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SOL Bitmine Immersion Technologies repurchases Ethereum, holding close to 5% of total supply
Last week, Bitmine Immersion Technologies purchased another 27,180 Ethereum (ETH) tokens, bringing its total holding to nearly 6 million ETH. The move marks that the company is gradually approaching its goal of holding 5% of the total supply of the cryptocurrency.
According to an announcement released on Monday, as of Sunday's close, Bitmine held 5,956,378 ETH units worth approximately US$14.89 billion, accounting for approximately 4.9% of Ethereum's total supply. The purchase was slightly smaller than the increase of 28,086 ETH coins last week, when its holdings rose to 5.93 million coins.
Bitmine Chairman Tom Lee once again pointed out that the company has continued to buy Ethereum every week since launching its treasury strategy on June 30, 2025. (Disclosure: Lee is an investor in Dastan, which is Decrypt's parent company.)
"As we enter the last month of the third quarter of 2026, ETH is the best-performing macro asset this quarter, outperforming the S & P 500 by 5,866 basis points as of last Friday. In fact, the top three best-performing assets since June 30 are ETH, SOL and BTC," Lee said in a statement. "We believe that given the significant excess performance of crypto assets relative to other macro assets so far this quarter, this lays the foundation for institutions to increase their crypto asset holdings. "
Bitmine values its total assets at $15.8 billion, including its holdings of Ethereum, 212 bitcoins,$549 million in cash and securities, and shares in Beast Industries and Eightco Holdings, which are worth $180 million and $98 million respectively.
About 85% of its Ethereum positions (i.e. 5.07 million ETH) have been pledged, with expected annualized revenue of US$334 million based on a yield of 2.62%. Lee said that if all of its ETH were pledged through MAVAN and its partners, revenue could reach $392 million, although both forecasts depend on token prices and yields.
Rival Ethereum Treasury Company SharpLink announced in August that it planned to pledge US$200 million through Lido. It will receive tokens that pledge Ethereum and rewards on its behalf, allowing it to leverage this position in decentralized financial applications.
Although a number of companies, including Bitmine, are engaged in an altcoin buying boom, Bitcoin treasury giant Strategy did not purchase any bitcoins in the week ended September 13. According to filings filed Monday, it spent another $139 million to repurchase preferred shares.
