BitMine adds 28,086 ETH, raising treasury to 5.93 million tokens

BitMine Immersion Technologies announced the purchase of 28,086 ETH during the week prior to September 7, valued at roughly $70.1 million using a reference price of $2,495 per ETH. The acquisition lifts the company’s Ethereum treasury to 5,929,198 tokens, representing about 4.9% of the estimated 122 million‑token supply.

Treasury growth and target

The purchase continues a weekly buying program that began on June 30, 2025. BitMine reported earlier additions of 53,501 ETH on August 31, 9,926 ETH ending August 16, and 32,447 ETH in the prior update. The firm says it has completed 97% of its “Alchemy of 5%” plan, which aims for a 5% ownership stake – roughly 6.1 million ETH – leaving a shortfall of about 170,802 ETH.

Staking strategy and projected revenue

BitMine’s Made in America Validator Network (MAVAN) and partner validators currently hold 5,067,309 ETH in staking, about 85% of the treasury, valued at approximately $12.6 billion. Management estimates annual staking revenue of $330 million based on a 2.61% seven‑day annualized yield. If the full ETH balance were staked, projected rewards could rise to about $386 million.

Broader balance sheet

Beyond Ethereum, the September 7 balance sheet includes 211 BTC, $593 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $91 million investment in Eightco Holdings. The combined assets are valued at $15.7 billion.

Market outlook from leadership

Chairman Tom Lee reiterated a bullish view on Ethereum, citing potential catalysts such as U.S. crypto legislation, tokenization of assets, and blockchain‑based AI. He noted that ETH outperformed the S&P 500 in the third quarter and suggested institutional investors may increase exposure to digital assets.

Investor exposure

BitMine’s preferred‑stock structure trades on the NYSE under the ticker BMNP, offering U.S. investors indirect exposure to Ethereum. Fundstrat data indicated an 80% correlation between BMNP and ETH, and the stock gained 99% in the third quarter, ranking among the top performers in the Russell 1000 index.