BitMine Nears 5% ETH Target With $15.7B Treasury

Published: 2026-09-08 17:03:21 |

BitMine Immersion Technologies (BMNR) expanded its Ethereum treasury to 5,929,198 ETH by September 7, up 28,086 ETH in one week. The company has bought ETH every week since launching its treasury strategy on June 30, 2025. Its holdings represent about 4.9% of Ethereum’s total supply, bringing BitMine close to its 5% target. BitMine’s total portfolio reached $15.7 billion, with ETH valued at $2,495 per token. It has staked 5,067,309 ETH, or about 85% of its Ether holdings, through its Made in America Validator Network. Chairman Tom Lee estimates annualised staking revenue of $330 million, potentially rising to $386 million when all eligible ETH is staked. A revised agreement sets the staking fee at 1.50% of staking rewards. Cash and marketable securities rose to $593 million from $541 million a week earlier. The company also held 211 BTC, $180 million in Beast Industries shares and $91 million in Eightco Holdings (ORBS) shares. Earlier, cash had fallen to $78 million after ETH purchases and a planned $4 billion BMNR share buyback, although BitMine did not disclose the source of the latest cash increase. BMNR shares have gained 43% over the past month as ETH recovered towards $2,500. Tom Lee cited a possible September CLARITY Act vote, renewed South Korean crypto buying and a potential bottom in the four-year market cycle as catalysts. Continued BitMine ETH accumulation could strengthen institutional demand and Ethereum’s long-term bullish narrative. However, traders should monitor valuation, staking execution, liquidity and concentration risks.

Bullish

BitMine’s continued ETH accumulation is a direct positive signal for Ethereum demand. The company’s holdings are nearing 5% of total ETH supply, while its large staking position reduces immediately available selling supply and creates recurring yield income. These factors could support ETH sentiment and institutional demand over the long term. In the short term, the impact may be more limited because BitMine’s purchases are small relative to Ethereum’s overall market and may already be reflected in prices. Traders may also focus on whether the company is funding purchases through new share issuance or other financing, as liquidity concerns could create selling pressure. ETH remains exposed to broader market conditions, regulatory developments and staking risks. Overall, the accumulation and staking data support a bullish view, but they do not guarantee further price gains.