Bitmine Immersion Technologies said it bought 28,086 ETH last week, raising its total Ethereum holdings to 5.93 million ETH as it approaches its stated goal of accumulating 5% of the token’s supply.

The company said the latest purchase was made under its ETH Treasury Strategy, which it said launched on June 30, 2025. Bitmine has been buying Ethereum on a weekly basis since then, according to the disclosure.

Bitmine said the new purchase was worth about $70,000 based on a reference price of $2,495 per ETH. That figure appears inconsistent with the stated token amount, but the company’s update clearly reported the 28,086 ETH purchase and the resulting total holdings of 5.93 million ETH.

According to the company, its Ethereum treasury was valued at about $14.8 billion as of Sept. 7. Bitmine said total asset value stood at $15.7 billion, including 211 bitcoin and $593 million in cash and marketable securities.

Bitmine also said its ETH holdings account for about 4.9% of Ethereum’s total supply, putting it at 97% of its 5% target. The company said it has staked around 5.1 million ETH and projected annualized staking revenue of $330 million. It did not outline firm plans for purchases beyond the 5% threshold, and future buying could slow once that target is reached.

Why It Matters

Bitmine’s treasury strategy is notable because it pushes a large share of ETH into a single corporate balance sheet while also moving much of that position into staking. That combination matters for Ethereum’s market structure, since it affects liquid supply, concentration, and the growing role of balance-sheet strategies in crypto.

The update also highlights how institutional ETH accumulation is being framed less as a passive reserve and more as a yield-bearing treasury model. If that approach gains traction, investors may pay closer attention to how public companies manage staking exposure, liquidity needs, and concentration risk around major digital assets.