”, a self-imposed target to accumulate 5% of the ETH supply. Applying the disclosed supply figure, the 5% threshold sits at 6.10 million ETH, leaving a shortfall of roughly 170,800 tokens.
Earlier weekly updates used a smaller circulating supply of 120.7 million. The September 8 release is the first in this sequence to use 122.0 million as the denominator, which mechanically enlarges the remaining gap relative to prior reports.
Buying pace has stepped down from the August peak
The 28,086-ETH addition is a marked deceleration from prior weeks. Bitmine reported 53,501 ETH bought in the week ended August 31, 32,447 ETH the week before that, and 9,926 ETH in the week ended August 17.
The reference figure of $2,495 per ETH used in the current disclosure is also $16 below the $2,511 price cited a week earlier, which limits the dollar growth of the token stack even as the count expands. The headline treasury number therefore rose only from $15.6 billion to $15.7 billion, a movement of about $100 million on a $15 billion base.
Cash and marketable securities actually rose over the period, from $541 million on August 30 to $593 million on September 7, indicating retained dry powder rather than immediate deployment. Bitmine’s coverage of prior activity, including its earlier progress toward the 5% target, was covered in The Crypto Times’ BitMine’s ‘Alchemy of 5%’ Dream: Total ETH Treasury Hits 5.79M Tokens with Latest Purchase and Tom Lee’s BitMine Nears 5% of ETH Supply as Treasury Hits $14.9 Billion.
Staking is the operating engine
Total staked ETH stands at 5,067,309 tokens, unchanged from the prior disclosure and equal to about 85% of Bitmine’s holdings. At the current mark, the staked pool is worth $12.6 billion.
The company quoted a 7-day annualized yield of 2.61% and projected current annualized staking revenue of $330 million, rising to $386 million at full scale via MAVAN (Made in America Validator Network) and its partners. MAVAN is Bitmine’s institutional staking platform, which the company launched earlier in 2026 and has since opened to third-party custodians and institutional participants.
Staking is essentially the entire operating revenue line at present. For the quarter ended May 31, 2026, Bitmine reported revenue of $46.54 million, of which staking and validation contributed the overwhelming share, per its filing with the U.S. Securities and Exchange Commission (SEC). The same filing showed 5,416,945 ETH on the balance sheet against a cost basis of $19.05 billion and a fair value of $10.86 billion.
That cost-versus-mark gap has driven successive quarters of large GAAP (Generally Accepted Accounting Principles) losses, previously covered in Crypto Times’ BitMine Posts $9.1B Loss as ETH Staking Drives Nearly All Revenue.
Stock did not track the treasury higher
BMNR closed at $24.97 on Friday, September 4, down 5.60% on the session and below the prior day’s $26.45 close, according to New York Stock Exchange trading data compiled by Yahoo Finance. The stock traded in an intraday range of $24.52 to $25.49 on volume of roughly 46.3 million shares, above its 30-day average of about 38.8 million.
The 52-week range is $12.80 to $65.60. Market capitalization stood at roughly $15.06 billion, essentially in line with the reported treasury value, meaning the stock is no longer commanding a persistent premium to net asset value that characterized earlier phases of the strategy.
The sector-wide compression in treasury-company premiums was covered in Crypto Times’ $80B Wiped Out as Bitcoin Treasury Companies Face Model Breakdown.
B. Riley Securities raised its price target on BMNR to $30 from $25 on September 3 and reiterated a Buy rating, according to research data. The average one-year consensus target from covering analysts is $33.53. On the fixed-income side, Bitmine’s 9.50% Series A Perpetual Preferred trades on the NYSE under the ticker BMNP; it was issued in June 2026 at $80 per share and raised approximately $273.8 million in net proceeds.
Forecasts from the chair and advisor
Lee said Ethereum has been the best-performing macro asset in the third quarter of 2026 to date, outperforming the S&P 500 by 5,430 basis points (bp) through the reference Friday, and identified four catalysts he expects to draw institutional buying into year-end: a mid-September vote on the CLARITY Act, Korean investor flows rotating out of artificial intelligence (AI) equities into crypto, a four-year cycle he sees bottoming within weeks, and the convergence of tokenization with agentic AI.
Tom DeMark, founder of DeMark Analytics and listed as a capital markets advisor to Bitmine, said August ETH price action that held without a downside break, combined with an expired 12-day metric, “implies a renewal of the upside move.”
Bitmine also noted that its 5-day average daily dollar volume was $1.10 billion as of September 4, placing it 81st among US-listed stocks in a Fundstrat and Statista cut of 5,704 tickers, ranked between Intuit Inc. at 80 and TJX Companies at 82. The stock was added to the Russell 1000 large-cap index on June 26, 2026.
Lee said BMNR was up 99% quarter to date through the reference period, the fourth-best performance in the Russell 1000, with four of the top 21 index constituents by quarter-to-date gain being crypto-related equities.
Verified facts versus outlook
Those cycle calls and macro forecasts are stated views, not disclosed facts. The verifiable items in the September 8 release are the 28,086 ETH weekly purchase, the 5,929,198 ETH total holding, the 5,067,309 ETH staked, the $593 million in cash and marketable securities, the 211 BTC position, the $180 million Beast Industries stake, the $91 million Eightco stake, the $15.7 billion combined figure, and the $2,495 per ETH Coinbase mark timestamped September 7 at 2:00 p.m. ET.
Bitmine remains the largest publicly disclosed Ethereum treasury in the world and the second-largest corporate digital asset treasury overall, behind Strategy Inc., which the company said holds 840,447 BTC valued at roughly $66 billion.
The next weekly disclosure is expected to indicate whether the summer-peak buying pace resumes as the shortfall to the 5% target narrows, and whether the stock’s valuation continues to converge on, rather than sit above, the mark-to-market value of the underlying treasury.
Also Read: Michael Saylor’s Strategy Inc. Doubles Buyback Program to $2B, Repurchase $176M in STRC
