BitMine Immersion Technologies (BMNR) bought 27,562 Ethereum (ETH) over the week to September 20 and reported combined crypto, cash, and moonshot holdings of $17.1 billion in a press release and 8-K filed September 21.
Total holdings rose $1.3 billion from the $15.8 billion BitMine reported a week earlier, when it added 27,180 ETH. The company marked its Ether at $2,688 per token, per Coinbase, up from $2,513 a week earlier. That mark puts the week’s purchases at roughly $74 million, with the treasury at 5,983,940 ETH.
Staked Total Flat Since Late August
BitMine Chairman Thomas “Tom” Lee stated the company “has bought ETH each and every week since the inception of its ETH Treasury Strategy on June 30, 2025,” a track record he called “unmatched by any public company in the world.” The pace has swung this year; one July purchase fell to 7,430 ETH, down from more than 30,500, a slowdown Lee tied to share buybacks.
Holdings equal 4.9% of the 122.1 million ETH in supply, and BitMine puts itself 98% of the way to its target of owning 5% of all ETH, the plan it calls the Alchemy of 5%, 15 months after the strategy began.
BitMine stakes 5,067,309 ETH, worth $13.6 billion at its mark and 85% of the treasury, through MAVAN, its Made in America Validator Network. The staked count has held there for five consecutive weekly updates, even as the token total kept climbing.
Lee put projected annualized staking revenue at $357 million, up from $334 million a week earlier, rising to $421 million once the ether is fully staked, on a 2.62% seven-day yield.
Lee Sees Stronger Fourth Quarter
“We believe a crypto bull market is underway, having started in late June,” Lee said, citing “the rotation from AI back to crypto.”
He put Ether’s quarter-to-date lead over the S&P 500 at 6,519 basis points, called the run “a prelude to a potentially stronger up move in the 4th quarter of 2026,” and said the company expects institutions “to substantially increase their exposure in the final 3 months of 2026.”
Cash and marketable securities rose to $714 million from $549 million a week earlier. The release gave no reason for the increase. Alongside the ether, BitMine held 212 Bitcoin (BTC), a $180 million stake in Beast Industries and a $105 million position in Eightco Holdings (ORBS), up from $98 million.
BMNR traded $1.2 billion in average daily dollar volume over the five days to September 18, ranking 100th of 5,704 US-listed stocks, according to Fundstrat, Lee’s research firm. The release ranks BitMine first among ether treasuries and second among crypto treasuries overall, behind Strategy (MSTR), which the release said owns 845,080 Bitcoin worth about $75 billion.
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