Bitmine Immersion Technologies acquired 28,086 Ethereum tokens last week, valued at approximately $70 million based on a reference price of $2,495 per token. This purchase brings the company's total holdings to 5.93 million ETH, representing about 4.9% of the total cryptocurrency supply.
The company has maintained a weekly purchasing schedule since launching its treasury strategy on June 30, 2025. Chairman Tom Lee stated that Bitmine has staked roughly 85% of its ETH holdings, or 5.1 million tokens, with projected annual staking revenues reaching $330 million.
As of September 7, Bitmine reported total assets of $15.7 billion, including $14.8 billion in Ethereum. The portfolio also contains 211 bitcoin, $593 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $91 million stake in Eightco Holdings.
Bitmine is currently 97% of the way toward its stated goal of owning 5% of the total Ethereum supply. While the company continues its accumulation strategy, it has previously indicated plans to potentially slow down purchases as it nears this target threshold.
