A treasury strategy, in the simplest terms, is a decision to hold a specific asset the way most corporations hold cash, treating it as the company's primary store of value on the balance sheet. Bitmine Immersion Technologies has run one built entirely around Ethereum ($ETH) since June 2025, and last week it added 28,086 tokens at a cost the company put at roughly $70 million, based on a reference price of $2,495 per token. Bitmine did not disclose its actual acquisition price.
The purchase brings total holdings to 5.93 million ETH, which the company values at approximately $14.8 billion as of September 7. Combined with 211 bitcoin, $593 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $91 million stake in Eightco Holdings, Bitmine puts its overall portfolio at $15.7 billion.
The 5% target
Bitmine launched its Ethereum strategy with a declared goal of owning 5% of the cryptocurrency's total circulating supply. Its 5.93 million tokens represent 4.9% of that supply, putting the company at 97% of its stated target. That figure slipped from 98% in the prior week's announcement despite additional purchases. The prior week's buy was 53,501 ETH, a larger transaction than the 28,086 tokens acquired last week.
Tom Lee, Bitmine's chairman, said in a statement that no other public company has matched Bitmine's record of buying Ethereum every single week since the strategy launched on June 30, 2025. He also said Ethereum was the top-performing major asset in the third quarter through last Friday, outpacing the S&P 500 by 54.3 percentage points over that stretch. (Disclosure: Lee is an investor in Dastan, the parent company of Decrypt, which reported the company's weekly figures.)
Staking revenue and what else Bitmine holds
Beyond accumulation, Bitmine has put roughly 5.1 million of its tokens to work through staking, a process where holders lock up cryptocurrency to help validate transactions on a blockchain network and receive a share of transaction fees in return. That accounts for about 85% of its total ETH. Lee said annualized staking revenues are now projected at $330 million, though that is a forecast, not a reported result.
Bitmine's buying continues as peers adjust. Strategy, Michael Saylor's firm and the largest corporate Bitcoin holder, bought no Bitcoin in the week through September 7 after a $370 million purchase the prior week, instead spending $176.3 million repurchasing preferred stock. Strive, a Nasdaq-listed asset manager, announced a $143 million Bitcoin purchase on August 31. SharpLink, an Ethereum-focused treasury company, said it plans to stake $200 million in ETH through the platform Lido to earn staking rewards.
Whether Bitmine keeps buying once it crosses 5% remains open. Lee said in May that the company would slow its pace to avoid reaching the target too early.