BitMine Crosses 6 Million ETH as Treasury Nears 5% of Supply

Ethereum treasury company BitMine Immersion Technologies said its ether holdings have crossed six million tokens, reaching 6,001,302 ETH, or 4.9% of the network’s 122.1 million-token supply, in a weekly update published September 28. The NYSE-listed firm said its crypto, cash, marketable securities and equity stakes were together worth $17.2 billion as of September 27.

A six-million-ETH milestone

The company framed the crossing as progress toward its “Alchemy of 5%” objective of holding 5% of all ether in circulation, putting it roughly 98% of the way to that target. “Bitmine’s total ETH holdings now exceed 6 million. This is a tremendous achievement, accumulating this total in under 15 months,” Chairman Tom Lee said in the release. The position was valued at $2,698 per token using Coinbase prices, up from about 5.98 million ETH a week earlier.

Staking at scale

BitMine reported 5,067,309 staked ETH worth $13.7 billion at the same $2,698 price, equal to 84% of its total holdings. Lee said annualized staking revenue is now projected at $358 million, a figure he expects to climb to $424 million once the full treasury is staked by MAVAN and its partners, based on a 2.62% seven-day yield. Lee added that the company stakes more ether than any other entity in the world.

A wider treasury

Beyond ether, the company held 213 bitcoin, a $180 million stake in Beast Industries, a $115 million stake in Eightco Holdings, and $672 million in cash and marketable securities. The $17.2 billion total builds on the $17 billion the treasury first crossed a week earlier, and Lee repeated his view that “institutions are still underweight crypto” and will keep adding exposure through the end of 2026. BitMine describes itself as the world’s leading Ethereum treasury company, running a digital-asset accumulation strategy built on institutional-grade staking and validation.

The road to 5%

BitMine’s Series A preferred stock trades on the NYSE under the symbol BMNP, and the company joined the Russell 1000 large-cap index in June. Lee is scheduled to deliver a keynote at Korea Blockchain Week in Seoul on September 30, where the firm is expected to press its case that institutions should keep accumulating digital assets into 2026’s final stretch. Lee said he continues to see “affirming signs that a crypto bull market is underway, having started in late June,” and expects institutions to add exposure in the months ahead.