BitMine Immersion Technologies has achieved a major milestone in its Ethereum treasury strategy, raising its ETH holdings to 6 million, following another weekly buy. The company bought 17,362 ETH last week, bringing its total to 6,001,302 ETH, or about $16.2 billion at its reference price from September 27. Currently holding 4.9% of Ethereum's 122.1 million token supply, BitMine is just 2% short of its 5% target.

BitMine Adds Another 17,362 ETH

Since starting its Ethereum treasury strategy on June 30, 2025, BitMine has maintained a buying pattern, which has continued with the most recent acquisition. Since the plan started, the company has bought ETH every week, according to Chairman Tom Lee, and the most recent transaction increased its balance above six million.

The 17,362 tokens added over the week were valued at almost $46.8 million at the company's reference price of $2,698 per ETH. The $46.7 million figure represents the worth of those tokens at the stated ETH price rather than a disclosed transaction cost because BitMine's most recent figures do not specify the actual average price paid for the purchase.

In less than 15 months, the six million ETH milestone was reached. According to its most recent disclosure, BitMine has $17.2 billion in total investments in crypto, cash, marketable securities, and other assets.

4.9% of Ethereum Supply & 98% Toward 5%

About 4.9% of the 122.1 million ETH supply mentioned in BitMine's filing is represented by the 6,001,302 ETH. The company states that it is currently 98% of the way toward its goal, which it refers to as the Alchemy of 5%.

The Treasury is already close to the 5% mark that it has been working toward since 2025. BitMine would need to keep adding ETH when the circulating supply shifts in order to meet the goal.

Lee noted that the company is already seeing what he considers to be beneficial network effects from acquiring almost 5% of Ethereum's supply, and he called reaching six million ETH a noteworthy accomplishment.

The $17.2 billion treasury is not limited to Ethereum. BitMine reported 213 BTC, $180 million in Beast Industries, $115 million in Eightco Holdings, and $672 million in cash and marketable securities as of September 27.

84% of BitMine’s ETH Is Already Staked

The bulk of BitMine's ETH is not just kept in its treasury. According to its most recent report, it has already bet 5,067,309 ETH, or around 84% of its six million token holdings.

Using the company's reference price of $2,698, the staked ETH was estimated to be worth $13.7 billion. As of right now, BitMine estimates that the position will generate roughly $358 million in annualised staking revenue.

Additionally, according to the company's statement, its own staking operations generated an annualised yield of 2.62% for the seven days. According to Lee, the estimated annualised staking return could reach over $424 million at full scale, after all of BitMine's ETH is staked through MAVAN and its staking partners.

BitMine introduced MAVAN, or the Made in America Validator Network, as a platform for institutional-grade staking. BitMine says that although MAVAN was first developed to support the company's own treasury, it has now grown to include institutional investors, custodians, and ecosystem partners.

Tom Lee Keeps His $6,000 ETH View

Additionally, the expanding ETH treasury coincides with Lee's unwavering confidence in Ethereum. He previously said that if Bitcoin hits $150,000 and the ETH to BTC ratio increases to 0.04, ETH may reach $6,000 by the end of 2026.

Given Ethereum's greater relative performance potential, Lee has characterised that scenario as conservative. Additionally, he contends in his most recent BitMine statement that institutional investors are still underweight in cryptocurrency and may raise their exposure in the latter part of 2026.

This view coincides with BitMine's increasingly focused Ethereum strategy. The business has kept up its weekly purchases, surpassed six million ETH, and is now extremely close to controlling 5% of the supply it is aiming for.

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