TL;DR:
- Bitmine purchased 27,562 ETH worth roughly $75 million, lifting its holdings to 5.98 million ETH, or about 4.9% of Ethereum’s total supply.
- Chairman Tom Lee said institutions remain underweight crypto and expects stronger exposure during the final quarter as Ethereum continues outperforming major traditional assets.
- Bitmine has staked about 85% of its ETH position, projecting roughly $357 million in annualized staking revenue while advancing toward its 5% accumulation target.
Bitmine Immersion Technologies added 27,562 ETH last week, a purchase worth roughly $75 million, extending its weekly accumulation streak as Ethereum strengthened into the end of the third quarter. In its latest holdings update, the company said its treasury reached 5,983,940 ETH, equal to about 4.9% of Ethereum’s 122.1 million token supply. The new purchase leaves Bitmine within striking distance of its stated goal of owning 5% of all ETH, while total crypto, cash, marketable securities and strategic investments reached $17.1 billion.
Tom Lee Sees Room for Institutional Crypto Exposure
Chairman Tom Lee linked the accumulation strategy to a broader view that institutional investors remain underweight crypto after favoring AI-linked equities earlier in 2026. He expects institutions to increase exposure during the final three months of the year, arguing that Ethereum’s third-quarter performance could attract fund managers looking for stronger relative returns. Lee’s thesis is that ETH’s recent outperformance may become a catalyst for additional institutional allocation rather than an isolated market move. Bitmine said ETH had outperformed the S&P 500 by 6,519 basis points quarter to date. The scale of the position also makes Bitmine one of the clearest public-market vehicles for investors seeking indirect exposure to Ethereum through a listed corporate treasury strategy.
The company’s treasury strategy also extends beyond simply holding ETH. Bitmine reported 5,067,309 staked ETH as of September 20, representing about 85% of its total Ethereum position and approximately $13.6 billion at the stated ETH price of $2,688. Staking has become a major component of Bitmine’s balance-sheet strategy, adding yield generation to its aggressive accumulation model. The company currently projects annualized staking revenue of roughly $357 million and has continued developing MAVAN, its institutional-grade validator network, as its holdings expand.
Bitmine has purchased ETH every week since launching its Ethereum treasury strategy on June 30, 2025, reinforcing a consistent accumulation pattern that has brought it close to the 5% target. That pace echoes earlier Bitmine treasury expansion and its broader push toward large-scale Ethereum staking. The latest $75 million addition underscores how strongly Bitmine is positioning around Ethereum as both a treasury asset and an institutional infrastructure play. Whether Lee’s expected institutional catch-up materializes will now be a central question heading into the final quarter of 2026.
