Blab Crypto
BitMine Immersion Technologies Adds $70 Million in Ethereum, Nearing 5% Treasury Target
BitMine Immersion Technologies (BMNR) just announced a sizable addition to its Ethereum holdings, buying 28,086 ETH last week and bringing the total to 5,929,198 tokens. Using the company’s reference price of $2,495 per token, the purchase was valued at roughly $70.1 million and the entire Ethereum position sits at about $14.79 billion.
This move extends a weekly buying program that began on June 30, 2025, when BitMine first adopted its Ethereum treasury strategy. The firm has added ETH every week since that date. Earlier updates revealed purchases of 53,501 ETH (raising the balance to 5,901,112 tokens) and 32,447 ETH in the week ending August 16. The latest figure of 5,929,198 tokens represents roughly 4.9 % of Ethereum’s estimated 122 million‑token supply.
The strategy, dubbed the “Alchemy of 5%,” aims for a 5 % share of the total supply. BitMine has completed 97 % of that goal; it would need about 6.1 million ETH to reach the target, leaving it roughly 170,802 tokens short. The required amount can shift as Ethereum’s total supply changes.
In addition to its Ethereum holdings, BitMine’s September 7 balance sheet lists 211 Bitcoin, $593 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $91 million investment in Eightco Holdings. The combined value of crypto, cash, securities, and strategic investments was reported at $15.7 billion.
Staking remains a core revenue driver. The company reported that 5,067,309 ETH—about 85 % of its holdings—were staked through its Made in America Validator Network (MAVAN) and external partners. At the reference price, the staked position was worth roughly $12.6 billion. Management projected annualized staking revenue of about $330 million based on a seven‑day yield of 2.61 %. If the full balance were staked, projected rewards would rise to approximately $386 million. These figures are estimates; actual returns depend on network participation, validator performance, protocol rules, and ETH price.
MAVAN, launched earlier in 2026, was created to support BitMine’s treasury but has since expanded to serve institutional investors, custodians, and other Ethereum participants. Staking income has historically dominated the company’s earnings; a quarterly report for the three months ended May 31, 2026 showed $45.7 million earned from staking and validation, accounting for 98 % of the $46.5 million in quarterly revenue. The company’s 9.50 % Series A Perpetual Preferred Stock, traded on the New York Stock Exchange under the ticker BMNP, is supported by this income stream.
Chairman Tom Lee, a well‑known analyst, reiterated his bullish stance on Ethereum in the treasury update. He noted that ETH had been the best‑performing macro asset in the third quarter through September 4, outperforming the S&P 500 by 5,430 basis points. Lee identified ETH, Bitcoin, and Solana as the strongest performers since June 30 and suggested that institutional managers might increase exposure to digital assets. He cited potential catalysts such as a mid‑September vote on the CLARITY Act, renewed crypto purchases by South Korean investors, tokenization of real‑world assets, and the use of blockchain networks by AI agents.
Technical analyst Tom DeMark, an adviser to BitMine, added that ETH had traded sideways through August without breaking lower support, allowing a 12‑day bearish signal to expire. He said the sharp one‑day rally earlier in the month could preview a future move, but he cautioned that the forecast does not guarantee a rally.
BMNR’s stock performance reflects the company’s treasury activities. The firm reported a 99 % gain in the third quarter, making it the fourth‑best‑performing stock in the Russell 1000 during that period. Fundstrat analysis indicated an 80 % correlation between BMNR and ETH, though the firm did not disclose the measurement period. BMNR entered the Russell 1000 on June 26 and had an average daily trading volume of $1.1 billion in the five sessions ending September 4, ranking 81st among 5,704 U.S.‑listed stocks.
BitMine’s Ethereum holdings make it the world’s largest corporate ETH treasury and the second‑largest cryptocurrency treasury overall, behind Strategy’s reported 840,447 BTC valued at approximately $66 billion.
