BitMine Buys 28,086 More Ether, Lifting Holdings Past 5.92 Million

BitMine, the world’s largest corporate holder of Ether, bought 28,086 ETH over the past week, raising its total holdings to 5,929,198 ETH. That amounts to 4.9% of Ether’s total circulating supply of 122 million tokens.

PR Newswire reported on Sept. 8 that BitMine’s digital assets, cash, marketable securities and strategic investment assets totaled $15.7 billion. The holdings include 5.93 million ETH, 211 Bitcoin, $593 million in cash and marketable securities, a $180 million stake in Beast Industries and a $91 million stake in Aethir Holdings.

At an Ether price of $2,495, BitMine’s ETH holdings are valued at about $14.8 billion. The company said it has reached 97% of its goal of accumulating 5% of all circulating ETH. It has bought Ether every week since launching its Ethereum treasury strategy on June 30 last year.

BitMine has staked 5,067,309 ETH, worth about $12.6 billion at $2,495 per token. That represents 85% of its total holdings. As of Sept. 7, the annualized yield was 2.61%, implying about $330 million in annual staking income. If all of its ETH were staked, annual rewards would total about $386 million, according to the company.

Chairman Tom Lee said four of the 21 best-performing Russell 1000 stocks since June 30 have been crypto-related names. He said that reflects Ethereum’s position as the best-performing macro asset so far in the third quarter.

BitMine common stock has gained 99% this quarter, making it the fourth-best performer in the Russell 1000, Lee said. Fund managers benchmarked to the Russell 1000 should review whether they have sufficient exposure to crypto-related stocks given their contribution to index performance, he added.

With the final month of the third quarter underway, Ethereum remains the best-performing macro asset on a quarterly basis, Lee said. As of last Friday, it had outperformed the S&P 500 by 5,430 basis points. Since June 30, the three best-performing assets have been ETH, BTC and SOL.

Lee said a vote on the Clarity Act scheduled for mid-September, renewed crypto buying by South Korean investors, rotation out of AI stocks and the possibility that the market has passed the low of its four-year cycle could act as positive catalysts for the crypto market through the end of 2026. He added that tailwinds from tokenization and agentic AI could drive greater institutional participation in crypto buying.

Lee also reiterated his view that the ETH/BTC ratio will keep rising. The ratio has historically climbed during crypto bull markets when Ethereum’s utility expands faster than Bitcoin’s. In this cycle, he said Wall Street’s push into blockchain-based tokenization and the use of blockchain in agentic AI will drive the ETH/BTC ratio higher.

BitMine was also cited as one of the most actively traded stocks in the US market. Fundstrat data showed the stock recorded a five-day average daily trading value of $1.1 billion, ranking 81st among 5,704 US-listed companies.

BitMine is currently the world’s largest Ethereum treasury company. It also remains the second-largest corporate crypto reserve company globally, behind Strategy.