Tom Lee's Bitmine tops 6 million ETH after buying another 17,362 ether

Tom Lee-chaired Ethereum (ETH) treasury company Bitmine's (BMNR) holdings have reached 6,001,302 ETH, worth around $16.1 billion at current prices, following its latest weekly acquisitions.

Bitmine bought another 17,362 ETH since its last update on Sept. 21, reporting Monday that its total crypto, cash, marketable securities and other investments stood at $17.2 billion. Bitmine did not disclose the average purchase price, but at current prices, its latest acquisition is worth around $46.7 million.

"Bitmine's total ETH holdings now exceed 6 million. This is a tremendous achievement, accumulating this total in under 15 months.  We are already seeing the synergies and positive network effects from our accumulating nearly 5% of ETH total supply." Lee said in the statement. 

"Moreover, we continue to see affirming signs that a crypto bull market is underway, having started in late June," Lee added. "In our view, institutions are still underweight crypto, and we expect them to be adding to their exposure in the final months of 2026. With only a little more than a week left in calendar third quarter (3Q26), the outperformance of Ethereum as a macro asset continues to strengthen. For the calendar quarter to date, ETH is outperforming by 6,728bp, dwarfing other macro assets."

As of Sept. 27, Bitmine also holds 213 BTC ($17.8 million), a $115 million stake in Eightco Holdings, a $180 million stake in Beast Industries, and total cash and marketable securities of $672 million, it said.

Nearing 5% ether supply target

The company's ETH holdings are equivalent to more than 4.9% of Ethereum's current circulating supply, which sits at approximately 122.1 million ETH, according to The Block's ether price page. Bitmine is now 98% of the way toward its "Alchemy of 5%" supply target within 15 months of embarking on its Ethereum treasury strategy.

Meanwhile, Bitmine's total staked Ethereum stands at 5,067,309 ETH ($13.6 billion). "Bitmine has staked more ETH than other entities in the world. At scale (when Bitmine's ETH is fully staked by MAVAN and its staking partners), the projected ETH staking reward would be $424 million on an annualized basis," Lee said. "Annualized staking revenues are now projected at $358 million. And this 5.1 million ETH is 84% of the 6.00 million ETH held by Bitmine. Bitmine's own staking operations generated a 7-day yield of 2.62% (annualized)."

Bitmine remains the largest Ethereum treasury holder, followed by Joe Lubin's Sharplink and The Ether Machine, with approximately 888,938 ETH and 496,712 ETH, respectively, according to SER data. Bitmine is also the second-largest public crypto treasury company overall, behind Michael Saylor's Strategy, which holds 847,666 BTC ($70.6 billion) following its latest weekly acquisition, also announced on Monday — equivalent to over 4% of bitcoin's 21 million supply cap.