The company’s latest update confirms that BitMine is close to its 5 % treasury target, continues to generate substantial staking revenue, and maintains a diversified asset base that includes significant stakes in non‑crypto companies. Upcoming developments include the potential full staking of its remaining ETH balance, the progress of the CLARITY Act vote, and continued monitoring of tokenization and AI activity on Ethereum.
This move extends a weekly buying program that began on June 30, 2025, when BitMine first adopted its Ethereum treasury strategy. The firm has added ETH every week since that date. Earlier updates revealed purchases of 53,501 ETH (raising the balance to 5,901,112 tokens) and 32,447 ETH in the week ending August 16. The latest figure of 5,929,198 tokens represents roughly 4.9 % of Ethereum’s estimated 122 million‑token supply.
The strategy, dubbed the “Alchemy of 5%,” aims for a 5 % share of the total supply. BitMine has completed 97 % of that goal; it would need about 6.1 million ETH to reach the target, leaving it roughly 170,802 tokens short. The required amount can shift as Ethereum’s total supply changes.
In addition to its Ethereum holdings, BitMine’s September 7 balance sheet lists 211 Bitcoin, $593 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $91 million investment in Eightco Holdings. The combined value of crypto, cash, securities, and strategic investments was reported at $15.7 billion.
Staking remains a core revenue driver. The company reported that 5,067,309 ETH—about 85 % of its holdings—were staked through its Made in America Validator Network (MAVAN) and external partners. At the reference price, the staked position was worth roughly $12.6 billion. Management projected annualized staking revenue of about $330 million based on a seven‑day yield of 2.61 %. If the full balance were staked, projected rewards would rise to approximately $386 million. These figures are estimates; actual returns depend on network participation, validator performance, protocol rules, and ETH price.
MAVAN, launched earlier in 2026, was created to support BitMine’s treasury but has since expanded to serve institutional investors, custodians, and other Ethereum participants. Staking income has historically dominated the company’s earnings; a quarterly report for the three months ended May 31, 2026 showed $45.7 million earned from staking and validation, accounting for 98 % of the $46.5 million in quarterly revenue. The company’s 9.50 % Series A Perpetual Preferred Stock, traded on the New York Stock Exchange under the ticker BMNP, is supported by this income stream.
Chairman Tom Lee, a well‑known analyst, reiterated his bullish stance on Ethereum in the treasury update. He noted that ETH had been the best‑performing macro asset in the third quarter through September 4, outperforming the S&P 500 by 5,430 basis points. Lee identified ETH, Bitcoin, and Solana as the strongest performers since June 30 and suggested that institutional managers might increase exposure to digital assets. He cited potential catalysts such as a mid‑September vote on the CLARITY Act, renewed crypto purchases by South Korean investors, tokenization of real‑world assets, and the use of blockchain networks by AI agents.
Technical analyst Tom DeMark, an adviser to BitMine, added that ETH had traded sideways through August without breaking lower support, allowing a 12‑day bearish signal to expire. He said the sharp one‑day rally earlier in the month could preview a future move, but he cautioned that the forecast does not guarantee a rally.
BMNR’s stock performance reflects the company’s treasury activities. The firm reported a 99 % gain in the third quarter, making it the fourth‑best‑performing stock in the Russell 1000 during that period. Fundstrat analysis indicated an 80 % correlation between BMNR and ETH, though the firm did not disclose the measurement period. BMNR entered the Russell 1000 on June 26 and had an average daily trading volume of $1.1 billion in the five sessions ending September 4, ranking 81st among 5,704 U.S.‑listed stocks.
BitMine’s Ethereum holdings make it the world’s largest corporate ETH treasury and the second‑largest cryptocurrency treasury overall, behind Strategy’s reported 840,447 BTC valued at approximately $66 billion.
The company’s latest update confirms that BitMine is close to its 5 % treasury target, continues to generate substantial staking revenue, and maintains a diversified asset base that includes significant stakes in non‑crypto companies. Upcoming developments include the potential full staking of its remaining ETH balance, the progress of the CLARITY Act vote, and continued monitoring of tokenization and AI activity on Ethereum.
