Bitmine Immersion Technologies (NYSE: BMNR) said its Ethereum treasury climbed to 5,956,378 ETH as of September 13, equal to 4.9% of the network’s 122 million ETH total supply, according to a Form 8-K filed with the U.S. Securities and Exchange Commission on September 14. The blockchain infrastructure company said it acquired 27,180 ETH over the preceding week, lifting its combined crypto, cash, and marketable securities holdings to $15.8 billion.
The Treasury Milestone
The release, quoting Chairman Thomas “Tom” Lee, values the ETH position at $2,513 per coin using Coinbase pricing. Alongside its Ethereum, Bitmine reported 212 bitcoin, a $180 million stake in Beast Industries, a $98 million stake in Eightco Holdings (NASDAQ: ORBS), and $549 million in cash and marketable securities. The company said the total leaves it 98% of the way to its “Alchemy of 5%” target, a stated goal of accumulating 5% of all ETH in circulation, and described itself as the world’s largest Ethereum treasury, second only to Strategy among corporate crypto holders.
Staking and the Road to 5%
About 5,067,309 ETH, or $12.7 billion, is staked through MAVAN, the company’s “Made in America VAlidator Network,” representing 85% of the treasury. In the filing, Lee attributed the accumulation to Ethereum’s role in Wall Street tokenization and agentic AI, and projected annualized staking revenues of roughly $334 million, rising to $392 million once the full treasury is staked. Bitmine said its staking operations generated a 7-day annualized yield of 2.62%. Those figures are company projections, not realized results. Bitmine says it has bought ETH every week since launching its treasury strategy on June 30, 2025, a streak it calls unmatched by any public company and one that has made it the largest corporate Ethereum holder.
What Comes Next
The disclosure follows a steady climb that saw Bitmine’s Ethereum stash reach 5.8 million ETH in its prior update, and it comes after the company crossed $10 billion in holdings and began eyeing 4% of supply earlier this year. Lee framed the milestone as part of a broader institutional shift toward digital assets, pointing to upcoming policy votes and renewed buying from Korean investors as catalysts for the final months of 2026. With the treasury now at 4.9% of supply, the next disclosure will show whether Bitmine can close the final gap to its 5% goal, and whether its aggressive weekly buying continues at the same pace.
