BitMine nears its 5% ETH target as staking takes over

BitMine Immersion Technologies added 28,086 ETH to its corporate treasury over the past week, bringing the position to 5,929,198 ETH and carrying the company within a tenth of a percentage point of the 5 percent Ethereum supply target it has set for itself, according to an SEC filing reported by The Defiant. The weekly purchase that once drove BitMine's value now reads mostly as intent, leaving staking as the variable that will determine what the treasury contributes next.

BitMine priced the ETH at about $14.79 billion on a Coinbase reference price of $2,495 as of 2 p.m. ET on Sept. 7, putting the stake at 4.9 percent of a 122 million ETH supply. The release contains no updated average acquisition price for the company's ETH, so the valuation is a mark-to-market snapshot rather than a measure of what the program has cost.

Snapshot is the right word. BitMine's aggregate holdings of crypto, cash, marketable securities and other investments came to $15.7 billion as of Sept. 7, up from $15.6 billion on Aug. 31; at the stated $2,495 price, the latest 28,086 ETH purchase is worth roughly $70 million, while the total balance sheet moved $100 million. As a bellwether of corporate ETH adoption, BitMine's weekly purchase still matters as intent, but it is no longer the variable that moves reported value.

Tom Lee, BitMine's chairman, has said the company bought ETH every week since the treasury strategy launched on June 30, 2025. The latest 28,086 ETH addition was smaller than the 53,501 ETH acquired the week before but larger than each of the four weekly additions that preceded it. The Defiant put the July holdings at 5,742,237 ETH, so the new count implies roughly 187,000 ETH has landed since that report, a pace that fits a company slowing toward a target rather than a buyer hitting a stop.

BitMine's announced assets are not solely ETH: the balance sheet also shows 211 BTC, $593 million in cash and marketable securities, and stakes valued at $180 million in Beast Industries and $91 million in Eightco Holdings. Ethereum is the dominant position by a wide margin, which is the point of the strategy, and it is also the reason the coming cap matters.

With 5,067,309 ETH, about 85 percent of its holdings, staked as of Sept. 7, the purchase count is no longer the most important figure in the release; BitMine projects $330 million in annualized staking revenue off a seven-day annualized yield of 2.61 percent. Once the 5 percent target is reached, additional purchases cannot enlarge the story the way they did in the first year; growth in the treasury's contribution to BitMine will have to come from yield, from the share of coins left staked, or from execution inside the staking operation.

The same shift has been visible elsewhere. As with Citi's Custody+ and the decision to put bitcoin on the bank's main institutional rail, the defining move is putting an asset on ordinary operating infrastructure rather than holding it in a separate special vehicle. BitMine's version of that rail is staking: 85 percent of its stockpile is committed to Ethereum's consensus economics, earning a yield the company annualizes at $330 million.

The company reached this size through a cadence—buy every week, announce every week—that has become the headline. A treasury that owns nearly 5 percent of the supply cannot keep adding at a rate that moves its own aggregate value, and it cannot add forever if it respects the target. The next weekly release should start telling shareholders whether the 85 percent staked share and the $330 million annualized yield hold as purchases slow.