BitMine's Ethereum Treasury Tops Six Million Tokens

BitMine Immersion Technologies said Monday that its Ethereum treasury has crossed six million ether, worth about $16.2 billion at recent prices. The holding represents roughly 4.9 percent of the 122.1 million ether in existence, according to the company's announcement from Norwalk, Connecticut.

The milestone puts the Tom Lee-chaired company within sight of the finish line on its stated goal: accumulating five percent of the Ethereum supply. According to the company, BitMine is now 98 percent of the way toward that target, a campaign it calls the "Alchemy of 5%," fifteen months into the program.

The announcement in numbers

BitMine put its combined holdings, counting crypto, cash and marketable securities, and investments the company labels "moonshots," at $17.2 billion. Cash and marketable securities alone stood at $672 million, and the firm disclosed a $115 million position in Eightco stock, one of the few listed equities that gives investors indirect exposure to OpenAI.

The company's Series A preferred stock trades on the New York Stock Exchange under the symbol BMNP, the announcement noted, giving equity investors a second way to ride the Ethereum treasury accumulation program.

BitMine shares slipped more than one percent in morning trading on Monday, according to Stocktwits, even as the Ethereum treasury itself kept growing. The company's Ethereum treasury now sits within a percentage point of its long-term target.

The company added more than seventeen thousand ether over the past week alone, according to Stocktwits' Monday roundup, which also tracked fresh bitcoin buying from Strategy and Strive.

Staking does the heavy lifting

More than five million of BitMine's ether is staked through its own validator network, MAVAN, plus outside staking partners, according to the company's announcement. The staked position was valued at $13.7 billion at $2,698 per token. MAVAN stands for Made in America Validator Network, which the company describes as a staking destination for BMNR and institutional investors.

According to the company, that staking operation is on track to generate about $358 million in annualized revenue, which turns the Ethereum treasury into a yield-bearing balance sheet.

The race to corner a slice of the network

Corporate Ethereum treasuries have become a crowded trade this year, with public companies treating ether as a balance-sheet asset the way Strategy treats bitcoin. BitMine's chairman Tom Lee is scheduled to deliver the keynote at KBW on September 30, and the company joined the Russell 1000 index earlier this summer. Backers named in the announcement include ARK's Cathie Wood and the Founders Fund.

The accumulation comes during a strong quarter for ether itself. According to the company's announcement, ether has been the best-performing macro asset of the third quarter so far, outperforming the S&P 500 by 6,728 basis points. That run gives the Ethereum treasury strategy a tailwind the bitcoin treasury playbook rarely enjoyed at this scale.

The Ethereum treasury playbook has critics, but it also has company beyond the treasury space: Coinbase chief executive Brian Armstrong recently argued that crypto is the go-to rail for AI agent payments, and product launches aimed at machine traders keep coming, including MEXC's command-line interface that turns trading intent into orders.

Treasury rivals keep buying

The same Monday brought fresh buying numbers from bitcoin treasury peers. Strategy said its at-the-market share sales raised $246.2 million in net proceeds over the past week, and it put $142.7 million of that into bitcoin at an average price of $85,681, according to Stocktwits' Monday roundup. The company also used some of the proceeds to repurchase shares of its STRC preferred stock.

Strive added about $94.5 million of bitcoin at an average price near $85,396, lifting its stash past twenty-seven thousand coins. Both stocks wavered on Monday as ether changed hands at about twenty-six hundred dollars, slightly lower on the day, with CoinDesk reporting a broader altcoin unwind tied to oil prices climbing back above one hundred dollars a barrel.

The next scheduled milestone on BitMine's calendar is Wednesday's KBW keynote, where Lee is expected to make the case for the Ethereum treasury strategy to an institutional audience. At roughly one ether in twenty ever created, the final percentage point may not be far off. Read the full company announcement for the complete breakdown.