Bitmine Immersion Crosses 6 Million ETH as Tom Lee's Treasury Strategy Nears 5% of Supply
Key Takeaways
- •Bitmine Immersion Technologies' ether holdings reached 6,001,302 ETH as of Sept. 27 following a purchase of 17,362 tokens, taking its treasury past the 6 million ETH milestone.
- •At a stated price of $2,698 per token, the ether position is worth about $16.2 billion, or roughly 4.9% of Ethereum's total 122.1 million token supply.
- •The company has bought ETH every week since launching its treasury strategy in June 2025 and remains about 103,698 tokens short of its 5% supply goal, a gap of roughly six more weekly purchases at the latest tranche size.
- •About 84% of Bitmine's ether — 5,067,309 tokens valued near $13.7 billion — is staked, with staking operations projected to generate roughly $358 million in annualized revenue.
- •Total assets stand at $17.2 billion, encompassing 213 BTC, $672 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $115 million position in Eightco Holdings.
Bitmine Immersion Technologies said Monday that its ether treasury has surpassed 6 million ETH after the purchase of an additional 17,362 ETH, moving the company closer to its stated goal of controlling 5% of Ethereum's total supply.
Per the company's announcement filed with the U.S. Securities and Exchange Commission, Bitmine held 6,001,302 ETH as of Sept. 27. At an ETH price of $2,698, the position was worth approximately $16.2 billion, equal to roughly 4.9% of Ethereum's total supply of 122.1 million ETH — meaning about one out of every 20 ether in existence now sits in a single corporate treasury.
The 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.
Treasury Holdings Broaden
Bitmine's broader asset base has expanded rapidly alongside its ether position. Combined crypto holdings, cash, marketable securities and other investments now total $17.2 billion. In addition to ETH, the portfolio includes 213 BTC, $672 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $115 million position in Eightco Holdings.
The company has also continued to increase the share of ETH it puts to work through staking — committing tokens to Ethereum's network to help validate transactions in exchange for rewards. As of Sept. 27, 5,067,309 ETH — about 84% of its ether holdings — were staked, a position 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 "Alchemy of 5%"
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, placing the company within reach of its stated "Alchemy of 5%" target. Because 5% of the 122.1 million ETH supply works out to 6,105,000 tokens, Bitmine is now roughly 103,698 ETH short of the goal — a gap that would take about six more weekly purchases at the latest tranche size of 17,362 ETH to close.
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 the treasury remains closely tied to the volatile cryptocurrency market.
