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BTC 
ETH 
SOL Bitmine Immersion Technologies nears its target of holding 5% of Ethereum's circulation
Bitmine Immersion Technologies is gradually approaching its strategic goal of holding 5% of Ethereum's (ETH) circulation supply. The company disclosed on September 14 that it had purchased 27,180 ETH units in the past week, bringing its total position to 5,956,378 ETH units. This position represents approximately 4.9% of Ethereum's 122 million token supply.
Chairman Tom Lee pointed out that Bitmine has been increasing its ETH position every week since the launch of its treasury strategy on June 30, 2025. The latest round of purchases was slightly lower than the previous week's 28,086 ETH units, which previously raised the total number of positions held to 5.93 million units. Based on US$2,513 per ETH, the value of these positions as of September 13 was approximately US$15 billion.
In addition to its main ETH position, the company also holds 212 bitcoins (BTC). Other positions include a $180 million stake in Beast Industries and a $98 million stake in Eightco Holdings. In addition, the value of cash and marketable securities reached US$549 million, bringing Bitmine's reported total assets to US$15.8 billion.
Pledge converts ETH positions into recurring income
As of September 7, Bitmine has locked 5,067,309 ETH units in pledge operations. This represents approximately 85% of its total ETH position and is worth approximately US$12.7 billion based on company announced prices. The current annualized rate of return (seven-day annualized) on pledge operations is 2.62%. Based on current interest rates, annual revenue is expected to reach US$334 million.
Lee said that if all of Bitmine's ETH are pledged through MAVAN and its partners, total annual pledge revenue is expected to climb to US$392 million. Both forecasts depend on the token price and yield at the time. This model gives Bitmine a different structural advantage than Bitcoin Treasury, because the latter's BTC holdings do not generate native proof-of-stake (PoS) gains.
Rival Ethereum Treasury Company SharpLink announced plans to pledge US$200 million worth of ETH through Lido as early as August. The company expects to receive tokens representing its pledged positions and rewards and plans to deploy them in a decentralized finance (DeFi) application. The move reflects a broader trend: ETH Treasury is converting pledged positions into active capital.
Advisers point to technical signs of ETH price trend
Tom DeMark, founder of DeMark Analytics and Bitmine Capital Markets consultant, said that Ethereum is expected to see a strong rise in the coming weeks. He pointed to price movements in August, during which ETH fluctuated sideways but did not fall below support. DeMark pointed out that the expiration of a 12-day technical indicator signals a continuation of the previous upward trend.
"We believe this further supports the continuation of the previous upward trend. We expect that sharp one-day rally at the end of August to be a preview of an upcoming rally,"DeMark said. Lee added that the ETH/BTC ratio had hit its highest point since January 30, which he saw as the beginning of a new upward trend for the currency pair. He also mentioned that since June 30, ETH, Solana (SOL) and BTC are the three best performing macro assets, with ETH outperforming the S & P 500 index by 5,866 basis points in the third quarter as of last Friday.
As of September 14, Ethereum's trading price was above $2,500, up 1.4% in 24 hours, and its market value was US$306.3 billion. Bitmine's shares closed at $25.03 on September 12, rose 3.43% on the day and were basically flat in early trading on Monday.
