BitMine Buys 28,086 More Ether, Lifting Holdings to 5.93 Million

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

A Sept. 8 PR Newswire release showed BitMine’s crypto, cash, marketable securities and strategic investment assets totaled $15.7 billion. Those 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 Eitco Holdings.

At an Ether price of $2,495, the company’s ETH holdings are worth about $14.8 billion. BitMine said it has reached 97% of its goal of accumulating 5% of total ETH supply and has bought Ether every week since launching its Ethereum treasury strategy on June 30 last year.

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

Tom Lee, BitMine’s chairman, said four of the 21 best-performing Russell 1000 stocks since June 30 were crypto-related shares. That reflects Ethereum’s status as the best-performing macro asset so far in the third quarter.

BitMine common stock has risen 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 given the contribution from crypto-related stocks.

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

Lee said a vote on the Clarity Act scheduled for mid-September, a resumption of crypto buying by South Korean investors, a shift of capital out of AI stocks and the possibility that the market has passed the low point of its four-year cycle could serve as positive catalysts for the crypto market through the end of 2026. With tailwinds from tokenization and agentic artificial intelligence, institutional participation in crypto buying stands to increase, he added.

Lee also reiterated his view that the ETH/BTC ratio will rise. It has historically climbed during crypto bull markets when Ethereum’s utility expands relative to Bitcoin. In this cycle, Wall Street’s blockchain-based tokenization efforts and the use of blockchain in agentic AI are set to drive the ratio higher, he said.

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

BitMine is currently the world’s largest Ethereum treasury company and remains the second-largest corporate holder pursuing a crypto strategic reserve strategy, behind Strategy.