Bitmine Nears 5% of Ethereum Supply After Buying 28,000 More ETH

Bitmine Immersion Technologies bought another 28,086 Ethereum tokens over the past week, worth about $70 million at a reference price of $2,495 per coin. The company's total reserve grew to 5.93 million ETH, which by its own count equals roughly 4.9% of the coin's circulating supply.

Another Week Without a Miss

Bitmine started out as an operator of immersion-cooled mining hardware, then pivoted in spring 2025 to accumulating Ethereum under its ETH Treasury Strategy. The company did not disclose the cost basis of its latest purchase, though it usually shares deal details in weekly releases. The buy was smaller than the previous one: a week earlier the company added 53,501 ETH in a single move. Still, the streak stays unbroken. The company has bought crypto every week since launching the strategy on June 30, 2025.

According to Bitmine, the current 4.9% share puts it 97% of the way toward its stated goal of owning 5% of all ETH in circulation. The previous release put that figure at 98%, even though the company kept buying every week in between. The reason is that Ethereum's total circulating supply keeps growing alongside Bitmine's purchases, so a fixed percentage target keeps slipping further away.

Back in May, Lee warned that the company would deliberately slow its buying pace to avoid hitting the 5% mark too soon. The slower growth seen in recent reports lines up with that plan, even as the company keeps buying ETH every week without a gap.

Tom Lee's Streak Without Exceptions

The company is led by investor Tom Lee, known for bullish crypto market calls. Its stock trades under the ticker BMNR. Commenting on the report, Lee called Bitmine's discipline unmatched among public companies.

"Bitmine's track record of consistent buying of crypto is unmatched by any public company in the world. We buy ETH every single week without exception since the launch of the strategy on June 30, 2025."

- Tom Lee, Chairman of Bitmine, comment in the company's weekly report, September 8, 2026

Lee also added market context: by his estimate, from late June through the end of last week Ethereum was the best-performing major asset class, beating the S&P 500 index by 54.3 percentage points. The top three performers over the same stretch were ETH, Bitcoin and Solana.

In Lee's view, that outperformance sets the stage for a new wave of institutional crypto allocations in the coming months. He added that ETH, BTC and SOL specifically have recently pulled furthest ahead of traditional markets.

What Else Sits in the Treasury

As of September 7, Bitmine valued its Ethereum stash at about $14.8 billion, with the company's full portfolio at $15.7 billion. Beyond ETH, the balance sheet holds a few other positions.

• 211 Bitcoin on the company's books
• $593 million in cash and marketable securities
• a $180 million stake in Beast Industries
• a $91 million stake in Eightco Holdings

According to Cointelegraph estimates, the company's unrealized loss on its main treasury asset runs to about $5.1 billion. That gap reflects the difference between ETH's current market price and the average price Bitmine paid for its coins over the past year.

The 211 Bitcoin amount to roughly 0.1% of the company's total assets in dollar terms. Together, ETH and Bitcoin make up more than 94% of the portfolio, with cash, securities and stakes in outside companies filling out the rest.

Other Treasury Companies Are Moving in Different Directions

While Bitmine keeps buying weekly, other public holders of crypto reserves are adjusting course. Strategy, Michael Saylor's firm and the largest corporate Bitcoin holder, bought no Bitcoin at all in the week through September 7. Instead it spent $176.3 million buying back its own preferred stock, after a $370 million purchase the week before.

Asset manager Strive reported a $143 million Bitcoin purchase on August 31, though it did not disclose its new total coin count. And SharpLink, another company running an Ethereum treasury, plans to stake $200 million worth of ETH through the Lido protocol.

Buying back stock instead of more Bitcoin shows that this week Strategy chose to support its own securities rather than grow its reserves. Bitmine's priorities currently point the other way: the company keeps funneling cash into ETH purchases rather than share buybacks.