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ETH Bitmine bought ETH for US$68 million, closing its position close to Ethereum's 5% supply target.
Bitmine Immersion Technologies has expanded its treasury size to 5.96 million units, bringing its set 5% supply target within close reach. According to the latest data, Bitmine purchased 27,180 Ethereum units in the week ended September 13, worth approximately $68 million.
Currently, its Ethereum balance reaches 5,956,378 units, with a total valuation of approximately US$15 billion based on a price of US$2,513 per unit. This position represents approximately 4.9% of Ethereum's estimated total supply of 122 million units. As a result, Bitmine has completed approximately 97% of its plan to control all Ethereum 5% in circulation. The company launched a long-term treasury strategy on June 30, 2025, and has continued to purchase ETH weekly thereafter.
Diversified asset allocation and overall valuation
In addition to Ethereum, Bitmine also holds 212 bitcoins (BTC) and US$549 million in cash and marketable securities. Its portfolio also includes a $180 million stake in Beast Industries and a $98 million investment in Eightco Holdings. Overall, its reported total value of cryptocurrencies, cash, securities and other investments globally is approximately US$15.8 billion.
Pledge strategy strengthens earnings from Ethereum positions
Bitmine has pledged more than 5.06 million ETH units, accounting for approximately 85% of its total Ethereum balance. Its pledge business achieved an annualized seven-day yield of 2.62%. Based on this ratio, Bitmine expects its deployed positions to generate approximately US$334 million in annual pledge revenue. In addition, management expects that once all available tokens are pledged, the reward amount will reach US$392 million.
The company plans to deploy the remaining assets through its MAVAN verifier network and selected external pledge partners. However, due to factors such as network participation, verifier performance and reward rates, pledge income may fluctuate.
Institutional Demand and Market Catalysts
Chairman Tom Lee attributed Ethereum's stronger performance relative to Bitcoin in 2026 to expanding interest in tokenization and artificial intelligence applications. He also pointed out that proxy-based AI systems could be a potential source of demand for Ethereum's infrastructure. In addition, Lee highlighted institutional needs, potential regulatory developments and the role of South Korea's growing crypto activity as a market catalyst.
Bitmine's concentrated treasury has brought it significant exposure to Ethereum price fluctuations and pledge economics. However, a weaker ETH price could materially reduce the reported value of its positions. Further purchases may not only meet Bitmine's 5% supply target, but will also expand the revenue potential of its huge pledged Ethereum position.
