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ETH Bitmine has increased its holdings every week, and its Ethereum position approaches target
Bitmine Immersion Technologies (NYSE: BMNR) has increased its total holdings of Ethereum to 5,956,378 ETH, gradually approaching its target of holding 5% of online circulation supply. According to a press release issued by the company on September 14, the company purchased another 27,180 ETH in the past week.
Since the strategy was launched in June 2025,@BitMNR has continuously purchased $ETH every week. This accumulation rate has been described by the company as "unmatched by any listed company in the world." The company has a long-term goal of reaching a 5% stake, calling it the "5% alchemy." Against the backdrop of a total supply of 122 million Ethereum units, the latest batch of purchases puts Bitmine only about 0.1 percentage points short of this target.
Pledged income has become the focus of attention
As of August 30, 2026, the total number of pledged Ethereum by Bitmine reached 5,067,309, with a value of approximately US$12.7 billion based on US$2,511 per piece. This figure accounts for approximately 85% of the company's overall positions. Chairman Tom Lee (@fundstrat) expects annualized pledge revenue to reach US$334 million based on a 7-day yield of 2.62%. This forecast is basically consistent with the broader market situation: the local pledge APR of the Ethereum network has been compressed to approximately 2.78%, and the total number of Ethereum pledged across the network is approximately 38.9 million, accounting for 31.98% of the total supply.
Bitmine launched MAVAN (Made in America Validator Network) as its institutional pledge platform in early 2026, and plans to expand the service to institutional investors, custodians and ecological partners.
Lee linked Ethereum's strengthening status to the growth of Wall Street tokenization and the potential of artificial intelligence agents in the web, while also citing expectations for a Senate vote on the Clarity Act, which aims to regulate the rules of the crypto market. "We believe that the bottom of the four-year cycle will form in the coming weeks," Lee added, noting that this could create room for large-scale institutional buying in the final months of 2026.
Currently, Bitmine's cryptocurrency holdings rank first in the world's Ethereum treasury, and the overall digital asset treasury ranks second, second only to Strategy Inc. (Nasdaq: MSTR).
