Bitmine now holds 5.98 million ETH worth $17.1 billion

Bitmine Immersion Technologies (NYSE: BMNR) bought 27,562 Ethereum in the past week and now holds a total of 5,983,940 ETH. That is 4.9% of the total Ethereum supply of 122.1 million coins. The company is therefore at 98% of its goal to hold 5% of all ETH, a strategy it launched in June 2025. The total value of crypto, cash and other investments comes to $17.1 billion.

Ethereum is available at OKX and Bybit.

In brief:

• Bitmine bought 27,562 ETH last week and now holds a total of almost 5.98 million ETH, good for 4.9% of the total supply.
• Of the total position, 5,067,309 ETH is staked, with an estimated annual staking yield of $357 million.
• Chairman Tom Lee expects institutional investors to significantly expand their crypto positions in the fourth quarter of 2026.

Weekly purchases without interruption

According to Bitmine’s press release, the company has bought ETH every week since the start of its Ethereum treasury strategy on 30 June 2025. The current position consists of 5,983,940 ETH at a price of $2.688 per ETH, 212 Bitcoin, a $180 million stake in Beast Industries and $105 million in Eightco Holdings (NASDAQ: ORBS). In addition, Bitmine has $714 million in cash and marketable securities.

Eightco is considered one of the few listed companies in the world that offers investors indirect exposure to OpenAI. Bitmine internally calls such positions “moonshots”.

Staking generates hundreds of millions

Of the nearly 5.98 million ETH, 5,067,309 ETH is staked, which at a price of $2.688 amounts to approximately $13.6 billion. The company operates its own staking platform for this purpose called MAVAN, which stands for Made in America VAlidator Network. Besides Bitmine itself, this platform also serves institutional parties and custodians.

The annual staking yield is estimated at $357 million, based on a seven-day return of 2.62%. Once all ETH is fully staked through MAVAN and partner programmes, the expected annual yield rises to $421 million. Bitmine says it therefore stakes more ETH than any other party in the world.

In terms of ETH activity, the broader market is seeing notable movements: ETH withdrawals at Binance recently reached their highest level in three years.

Lee expects a strong finish in the fourth quarter

Tom Lee, chairman of Bitmine, states that Ethereum is the best-performing macro asset in the third quarter of 2026 so far. According to him, ETH is outperforming the S&P 500 by 6,519 basis points. Lee attributes the strong performance to a rotation from AI stocks to crypto, improving fundamentals around tokenisation and AI, and the end of the four-year cycle.

Lee expects this to be a harbinger of further price increases in the fourth quarter. Institutional investors have underweighted crypto in 2026 so far, partly due to the strong performance of AI stocks earlier this year. That could change in the last three months of 2026, according to Lee.

Bitmine was added to the Russell 1000 Large-cap index on 26 June 2026 and is considered the largest Ethereum treasury company in the world. It ranks second in the list of all crypto treasuries, behind Strategy Inc. (NASDAQ: MSTR), which reportedly holds 845,080 Bitcoin worth approximately $75 billion. Bitcoin is currently at $86K, an increase of 6.4% in the past 24 hours.