Bitmine Adds $47M in ETH, Nears 5% of Ethereum Supply

Bitmine Immersion Technologies (BMNR) purchased 17,362 ether over the past week for just under $47 million, bringing its holdings to 6,001,302 ETH — about 4.9% of the 122.1 million tokens in circulation, the company said on September 28, 2026. The treasury company, chaired by Tom Lee, values its ether position at roughly $16.2 billion based on a $2,698 reference price. Total holdings, including 213 BTC, $672 million in cash and securities, and minority stakes in Beast Industries and Eightco, reach $17.2 billion. Bitmine has staked 5,067,309 ETH, or 84% of its stash, worth $13.7 billion, generating an estimated $358 million in annualized staking revenue at a 2.62% seven-day yield. The firm says it has bought ETH every week since the strategy began on June 30, 2025, and targets 5% of supply under a plan it calls the "Alchemy of 5%."