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BTC 
ETH Core Points
The price relationship between Ethereum and Bitcoin has shifted upward
The pledge business generates huge revenue
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Bitmine increased its holdings of Ethereum, holding 5.96 million positions
The company has acquired 27,180 ETH units in the past week, worth approximately US$68 million. This increased its total position to 5.96 million ETH. Bitmine currently holds 4.9% of the entire Ethereum supply and only needs to add approximately 144,000 ETH units to its 5% target.
Chairman Tom Lee said the price relationship between ETH and BTC reached its strongest level since January 30, ending a multi-year downward trend that began in 2022.
Through its MAVAN infrastructure, the company has pledged more than 5 million ETH units and expects to receive hundreds of millions of dollars in pledge returns every year.
Total assets, including digital currency, cash reserves and investment positions, have now reached US$15.8 billion, and BMNR has been included in the Russell 1000 Index.
Bitmine added 27,180 tokens to its Ethereum position last week, with a market value of approximately US$68 million based on Monday's ETH trading price just above US$2,500.
BitMine said it had acquired 27,180 ETH units in the past week, bringing its total holdings to 5.96 million ETH units as of September 13. This position represents approximately 4.9% of Ethereum's 12.2 million ETH supply, giving the company 98%... pic.twitter.com/r5oLTgiA9T- Wu Blockchain (@WuBlockchain) September 14, 2026
This latest acquisition increases Bitmine's full ETH position to 5,956,378 tokens, bringing the company closer to its stated 5% supply target.
Given that Ethereum's current circulation supply is approximately 122 billion tokens, the organization needs approximately 144,000 additional ETH to exceed its benchmark of 6.1 million tokens.
Since launching its Ethereum treasury strategy in June 2025, the company has been executing ETH acquisitions on a weekly basis, with last week's acquisition volume matching last week's activity.
According to a September 14 announcement, the organization's total cryptocurrency holdings, cash reserves, marketable securities and speculative "moonshot" investments have reached US$15.8 billion.
This valuation is mainly driven by its 5.96 million ETH positions, with a price of US$2,513 per token as of September 13, in addition to 212 stock positions in BTC, Beast Industries and Eightco, and its holdings of US$549 million in cash and marketable securities.
Ethereum and Bitcoin price relationship shifts upward
As 2026 enters the final quarter, Tom Lee, Bitmine Chairman and Fundstrat founder, pointed to several positive indicators for ETH.
He emphasized that the ETH-BTC valuation ratio reached its highest level since January 30 and successfully broke through the downward trend line established in 2022.
Lee said: "The valuation ratio of ETH to BTC rose to its strongest position since January 30 this year, confirming a new upward trajectory."
He attributed the move to Ethereum as a functional extension of the basic infrastructure of the Wall Street tokenization initiative and its potential use in governing autonomous AI systems.
The pledge business generates significant revenue
The company has pledged more than 5.07 million ETH units through its MAVAN infrastructure, which serves as an enterprise-level pledge and verifier platform.
Management expects annual pledge income from this large position to reach hundreds of millions of dollars.
The company also maintains membership in the Russell 1000 Index and cites it as evidence of its growing institutional credibility.
Lee identified two other immediate catalysts: Tuesday's expected Senate vote on legislation on the structure of the U.S. cryptocurrency market known as the Clarity Act, and the revival of cryptocurrency purchases by South Korean market participants.
The latest analyst assessment of BMNR is a buy recommendation with a target price of $63.60.
BMRN shares fell 0.64% to close at $25.04 during Monday's trading session.
