Bitmine has invested US$13.8 billion on ETH, and its treasure has exceeded 6 million tokens

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Bitmine Immersion Technologies 'ethereum treasury exceeded 6.016 million units, approaching the 5% supply target.

Bitmine Immersion Technologies has increased its holdings of 15,112 Ethereum (ETH) units in the past week, increasing its total ethereum treasury to 6,016,414 units. Based on current market value, these positions are worth approximately US$16.4 billion. Currently, the company holds 4.9% of the total Ethereum supply (122.1 million units), just one step away from its target of having 5% of Ethereum supply.

Pledged earnings and strategic execution

Of the Ethereum held by Bitmine, 5,067,309 have been pledged through its MAVAN platform and partners, with a value of approximately US$13.8 billion, accounting for 84% of its total Ethereum positions. Based on current operating assumptions, Bitmine's pledge business is expected to generate annual revenue of US$363 million; if all of its Ethereum positions are pledged, annual revenue is expected to reach US$431 million.

Bitmine Chairman Tom Lee said that since the launch of the Ethereum treasury strategy on June 30, 2025, the company has continued to purchase ETH every week without interruption. The latest increase in holdings follows the acquisition of 17,362 ETH units at the end of September, bringing the company's total holdings to exceed the 6 million mark. Previously, the cryptocurrency news website reported that Bitmine held 6,001,302 ETH at the time and had achieved 98% of its 5% target.

MAVAN（Made in America Validator Network，美国制造验证者网络）于 2026 年初推出，旨在支持公司的以太坊持仓。随后，Bitmine 将该基础设施向机构投资者、托管方及其他生态系统参与者开放。质押业务已成为公司主要的收入来源。截至 5 月 31 日止的三个月内，Bitmine 通过质押和验证业务获得了 4,570 万美元的收入，占其季度总收入 4,650 万美元的 98%。

宏观环境下的表现亮点

Tom Lee 利用最新的持仓更新数据，强调了以太坊在第三季度相对于传统市场的优异表现。他指出，尽管面临油价上涨、全球债券收益率上升、金融条件收紧以及美联储“鹰派”立场等宏观经济逆风，ETH 在第三季度的表现仍比标普 500 指数高出 6,832 个基点。

“考虑到本季度出现的重大宏观逆风，ETH 相对于标普 500 指数的超额表现（6,832bp）值得注意。”Lee 表示。他的评论是在 Bitmine 继续积累以太坊资产的一系列看多声明之后作出的。今年 9 月，在公司购入 27,562 枚 ETH 并将持仓推近 598 万枚后，Lee 曾表示加密货币牛市已经开始。

据悉，Lee 将于本周发布题为《加密牛市正在进行中——本轮周期可能是最大的一轮》的十月董事长致辞。他还将受邀于 10 月 7 日在新加坡 Token2049 大会上发表主题演讲。

Diversified Portfolio and Share Buybacks

Although Ethereum accounts for the majority of Bitmine's balance sheet, the company also holds a number of other assets. As of October 4, Bitmine held 214 bitcoins,$643 million in cash and securities,$180 million in Beast Industries shares, and $117 million in Eightco Holdings positions. Its total valuation of cryptocurrency, cash, securities and other investments is US$17.4 billion. The company described the positions in Beast Industries and Eightco as "high-risk, high-return investments."

Bitmine said its Ethereum position makes it the world's largest ETH treasury and the world's second-largest corporate crypto asset treasury after Strategy.

In addition to purchasing crypto assets, Bitmine is also actively buying back its own shares. Lee revealed that the company bought back 21 million shares of BMNR shares in the first nine months of 2026, including what he called the largest crypto treasury equity repurchase to date. The early repurchase occurred while Bitmine continued to accumulate Ethereum. As of late July, 6.1 million shares had been repurchased while holding 5,787,414 tokens in the company's Ethereum treasury.

Lee pointed out that in the first nine months of 2026, BMNR's share price fell 3%, while ETH fell 10% over the same period. He described this as a reflection of the company's stock's excellent performance compared to Ethereum, with an excess return of 731 basis points. As the size of the treasury expands, BMNR's trading activity remains active. According to Bitmine, citing data from Fundstrat, the average daily U.S. dollar trading volume of its shares for the five trading days ended October 2 was $827 million, ranking 125th among 5,704 U.S. listed stocks.

On Monday, Ethereum traded close to US$2,711, up 0.37% on the day. The cryptocurrency has increased by more than 10% in the past month and by more than 50% in the past three months.