Bitmine Crosses 6 Million ETH as Tom Lee’s Treasury Bet Nears 5% of Supply
Bitmine Immersion Technologies has crossed 6 million ether holdings after purchasing another 17,362 ETH, pushing the company closer to its goal of controlling 5% of Ethereum’s supply.
The company said Monday that it held 6,001,302 ETH as of Sept. 27. At an ETH price of $2,698, the position was worth about $16.2 billion. Bitmine now controls roughly 4.9% of Ethereum’s total supply of 122.1 million ETH.
The latest purchase extends a buying streak that began when Bitmine launched its Ethereum treasury strategy in June 2025. Chairman Tom Lee said the company has purchased ETH every week since the strategy began.
Growing Ethereum Treasury
Bitmine’s broader holdings have also expanded rapidly. Its combined crypto, cash, marketable securities and other investments now total $17.2 billion.
The portfolio includes:
- 213 BTC
- $672 million in cash and marketable securities
- A $180 million stake in Beast Industries
- A $115 million position in Eightco Holdings
Bitmine has also continued to increase the amount of ETH it puts to work through staking. As of Sept. 27, the company had 5,067,309 ETH staked, representing about 84% of its Ethereum holdings.
That staked position was valued at roughly $13.7 billion at the company’s stated ETH price. Bitmine said its staking operations now generate projected annualized revenue of about $358 million.
Closing In on the 5% Target
The six-million-ETH milestone comes just one week after Bitmine reported holdings of 5.98 million ETH and total assets of $17.1 billion. The latest increase puts the company within reach of its stated “Alchemy of 5%” target.
Lee has argued that institutional adoption, tokenization and blockchain-based artificial intelligence applications could support Ethereum demand. He also said Bitmine expects institutional investors to increase their crypto exposure during the final months of 2026.
Bitmine’s accumulation strategy gives investors direct exposure to changes in ETH prices while its staking operations create an additional source of revenue. However, the value of its treasury remains closely tied to the volatile cryptocurrency market.
