BitMine surpasses 6 million ETH after weekly purchase of 17,362 tokens

Sources · 5 sources

1. DE

   DecryptArticle · Sep 28

   Tom Lee's Bitmine Buys Another $47M of ETH, Taking It to 4.9% of Ethereum Supply Bitmine has staked 84% of its tokens, a position it projects will generate some $358 million a year in staking rewards.

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2. TB

   The BlockArticle · Sep 28

   Tom Lee’s Bitmine tops 6 million ETH after buying another 17,362 ether Bitmine's total crypto, cash and other investments currently stand at $17.2B, and the company owns over 4.9% of ether's circulating supply.

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3. UN

   UnchainedArticle · Sep 28

   Bitmine’s Ether Stash Passes 6 Million Tokens as Its Weekly Buying Slows Bitmine Immersion Technologies has crossed 6 million ETH , the Ethereum treasury company said Monday, after buying 17,362 ETH in the week through Sept. 27. That was its smallest weekly purchase since its Aug. 17 update. The company held 6,001,302 ETH as of 3 p.m. ET on Sept. 27, which it valued at $2,698 a token using Coinbase prices. Bitmine puts that at 4.9% of ether’s 122.1 million supply, about 104,000 ETH short of the 5% goal it calls the “Alchemy of 5%.” “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. Including cash and outside investments, Bitmine valued its holdings at $17.2 billion . Alongside the ether, it listed 213 bitcoin, stakes of $180 million in Beast Industries and $115 million in Nasdaq-listed Eightco Holdings, and $672 million in cash and marketable securities, down from $714 million a week earlier. Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter . Buying Slows Near the Goal Last week’s purchase was down from 27,562 ETH the week before and from 53,501 ETH in the update Bitmine filed on Aug. 31. Its Aug. 17 update had shown 9,926 ETH added. Lee told the Consensus Miami conference in May that the company would likely ease off as it closed in on 5%, at a time when it was buying more than 100,000 ETH a week. “I do think we’re going to slow down our pace of buying,” he said then. On Monday, he said Bitmine has still bought ether every week since launching its treasury strategy on June 30, 2025. Lee described the market backdrop as supportive, saying “we continue to see affirming signs that a crypto bull market is underway, having started in late June.” He added that, in his view, institutions remain underweight crypto. Staking Unchanged Lee projected $358 million in annualized staking revenue from the ether Bitmine has already staked, based on a seven-day yield of 2.62% . He said staking rewards would reach $424 million a year if all of the company’s ether were staked. The staked amount was 5,067,309 ETH , worth about $13.7 billion and roughly 84% of its holdings, the same count Bitmine has reported in every weekly update since at least mid-August. Related Listen: How the New Ethlabs Plans to Make Ethereum More Intentional in Designing ETH The post Bitmine’s Ether Stash Passes 6 Million Tokens as Its Weekly Buying Slows appeared first on Unchained .

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4. CR

   CryptoSlateArticle · Sep 29

   BitMine nears 5% Ethereum threshold, yet stock valuation rules dictate its next move Ethereum treasury company BitMine Immersion Technologies said on Sept. 28 that it held 6,001,302 ETH, leaving it 103,698 tokens short of its goal of owning 5% of Ethereum's supply, based on the company's latest supply estimate. Buying that remainder at BitMine's Sept. 27 reference price would cost about $279.8 million. The company reported $672 million in cash and marketable securities on the same date. The estimated purchase cost is roughly 42% of that reported pool. Completing the goal looks affordable on paper, though ETH's price and supply can change and BitMine has not earmarked the money for that purpose. The closer the company gets to its target, the more consequential its next choice becomes: keep adding ETH, preserve liquidity, buy back shares, or build income from the tokens it already owns. BitMine needs 103,698 more ETH, or about $279.8 million at its reference price, to reach its stated 5% supply target. BitMine said it acquired 17,362 ETH in the latest week, about 37% fewer than the 27,562 ETH it reported for the week before. It says it has bought ETH every week since starting the strategy in June 2025. In July, the company repurchased about 5.5 million BMNR shares at an average price of $15.6156, roughly $85.9 million in total, while buying 7,430 ETH that week. Chairman Tom Lee said the reduced ETH buying pace reflected the share repurchase. That precedent shows management has weighed its stock against more ETH, though the July decision does not determine its next one. A Sept. 24 DWF Labs study found that only four of the 20 largest digital asset treasury companies by assets under management in its sample traded above one times the value of their crypto holdings , a ratio called mNAV. Issuing shares at a premium can finance token buying without the same dilution pressure. DWF expects management and capital structure to matter more as such premiums fade. The finding shows why the market price of a treasury company's stock is key to any plan to keep acquiring crypto after a stated target is reached. Although BitMine is not facing an apparent cash shortage at its reported reference price, the issue is whether its next use of capital does more for shareholders than another ETH purchase. Related Reading The dilution trap where Bitcoin holdings rise while shareholder value stalls What the existing Ethereum position can earn BitMine said it had 5,067,309 ETH staked as of Sept. 27, about 84% of its holdings. The company projects $358 million in annualized staking revenue at that balance and $424 million in annualized rewards if it fully stakes its ETH, using a 2.62% yield measured over seven days. BitMine also says its MAVAN staking platform has expanded to serve institutions, custodians and partners. For now, the quantified alternative to the accumulation tally is the company's projected yield from staking its own reserve. Lee had already signaled a gradual approach to the 5% threshold and more spending on staking, infrastructure and Ethereum-related investments in July. Crossing 5% would bring more attention to whether ETH per share, staking returns, cash retained, or BMNR repurchases will best explain the value of its next allocation. Lee is scheduled to speak at Korea Blockchain Week on Sept. 30, and his keynote is titled “Ethereum's Wall Street Moment.” That is when investors may get a clearer answer. For now, BitMine has shown it can afford to finish the 5% goal at its price assumptions, while its plan for the capital that follows remains less defined. The post BitMine nears 5% Ethereum threshold, yet stock valuation rules dictate its next move appeared first on CryptoSlate .

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5. WB

   Wu Blockchain@WuBlockchainPost on X · Sep 28

   BitMine Buys 17,362 ETH, Total Holdings Top 6 Million ETH BitMine said it acquired 17,362 ETH over the past week, bringing total holdings to 6,001,302 ETH as of September 27. The position represents about 4.9% of Ethereum’s 122.1 million ETH supply, putting the company 98% of the way toward its stated goal of owning 5% of all ETH. BitMine has staked 5,067,309 ETH, or roughly 84% of its holdings, and said its total crypto, cash, marketable securities and other investments were valued at $17.2 billion.

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