Bitmine Immersion Technologies purchased 27,180 Ethereum tokens last week, elevating its total holdings to 5,956,378 ETH. The acquisition brings the company closer to its objective of owning 5% of the cryptocurrency's total supply, according to a Monday announcement.
The company stated that its position was valued at approximately $14.89 billion as of Sunday evening. This purchase was marginally smaller than the previous week's addition of 28,086 ETH, which had lifted the total to 5.93 million tokens.
Tom Lee, Chairman of Bitmine Immersion Technologies, emphasized that the firm has acquired Ethereum weekly since initiating its treasury strategy on June 30, 2025. In a statement, Lee noted that Ethereum has been the best-performing macro asset in the third quarter of 2026, outperforming the S&P 500 by 5,866 basis points through last Friday. He identified Ethereum, Solana, and Bitcoin as the top three performing assets since June 30. Lee argued that this outperformance positions institutions to increase their crypto holdings.
Beyond its digital assets, Bitmine valued its total holdings at $15.8 billion. This figure includes 212 Bitcoin, $549 million in cash and securities, and equity stakes in Beast Industries and Eightco Holdings worth $180 million and $98 million, respectively.
The company has staked approximately 85% of its Ethereum position, totaling 5.07 million ETH. This activity generates a projected annualized revenue of $334 million at a 2.62% yield. Lee indicated that revenue could rise to $392 million if all held ETH were staked through MAVAN and its partners, though he cautioned that both projections depend on token prices and yields.
Competitor SharpLink announced plans in August to stake $200 million through Lido. The firm will receive tokens representing its staked Ethereum and associated rewards, enabling it to utilize the position in decentralized finance applications.
While several firms have engaged in altcoin purchases, Bitcoin treasury firm Strategy reported no new Bitcoin acquisitions for the week through September 13. According to a Monday filing, Strategy spent $139 million buying back preferred shares during that period.