Bitmine stakes $13.8 billion in ETH as treasury tops 6 million tokens

Bitmine Immersion Technologies has raised its Ethereum treasury to 6,016,414 ETH after buying another 15,112 tokens over the past week, leaving the company just short of its target to own 5% of Ethereum’s supply.

According to Bitmine’s Oct. 5 holdings update, the ETH position was valued at roughly $16.4 billion using a reference price of $2,726 per token. The company said its holdings represented 4.9% of Ethereum’s stated 122.1 million token supply.

Bitmine has continued buying ETH every week since launching its Ethereum treasury strategy on June 30, 2025, Chairman Tom Lee said. Its latest purchase followed a 17,362 ETH acquisition that took the company past the 6 million ETH level in late September.

At the time, crypto.news previously reported that Bitmine held 6,001,302 ETH and was 98% of the way toward its stated goal of owning 5% of Ethereum’s supply. The latest weekly purchase took the treasury another 15,112 ETH higher.

Lee said the company’s buying record has continued without a weekly break since the strategy began.

“Bitmine has bought ETH each and every week since the inception of the ETH Treasury Strategy on June 30, 2025,” Lee said.

Bitmine has staked 84% of its Ethereum

Most of Bitmine’s ETH is now being used for staking, with 5,067,309 tokens worth roughly $13.8 billion committed through its MAVAN platform and staking partners.

The staked balance represents 84% of the company’s 6.02 million ETH treasury. Bitmine said its own staking operations generated a seven day annualized yield of 2.63%, putting projected annual staking revenue at $363 million under its current assumptions.

If its entire ETH balance were staked through MAVAN and its partners, Bitmine projected annual rewards of $431 million using the same 2.63% yield.

MAVAN, short for Made in America Validator Network, was launched earlier in 2026 to support the company’s Ethereum holdings. Bitmine has since opened the infrastructure to institutional investors, custodians and other ecosystem participants.

Staking has already become a major revenue source for the company. Bitmine generated $45.7 million from staking and validation during the three months ended May 31, accounting for 98% of its $46.5 million in quarterly revenue.

The scale of the operation has grown alongside the treasury. Bitmine had roughly 4.9 million ETH staked when those quarterly results were reported in July, compared with more than 5.06 million ETH now.

A closer look at Bitmine’s 5 million ETH staking position in late September showed the company had 5,067,309 ETH committed to staking when its total treasury stood at 6,001,302 ETH. Its seven day annualized yield at the time was 2.62%, with projected annual staking revenue of $358 million.

The staked ETH balance has remained unchanged in the latest disclosure, while the treasury grew through another week of purchases.

Tom Lee points to ETH performance despite macro pressure

Lee used the latest holdings update to highlight Ethereum’s performance against traditional markets during the third quarter.

According to the Bitmine chairman, ETH outperformed the S&P 500 by 6,832 basis points during the quarter despite higher oil prices, rising global bond yields, tighter financial conditions and what he described as a “hawkish” Federal Reserve.

“The outperformance of ETH by 6,832bp relative to the S&P 500 in 3Q26 is notable considering the substantial macro headwinds that emerged in the quarter,” Lee said.

His comments follow a series of bullish statements on Ethereum and the crypto market as Bitmine continued accumulating the asset. In September, Lee said a crypto bull market was underway after the company bought 27,562 ETH and pushed its holdings close to 5.98 million tokens.

Bitmine said Lee will publish his October chairman’s message this week under the title “Crypto bull underway — this cycle likely the largest.”

He is scheduled to deliver a keynote at Token2049 in Singapore on Oct. 7.

Bitmine holds $17.4 billion across crypto, cash and investments

Ethereum accounts for most of Bitmine’s balance sheet, but the company reported several other holdings alongside its ETH treasury.

As of Oct. 4, Bitmine held 214 Bitcoin, $643 million in cash and marketable securities, a $180 million stake in Beast Industries and a $117 million position in Eightco Holdings. Combined crypto, cash, securities and other investments were valued at $17.4 billion.

The company described its Beast Industries and Eightco positions as “moonshots.”

Bitmine said its Ethereum position makes it the world’s largest ETH treasury and the second largest corporate crypto treasury overall behind Strategy.

Alongside its crypto purchases, Bitmine has been buying back its own stock. Lee said the company acquired 21 million BMNR shares during the first nine months of 2026, including what he described as the largest crypto treasury equity buyback to date.

Earlier purchases were carried out while Bitmine continued accumulating ETH. By late July, the company had repurchased 6.1 million shares while its Ethereum treasury stood at 5,787,414 tokens.

Lee said BMNR fell 3% during the first nine months of 2026 while ETH declined 10% over the same period, which he described as an outperformance of 731 basis points for the company’s shares relative to Ethereum.

Trading activity in BMNR has remained high as the treasury expanded. Citing Fundstrat data, Bitmine said its stock recorded average daily dollar volume of $827 million over the five trading days through Oct. 2, placing it 125th among 5,704 U.S. listed stocks by that measure.

Ether traded near $2,711 on Monday, up 0.37% on the day. The cryptocurrency had gained more than 10% over the previous month and more than 50% over the past three months.