Bitmine Immersion Technologies purchased 27,180 Ethereum—roughly $68 million worth—last week, pushing its holdings to nearly 6 million ETH as the company moves closer to its goal of owning 5% of the cryptocurrency's total supply, the equivalent of one out of every 20 ETH.

In its Monday announcement, Bitmine said it held 5,956,378 ETH, worth approximately $14.89 billion, as of Sunday evening—representing roughly 4.9% of Ethereum's supply. The latest purchase was slightly smaller than the prior week's addition of 28,086 ETH, which lifted holdings to 5.93 million tokens.

Chairman Tom Lee reiterated Monday that the company has bought Ethereum every week since launching its treasury strategy on June 30, 2025. (Disclosure: Lee is an investor in Dastan, Decrypt's parent company.)

"As we enter the final month of calendar Q3 2026, ETH is the best-performing macro asset during the quarter, outperforming the S&P 500 by 5,866bp through last Friday. In fact, the top 3 performing assets since June 30th are ETH, SOL and BTC," Lee said in a statement. "We believe this sets the stage for institutions to add to their crypto holdings given the substantial outperformance of crypto versus other macro assets in calendar Q3 so far." One basis point equals one-hundredth of a percentage point, putting the outperformance Lee cited at roughly 58.7 percentage points.

Bitmine valued its total holdings at $15.8 billion, encompassing its Ethereum position, 212 Bitcoin, $549 million in cash and securities, and stakes in Beast Industries and Eightco Holdings worth $180 million and $98 million, respectively—with the Ethereum position accounting for the overwhelming majority of that value.

Approximately 85% of the company's Ethereum—5.07 million ETH—is currently staked, generating projected annualized revenue of $334 million at a 2.62% yield. Staking—committing ETH to help secure the Ethereum network in exchange for rewards—is the basis for those projections. Lee said revenue could reach $392 million if all of Bitmine's ETH were staked through MAVAN and its partners, though both projections depend on token prices and yields.

The accumulation reflects a broader push among Ethereum treasury companies. Rival SharpLink announced plans in August to stake $200 million through Lido, an arrangement under which it will receive tokens representing its staked Ethereum and rewards, allowing the position to be deployed in decentralized finance applications.

While firms including Bitmine have been on an altcoin buying spree, Bitcoin treasury giant Strategy bought no Bitcoin in the week through September 13. Instead, it spent another $139 million buying back preferred shares, according to a Monday filing.