Bitmine Bought 28,086 ETH Last Week But Got Closer to Nowhere on Its 5% Goal

Bitmine Immersion Technologies bought another 28,086 Ethereum tokens last week, bringing its holdings to 5.93 million ETH as it approaches its goal of owning 5% of the cryptocurrency’s supply. The purchase was worth approximately $70 million at the company’s reference price of $2,495 per token. Bitmine did not disclose its acquisition cost. The acquisition was smaller than the 53,501 ETH purchase announced the previous week.

Bitmine’s latest release puts the company 97% of the way toward its 5% target, compared with 98% in the previous announcement, despite the additional purchases. Ethereum’s total circulating supply sits at approximately 120.4 million ETH, meaning a 5% stake corresponds to just over 6 million ETH. The mathematical regression in progress stems from network net issuance dynamics and denominator recalculations rather than asset liquidation.

As of September 7, Bitmine valued its Ethereum at approximately $14.8 billion and its combined holdings at $15.7 billion. The total includes 211 bitcoin, $593 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $91 million stake in Eightco Holdings. Corporate digital asset balance sheets operate under FASB Fair Value accounting rules (ASU 2023-08), requiring entities to reflect token price swings and staking rewards directly in current earnings rather than treating crypto as indefinite-lived intangible assets subject only to impairment.

“Bitmine’s track record of consistent buying of crypto is unmatched by any public company in the world,” Bitmine Chairman Tom Lee said in a statement. “Bitmine has bought ETH each and every week since the inception of the ETH Treasury Strategy on June 30, 2025.” (Disclosure: Tom Lee is an investor in Dastan, Decrypt’s parent company.) According to Lee, Ethereum was the best-performing major asset in the third quarter through last Friday, with gains exceeding those of the S&P 500 stock index by 54.3 percentage points. “In fact, the top 3 performing assets since June 30th are ETH, BTC and SOL,” he said. “We believe this sets the stage for institutions to add to their crypto holdings given the substantial outperformance of crypto versus other macro assets in calendar Q3 so far.”

Bitmine says its ETH represents approximately 4.9% of Ethereum’s supply. While the company continues to accumulate ETH, it has staked roughly 5.1 million tokens, about 85% of its holdings. According to Lee, annualized staking revenues are now projected at $330 million. Centralization scrutiny in proof-of-stake governance: holding over 4% of total validator power (5.1 million staked ETH) places a single corporate balance sheet among the largest single-entity staking forces, rivaling major liquidity protocols.

As Bitmine approaches its goal of owning 5% of Ethereum’s supply, it remains unclear whether purchases will continue beyond that target. Lee said in May that the company would slow its buying to avoid reaching the goal too early.

Bitmine’s weekly buying continues as other companies holding digital asset treasuries adjust their holdings and investment strategies going forward in 2026. Michael Saylor’s Strategy, the largest corporate Bitcoin holder, bought no Bitcoin in the week through September 7, following a $370 million purchase the previous week, and spent $176.3 million repurchasing preferred stock. Strive, a Nasdaq-listed asset manager and Bitcoin treasury company, announced a $143 million Bitcoin purchase on August 31. SharpLink, an Ethereum treasury company, plans to stake $200 million in ETH through Lido to earn rewards.