BitMine adds 17,362 ETH as treasury crosses 6 million

What happened

BitMine Immersion Technologies purchased 17,362 ETH over the week ending September 27, 2026, per a September 28 company press release. The buy brought its total Ethereum holdings to 6,001,302 tokens, equal to 4.9% of the 122.1 million ETH in circulation.

The purchase extends the company's weekly ETH accumulation strategy, which launched on June 30, 2025. As of September 27, BitMine had staked 5,067,309 ETH, roughly 84% of its total Ethereum holdings, via its MAVAN institutional staking platform. The company values its combined crypto, cash, securities and other investments at $17.2 billion.

Why it matters

The milestone moves BitMine closer to its stated 'Alchemy of 5%' target, which aims to build a treasury equal to 5% of Ethereum's circulating supply. The company says it is 98% of the way to that goal. BitMine is currently the largest corporate Ethereum treasury, and the second largest corporate crypto treasury overall, behind Bitcoin treasury firm Strategy.

What the data shows

• As of September 27, BitMine's 6,001,302 ETH holdings were valued at roughly $16.2 billion using the company's $2,698 per ETH reference price.
• The company's 5,067,309 staked ETH was valued at approximately $13.7 billion at the same reference price, with a 7-day annualized staking yield of 2.62%. BitMine projects annualized staking revenue of roughly $358 million at current staking levels, rising to $424 million if all holdings are staked.
• BitMine stock (BMNR) traded around $27 at market open on September 28, up less than 1% on the day and up 13% over the prior month.

Background

• BitMine Immersion Technologies is chaired by analyst Tom Lee, and its backers include ARK Invest's Cathie Wood, Founders Fund, Pantera, Kraken, Galaxy Digital and Bill Miller III. The company launched its MAVAN (Made in America Validator Network) staking platform earlier in 2026 to support its Ethereum staking operations.

What is still unclear

• The exact number of additional ETH BitMine needs to purchase to hit its 5% target depends on future changes to Ethereum's circulating supply, which is not fixed.

Questions readers ask

Sources

1. 1 Crypto.newsBitMine adds 17,362 ETH as treasury crosses 6 million · 28 Sep, 13:17 UTC
2. 2 The BlockTom Lee’s Bitmine tops 6 million ETH after buying another 17,362 ether · 28 Sep, 13:39 UTC
3. 3 CoinGapeTom Lee’s Bitmine Adds 17,362 ETH as Holdings Top 6 Million Ethereum · 28 Sep, 13:52 UTC
4. 4 CryptoPotatoBitMine Passes 6 Million ETH as Weekly Purchase Slows to 17,362 Tokens · 28 Sep, 14:01 UTC
5. 5 Bitcoin.com NewsTom Lee’s Bitmine Hits 6 Million Ether Milestone With $46M Buy · 28 Sep, 15:05 UTC
6. 6 UnchainedBitmine’s Ether Stash Passes 6 Million Tokens as Its Weekly Buying Slows · 28 Sep, 15:05 UTC