Bitmine Buys $69M in Ether, Closes In on 5% of Ethereum Supply

Bitmine Immersion Technologies (NYSE: $BMNR) added another 28,086 Ether (CRYPTO: $ETH) to its holdings last week, bringing the company closer to its goal of controlling 5% of Ethereum's total supply.

The purchase, worth about $69.4 million at Tuesday's price of roughly $2,472 per ETH, lifted Bitmine's holdings to 5.93 million ETH, the company announced Tuesday. That represents about 4.9% of Ethereum's 122 million circulating supply, leaving the company around 171,000 ETH short of its target.

Bitmine has purchased Ether every week since launching its Ethereum treasury strategy in June 2025. The latest acquisition was smaller than the 53,501 ETH bought the previous week. Still, maintaining this pace would put the company within reach of its 5% goal in less than two months.

The company's total crypto, cash, and other investments are now valued at about $15.7 billion. Alongside its Ether holdings, Bitmine holds 211 Bitcoin (CRYPTO: $BTC), $593 million in cash and marketable securities, and stakes in Beast Industries and Eightco Holdings (NASDAQ: $ORBS).

Bitmine is also using its large Ether position to generate staking income. About 5.07 million ETH, or roughly 85% of its holdings, is currently staked. The company said its staking operations generated a 7-day yield of 2.61%, putting projected annualized staking revenue at about $330 million.

Bitmine Chairman Tom Lee also pointed to Ethereum's strong performance in the third quarter, saying the cryptocurrency has outpaced the S&P 500 by more than 54 percentage points.

"Since June 30th, 4 of the top 21 best performing stocks in the Russell 1000 are crypto-related equities. The outperformance is reflective of the fact that Ethereum is the best performing macro asset in Q3 so far," Lee said.

At the time of writing, Ether is trading at $2,457, down by around 2% over the past day.