Bitmine Immersion Technologies (NYSE: BMNR) now holds more than 6 million Ethereum (ETH) after buying 17,362 tokens last week, according to its weekly holdings update published Monday, September 28, 2026. The Norwalk, Connecticut company, which describes itself as the world’s largest Ethereum treasury, owns 6,001,302 ETH, equal to about 4.9% of Ethereum’s total supply of 122.1 million tokens.
Bitmine is chaired by Thomas “Tom” Lee, co-founder of research firm Fundstrat Global Advisors. The company reported total holdings of $17.2 billion as of 3:00 p.m. Eastern Time (ET) on September 27, combining crypto, cash, marketable securities, and early-stage equity stakes it calls “moonshots.” That compares with $17.1 billion reported on September 21.
Ether is the native cryptocurrency of the Ethereum blockchain, used to pay transaction fees and to secure the network. Bitmine is a digital asset treasury (DAT) company, a publicly listed firm that holds a cryptocurrency as its main reserve asset.
What Bitmine Holds
Bitmine valued its Ethereum at $2,698 per token, using the price on Coinbase (NASDAQ: COIN). At that price, the ETH position alone is worth about $16.2 billion, or roughly 94% of the reported $17.2 billion total.
The rest of the balance sheet consists of 213 bitcoin (BTC), a $180 million stake in Beast Industries, a $115 million stake in Eightco Holdings (NASDAQ: ORBS), and $672 million in cash and marketable securities. Beast Industries is the business group founded by YouTube creator Jimmy Donaldson, popularly known as MrBeast. Bitmine describes its Eightco holding as one of the few listed equities offering indirect exposure to OpenAI.
Compared with the September 20 snapshot, ETH holdings rose from 5,983,940 tokens; the ETH mark rose from $2,688; bitcoin holdings rose by one coin from 212; and the Eightco stake rose from $105 million. Cash and marketable securities fell by $42 million to $714 million. Cash and marketable securities fell by $42 million to $714 million.
Weekly Buying Slows
Last week’s purchase was the smallest in Bitmine’s last three weekly updates. The company reported buying 27,562 ETH in the week to September 20 and 27,180 ETH in the week before that. The latest 17,362 ETH buy is about 37% smaller than the prior week’s. Earlier in September, Bitmine added 28,086 ETH in a single week.
The company did not disclose the average purchase price or how the latest buy was funded. Lee said Bitmine has bought ETH every week since launching its ETH treasury strategy on June 30, 2025.
The accumulation is part of what Bitmine calls the “Alchemy of 5%,” its stated goal of owning 5% of all ETH in circulation. At the current supply of 122.1 million, that target equals about 6.105 million ETH, leaving roughly 103,700 ETH still to acquire. Bitmine says it is 98% of the way to the goal. The remaining amount equals about six purchases the size of last week’s, although the target will shift as total ETH supply changes. The Crypto Times previously covered the company reaching 98% of the target on September 21.
Staking Share Slips to 84%
Staking means locking ETH to help validate transactions on Ethereum’s proof-of-stake network in return for rewards. Bitmine rep6orted 5,067,309 ETH staked as of September 27, worth $13.7 billion at $2,698 per ETH. The same figure appeared in the company’s updates as of September 20 and as of September 7.
Because holdings grew while staked tokens did not, the staked share fell to 84% of total ETH from 85% in the two previous updates. Bitmine projects annualized staking revenue of $358 million, rising to $424 million if all of its ETH were staked. Both estimates use a 2.62% seven-day annualized yield from the company’s own staking operations, and Bitmine’s cautionary statement notes that actual rewards may differ materially.
Bitmine stakes part of its ETH through MAVAN (Made in America Validator Network), an institutional staking platform it launched earlier in 2026 and has since opened to outside investors and custodians.
Lee Repeats Bullish View
“Bitmine’s total ETH holdings now exceed 6 million. This is a tremendous achievement, accumulating this total in under 15 months,” Lee said in the company statement.
Lee repeated his view that a crypto bull market began in late June and said institutions remain underweight crypto, adding that he expects them to increase exposure in the final months of 2026. According to the company, ETH has outperformed the S&P 500 by 6,728 basis points, or 67.28 percentage points, so far in the third quarter of 2026, up from 6,519 basis points a week earlier. These are management’s views and forecasts.
Lee is scheduled to deliver a 25-minute keynote at Korea Blockchain Week 2026 on September 30 at 11:20 a.m. Korea Standard Time (KST) at Walkerhill Hotels & Resorts in Seoul.
BMNR Stock and Trading Activity
BMNR shares closed at $27.56 on Friday, September 25, down $0.47, or 1.68%, according to data from Yahoo Finance. In Monday pre-market trading, the stock was quoted at $27.26 as of 8:38 a.m. Eastern Daylight Time (EDT), down 1.02%.
Citing data from Fundstrat, Lee’s research firm, Bitmine said the stock averaged $1.1 billion in daily dollar volume over the five trading days to September 25. That ranked it 94th among 5,704 U.S.-listed stocks, compared with 100th a week earlier.
Bitmine was added to the Russell 1000 large-cap index on June 26, 2026, and its Series A Preferred Stock trades on the NYSE under the ticker BMNP. The company ranks itself the second-largest public crypto treasury, behind Strategy Inc. (NASDAQ: MSTR), which reportedly holds 845,080 BTC valued at about $75 billion.
What to Watch
Bitmine’s balance sheet remains heavily concentrated in a single asset, with ETH making up about 94% of reported holdings. That leaves the company’s value closely tied to Ether’s price, a risk the company lists among its own cautionary factors. Its figures are self-reported weekly snapshots, and more detail is available through its investor relations page.
Investors will be watching whether the next weekly update shows a return to purchases above 27,000 ETH, any change in the staked total, and how quickly the company closes the remaining gap of roughly 103,700 ETH to its 5% target.
Also Read: 1,665 BTC Added: Strategy’s Bitcoin Treasury Reaches 847,666 Coins with Latest Purchase
