BitMine Nears 5% Ethereum Supply Target After Crossing 6 Million ETH

The latest acquisition brings BitMine’s total treasury to 6,001,302 ETH, a milestone achieved in under 15 months of consistent weekly buying. As of September 27, the company valued this position at approximately $16.2 billion, based on a reference price of $2,698 per token. This accumulation strategy, directed by Chairman Tom Lee, has now spanned 69 consecutive weeks, reinforcing the firm's commitment to its "Alchemy of 5%" initiative.

Beyond the raw accumulation, BitMine maintains a significant portion of its holdings in active circulation through staking. The company reported 5,067,309 staked ETH—roughly 84% of its total balance—managed largely through its proprietary Made in America Validator Network (MAVAN). While management projects potential annualized rewards of up to $424 million from these operations, they caution that actual returns remain subject to network conditions and validator performance.

With a broader portfolio valued at $17.2 billion, including cash, marketable securities, and holdings in firms like Beast Industries and Eightco Holdings, BitMine continues to diversify its corporate balance sheet. The company remains approximately 103,698 ETH short of its 5% target, a gap it seeks to close as it continues its weekly purchasing cadence heading into the final quarter of the year.