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BTC 
ETH BitMine Immersion Technologies (BMNR) latest financial report: Ethereum holds 5.96 million holdings and total assets exceed US$15.8 billion.
BitMine Immersion Technologies (BMNR) disclosed in a press release and Form 8-K document filed on September 14 that as of September 13, the company's Ethereum (ETH) treasury holdings reached 5,956,378. The total value of its cryptocurrency, cash and other high-potential investments is approximately US$15.8 billion.
Position Size and Valuation Update
According to Coinbase data, BitMine valued Ethereum at US$2,513 per share, up from US$2,495 the previous week. This valuation adjustment has increased its total assets slightly from US$15.7 billion reported last week to US$15.7 billion (Note: There are slight differences in the data expression here, which usually means that the overall asset size remains stable or fine-tuned). The previous week, the company's Ethereum position was 5.93 million, and the verifier fee for pledge services has been uniformly adjusted to 1.50%.
Pledge Ratio and "5% Alchemy" Plan
In the past week, BitMine increased its holdings of 27,180 ETH units. Since launching the investment strategy on June 30, 2025, the company has continued to buy Ethereum every week. Currently, the number of Ethereum it holds accounts for 4.9% of the total market supply (122 million units), which is the same as last week.
BitMine calls its strategic goal "Alchemy of 5%", which means owning 5% of Ethereum on the entire network. Currently, the company is close to achieving 98% of this goal, and the strategy has been in operation for 15 months. It is worth noting that despite the increase in the number of tokens, the total amount pledged shown in the past three weekly reports has remained unchanged.
The company pledged 5,067,309 ETH units through its internally established Made in America Validator Network, worth approximately US$12.7 billion at current valuation, accounting for approximately 85% of its total assets.
Chairman Thomas "Tom" Lee's Market View
Company Chairman Thomas "Tom" Lee expects annualized pledge revenue to be US$334 million, slightly up from US$330 million last week; once all Ethereum is pledged, this figure is expected to rise to US$392 million, based on a seven-day yield of 2.62%.
Lee pointed out that Ethereum was the best performing macro asset in the third quarter, outperforming the S & P 500 by 5,866 basis points as of September 11. Since June 30, Ethereum, Solana and Bitcoin have been the top three assets performing best. He also added that the ETH/BTC exchange rate ratio has reached its highest level since January 30.
Falling cash reserves and other investments
As of September 13, the company's total cash and marketable securities were US$549 million, down from US$593 million last week. The announcement did not explain the specific reasons for the decrease in funds.
In addition to Ethereum, BitMine also holds 212 bitcoins (BTC), a stake in Beast Industries worth $180 million, and a stake in Eightco Holdings (ORBS) worth $98 million, which is up from $91 million last week. The company said it was one of the few listed stocks that provided investors with indirect access to OpenAI.
Trading Activity and Industry Ranking
According to Fundstrat data, in the four days ended September 11, BitMine's average daily US dollar trading volume reached US$924 million, ranking 98th among 5,704 listed companies and one of the most actively traded stocks in the U.S. stock market.
BitMine ranks first among enterprise-level Ethereum treasuries in terms of holdings and second among all cryptocurrency treasuries, behind Strategy (MSTR). The announcement pointed out that Strategy has approximately 845,080 bitcoins worth approximately US$71 billion.
