Bitmine Immersion Technologies has crossed the 6 million Ethereum mark after buying another 17,362 ETH last week. The purchase lifted its holdings to 6,001,302 ETH, worth about $16.2 billion at the company’s stated valuation of $2,698 per token.
Bitmine, chaired by Fundstrat co-founder Tom Lee, now holds about 4.9% of Ethereum’s total supply and says it is 98% of the way towards its goal of owning 5% of all ETH in circulation. The company has bought Ethereum every week since launching its treasury strategy in June 2025.
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BitMine provided its latest holdings update for September 28, 2026$17.2 billion in total crypto + “moonshots”:
– 6,001,302 ETH at $2,698 per ETH (per @coinbase)
– 213 Bitcoin (BTC)
– $180 million stake in Beast Industries @MrBeast
– $115 million stake in Eightco Holdings…— Bitmine (NYSE-BMNR) $ETH $BMNP (@BitMNR) September 28, 2026
The latest purchase was smaller than Bitmine’s recent acquisitions. The company bought 27,562 ETH in the week to September 20 and 27,180 ETH the week before that. It also purchased 28,086 ETH earlier in September. Bitmine did not disclose the average price paid or how it funded the latest purchase.
The company reported total holdings of about $17.2 billion as of September 27. This includes its cryptocurrency holdings, cash, marketable securities and investments it calls “moonshots”. Ethereum accounts for roughly 94% of that total, highlighting how heavily its balance sheet is tied to the price of ETH.
Bitmine also held 213 Bitcoin, $672 million in cash and marketable securities, and stakes in Beast Industries and Eightco Holdings. Its cash and marketable securities were down from $756 million in the previous weekly update.
The company is targeting ownership of 5% of Ethereum’s total supply, a goal it calls the “Alchemy of 5%”. Based on the current supply of about 122.1 million ETH, the target is approximately 6.105 million tokens. Bitmine therefore needs roughly another 103,700 ETH to reach that level.
Staking is another major part of its strategy. Bitmine reported 5,067,309 ETH staked as of September 27, representing about 84% of its total ETH holdings. At the stated ETH price, the staked coins were worth around $13.7 billion. The company estimates annualised staking revenue of about $358 million based on its current seven-day yield.
Tom Lee described the 6-million-ETH milestone as a major achievement, saying Bitmine accumulated the holdings in less than 15 months. He has also said he expects institutional investors to increase their cryptocurrency exposure in the final months of 2026.
Bitmine’s rapid accumulation has made it one of the largest publicly listed crypto treasury companies. However, its heavy concentration in Ethereum also means its financial position remains closely linked to movements in the price of ETH.
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