Bitmine Adds 27,180 ETH as Holdings Near 5% of Ethereum Supply
Key Takeaways
- •Bitmine has acquired ETH weekly since beginning its Ethereum treasury strategy in June 2025.
- •The company’s Ethereum holdings are valued at about $14.97 billion using the September 13 price of $2,513 per ETH.
- •Bitmine has staked over 5.07 million ETH and expects hundreds of millions of dollars in annualized staking revenue.
- •Tom Lee said the ETH-BTC ratio reached its highest level since January 30 and moved above a downtrend that began in 2022.
- •BMNR shares fell 0.64% to $25.04 on Monday, while the latest analyst rating cited was Buy with a $63.60 price target.
Bitmine Immersion Technologies, Inc. (BMNR) acquired 27,180 ETH over the past week for approximately $68 million, bringing its total Ethereum holdings to 5,956,378 ETH as of September 13, according to a September 14 update. At just over $2,500 per ETH on Monday, the purchase was valued at roughly $68 million.
The company’s holdings represent about 4.9% of Ethereum’s approximately 122 million ETH supply. Bitmine needs roughly 144,000 additional ETH to reach its target of holding 6.1 million ETH, equivalent to 5% of the network’s supply. Its position is approximately 98% of the way to that target.
Bitmine has purchased ETH every week since launching its Ethereum treasury strategy in June 2025. The company’s buying pace last week was the same as the previous week.
Wu Blockchain reported the purchase on X: https://x.com/WuBlockchain/status/2099476305251323907?ref_src=twsrc%5Etfw
The company said its combined crypto holdings, cash, marketable securities and “moonshot” investments totaled $15.8 billion. The figure includes the 5.96 million ETH position, valued at $2,513 per coin as of September 13, as well as 212 BTC, stakes in Beast Industries and Eightco, and $549 million in cash and marketable securities.
Tom Lee points to ETH-BTC ratio
Tom Lee, Bitmine’s chairman and the founder of Fundstrat, highlighted several developments related to Ethereum as the final months of 2026 approach. He said the ETH-BTC price ratio had reached its highest level since January 30 and moved above a downtrend that had been in place since 2022.
“The price ratio of ETH to BTC moved to the highest level since Jan 30th of this year and established a new uptrend,” Lee said.
Lee linked the move to Ethereum’s expanding role as settlement infrastructure for Wall Street tokenization and its potential use in managing agentic artificial intelligence systems.
Staking activity and company profile
Bitmine has staked more than 5.07 million ETH through MAVAN, its institutional-grade staking and validation platform. The company projects hundreds of millions of dollars in annualized staking revenue from that position.
Bitmine also has index status in the Russell 1000, which the company cites as part of its growing institutional profile.
Lee identified two additional near-term catalysts: a U.S. Senate vote on crypto market-structure legislation known as the Clarity Act, expected Tuesday, and renewed cryptocurrency buying activity from Korean investors.
The most recent analyst rating on BMNR is Buy, with a price target of $63.60. BMNR stock was down 0.64% during Monday’s session, trading at $25.04.
Source: CoinCentral.
