Bitmine Buys 27,562 Ether and Reaches 98% of Its 5% Supply Target

Bitmine Immersion Technologies added 27,562 ether in the week to Sunday, lifting its holdings to 5,983,940 ETH. That is 4.9% of the 122.1 million ETH in supply, and the company says it is 98% of the way to its goal of owning 5%. The figures come from a release Bitmine put out at 8:30 a.m. New York time on Monday, with holdings counted as of 9 p.m. the night before. The Block, Crypto Briefing and The Crypto Times carried the same token counts within hours. On the 122.1 million benchmark, the target sits about 121,000 ETH away.

Two values for one pile

Bitmine priced its ether at $2,688, the Coinbase rate at the time of the count. At that price the holdings come to about $16.1 billion, the figure Crypto Briefing and The Crypto Times published. The Block put them at about $16.3 billion. The two do not reconcile. The same gap shows in staking. Bitmine has 5,067,309 ETH staked, which its release values at $13.6 billion and The Block at $13.8 billion. Counting cash, bitcoin and equity stakes, the company reports $17.1 billion in total. That includes $714 million in cash and marketable securities, 212 BTC, a $180 million stake in Beast Industries and $105 million in Eightco Holdings.

Staking does the earning

Most of the pile is working. Staking means locking ether to help run the network in return for rewards, and Bitmine's seven-day yield ran at 2.62% annualized, according to the release.

"Annualized staking revenues are now projected at $357 million. And this 5.1 million ETH is 85% of the 5.98 million ETH held by Bitmine," chairman Tom Lee said in the release.

At full scale, Bitmine projects $421 million a year. That is a projection at current yields, not income booked. The company also said its shares ranked 100th among US-listed stocks by five-day average dollar volume, at $1.2 billion a day.

A slower buyer near the line

The weekly purchases have shrunk. The Crypto Times compares this week's 27,562 ETH with 76,881 in the week of 14 June. The same outlet says Bitmine moved its supply benchmark from 120.7 million ETH in June to 122.1 million now, which lifts the 5% line by about 70,000 tokens. Crypto Briefing alone gives a cost for the week, about $75 million at roughly $2,727 per token. Bitmine's release gives no cost. Each of those three details stands on one outlet. The treasury started on 30 June 2025, so the 98% mark took about 15 months. Bitmine kept buying through the months when other ether treasuries sold at a loss.

Lee's case, and the other big buyer

Lee used the release to argue the market has turned. "We believe a crypto bull market is underway, having started in late June," he said, naming a rotation from AI back to crypto, stronger fundamentals in tokenization and AI, and the end of the four-year cycle as drivers. That is his reading. Ether traded near $2,645 on Monday in KuCoin's daily report, the same day bitcoin touched $85,000. Strategy disclosed its own purchase the same day. It bought 950 BTC for about $75.7 million at an average of $79,670, its first buy since 31 August, according to The Block, Cointelegraph and crypto.news. Last week this desk counted 5,900 bitcoin bought by corporate treasuries over three months.

At this week's pace the last 121,000 ETH would take about four and a half weeks. Nothing in Monday's release says what Bitmine does once it holds 5%, or whether the weekly buying stops there. It sets no date for crossing the line.