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ETH 核心洞察
BitMine 上周购买了 17,362 枚 ETH，使其持仓总量达到 6,001,302 枚 ETH。该公司持有约 4.9% 的以太坊供应量，其合并持有的资产价值约为 172 亿美元。BitMine 已质押 5,067,309 枚 ETH，据报道其七日年化收益率为 2.62%。
BitMine Immersion Technologies 在截至 9 月 27 日的一周内再购入 17,362 枚代币
BitMine Immersion Technologies 在截至 9 月 27 日的一周内再次购入 17,362 枚代币，使其持仓总量达到 6,001,302 枚 ETH。根据周一更新中引用的每枚 ETH 2,698 美元的价格计算，其以太币持仓价值约为 162 亿美元。
这一持仓量约占 BitMine 报告中提到的 1.221 亿枚 ETH 供应量的 4.9%。该公司表示，已达到其拥有 5% 供应量目标的 98%。
BitMine 如何跨越 600 万枚 ETH 国库门槛
与前一週增持 27,562 枚 ETH 相比，BitMine 本周购买的代币数量较少。周一发布的公告并未提供最新购买行为的平均价格。
以 9 月 27 日的参考价格计算，这 17,362 枚 ETH 的价值约为 4,680 万美元。该估算基于市场快照数据应用于代币数量得出，并未揭示公司实际支付的成本。
自 2025 年 6 月 30 日以来，该公司在每周更新的报告中均公布了 ETH 购买行为。最新的增持使其余额突破六百万枚，但其报告的供应量份额仍保持在约 4.9%。达到 5% 的目标取决于未来的购买行为以及当时以太坊的流通供应量。
李（Lee）将这一目标称为“5% 的炼金术”，并表示公司已完成了 98% 的进度。BitMine 尚未公布达成该目标的具体日期。其最新公告仅记录了美国东部时间周日下午 3 点的 ETH 余额。
172 亿美元合并持仓构成解析
172 亿美元的数字包含了除以太坊之外的其他资产。该公司报告持有 213 枚 BTC、6.72 亿美元的现金及有价证券，以及两项股权头寸。它将 Beast Industries 的投资估值为 1.8 亿美元，Eightco 的头寸估值为 1.15 亿美元。这些资产与价值约 162 亿美元的以太币国库并列。
一周前，BitMine 报告的上述类别总价值为 171 亿美元。其以太币数量增加了 17,362 枚，而现金和有价证券从 7.14 亿美元降至 6.72 亿美元。该公司还将其在 Eightco 的报告头寸从 1.05 亿美元上调至 1.15 亿美元。合并数据的变动不仅仅源于新的 ETH 购买。
The latest announcement lists one more bitcoin than the September 21 disclosure, which recorded 212 bitcoins. BitMine uses Ethereum accumulation as its treasury strategy and classifies two equity positions as separate investments. As a result, the $17.2 billion figure reflects the combined value of multiple asset types.
How BitMine calculates the gain on 5 million pledged ETH
BitMine has pledged 5,067,309 ETH, equivalent to approximately 84% of its reported position. At the company's reference price of $2,698, the position is valued at approximately $13.7 billion. Despite another week of purchases, the number of pledged tokens remained consistent with its September 21 update.
Pledge is the assignment of ETH to verifiers to help secure the network and earn protocol rewards. BitMine launched its own MAVAN validator platform for its treasury in 2026 and currently also serves institutional investors, custodians and ecosystem partners. The company said some of its ETH runs through MAVAN, but did not give an exact proportion.
Li pointed out that the seven-day annualized rate of return on BitMine's pledge operation is 2.62%. Using this ratio, he predicted annual pledge income of US$358 million based on the current pledge balance. If full pledge is achieved, it is expected to generate approximately US$424 million in annual revenue under the same annualized rate of return assumption.
Both numbers are predictions based on short-term measurement periods. They will change with changes in yields, ETH prices and pledged amounts.
