BitMine Immersion Technologies bought 27,562 ETH last week, bringing its holdings to nearly 6 million tokens and, by its own count, to within 2% of its goal of owning 5% of all ether. The goal itself is now larger than it was three months ago.
The company, chaired by Fundstrat co-founder Tom Lee, has changed the supply figure it measures itself against, from 120.7 million ETH in June to 122.1 million now. The newer figure is in line with on-chain data, and it raises the finish line by about 70,000 ETH at a time when BitMine’s weekly buying has slowed to its smallest pace in months.
In its weekly update on September 21, 2026, BitMine said it held 5,983,940 ETH as of 9:00 PM ET on September 20, valued at $2,688 per ETH using Coinbase pricing, or about $16.1 billion. Including bitcoin, cash, and strategic investments, the company put its total holdings at $17.1 billion.
What BitMine Holds
Beyond its ether, BitMine reported 212 bitcoin, $714 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $105 million stake in Eightco Holdings. The company calls the last two its “moonshots” and describes Eightco as one of the only listed equities providing indirect exposure to OpenAI.
BitMine said 5,067,309 ETH, or 85% of its holdings, is staked, meaning locked with validators on the Ethereum network in exchange for rewards. At a seven-day annualized yield of 2.62%, the company projects staking revenue of about $357 million a year, rising to about $421 million if its entire holding were staked.
The company said it has bought ether every week since launching its treasury strategy on June 30, 2025, and describes itself as the largest corporate ether holder in the world. It ranks second among public crypto treasuries overall, behind Strategy Inc., which BitMine said reportedly holds 845,080 bitcoin.
A Target That Grew
BitMine calls its goal the “Alchemy of 5%”: owning one in every twenty ether in existence. It now says it holds 4.9% of supply and is 98% of the way there.
The arithmetic depends on the denominator. In its June 22 update, BitMine measured itself against an ETH supply of 120.7 million, which put the 5% target at about 6.04 million ETH. This week it used 122.1 million, putting the target at about 6.1 million.
The new figure matches independent data. Ultrasound.money, which tracks ether supply on-chain, showed about 122.06 million ETH, and it had reported 121.53 million in March, above the figure BitMine was still using in June. The update does not inflate BitMine’s progress. Measured against the old 120.7 million figure, its current holdings would already represent more than 99% of the target.
On the updated figure, BitMine needs roughly 121,000 more ETH to reach 5%.
The Pace Has Slowed
The distance is now small, and the buying has slowed as the company approaches it.
BitMine bought 76,881 ETH in the week to June 14 and 52,203 ETH in the week to June 21. This week’s 27,562 ETH is about half the latter figure. Across the 13 weeks since June 21, when BitMine held 5,672,956 ETH, its purchases have averaged about 24,000 ETH a week.
At that average, the remaining 121,000 ETH would take about five weeks to acquire. BitMine has not given a date for reaching the target.
The price BitMine pays has also changed. In June, the company valued its ether at $1,733 per token. This week’s valuation of $2,688 is about 55% higher, so each week’s purchases buy fewer tokens for the same outlay.
Lee’s Forecast
Lee used the update to predict further gains. “We believe a crypto bull market is underway, having started in late June,” he said, citing a rotation from artificial intelligence stocks back to crypto, tokenization, and what he called the end of the four-year cycle.
He described Ethereum’s third-quarter performance as “a prelude to a potentially stronger up move” in the fourth quarter and said he expects institutions to “substantially increase their exposure” before the end of 2026. BitMine said Ethereum has outperformed the S&P 500 by 6,519 basis points so far in the third quarter.
Lee’s earlier forecasts have not always held. BitMine’s own June update valued ether at $1,733. The company’s release lists the risk that its expected fourth-quarter rally does not occur among the factors that could cause results to differ from its statements.
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