Bitmine's latest disclosure shows that, following its update on September 14, the company purchased an additional 27,562 ETH, valued at approximately $75 million at current prices. After this acquisition, its Ethereum treasury has increased to approximately 5.979 million ETH, maintaining its position as the largest public holder of ETH on the open market.
Tom Lee, Chairman of the company, also stated that he believes the current crypto bull market began at the end of June and may strengthen further in the fourth quarter of 2026. His assessment is based on factors including previously low institutional allocation to crypto assets, capital rotation into the AI sector, and increased demand related to tokenization and AI.
Position approaching 5% of circulating supply
Bitmine stated that its current holdings of ETH have exceeded 4.9% of Ethereum’s approximately 122.1 million circulating supply, reaching about 98% of its goal to hold 5% of the supply.
Since initiating its ETH treasury strategy in June 2025, the company has been accumulating ETH almost weekly. By the end of August, its holdings reached 5,901,112 ETH, with an additional 82,000+ ETH added over the past three weeks.
Over 5.06 million have been staked
As of September 20, Bitmine has staked 5,067,309 ETH, accounting for approximately 85% of its total holdings, equivalent to a value of about $13.8 billion according to the article's metrics. Tom Lee stated that the company’s current staking volume exceeds that of any other entity.
Based on the company’s disclosed 7-day annualized staking yield of 2.62%, the current staking position generates an annualized staking income of approximately $357 million. If all ETH were eventually staked through its Made in America Validator Network (MAVAN) and other partners, the annualized rewards could rise to $421 million.
The company's revenue is heavily dependent on staking services.
Bitmine disclosed that Ethereum staking income amounted to $45.7 million for the three months ended May 31, accounting for the majority of the quarter's total revenue of $46.5 million. As the treasury grows, staking has become the company's primary source of income.
In the public market ETH treasury companies, Bitmine currently remains in first place. The data cited in the article also shows that SharpLink and The Ether Machine hold approximately 888,938 and 496,712 ETH, respectively.
Tom Lee remains bullish on the fourth quarter.
Regarding market trends, Tom Lee believes that ETH has outperformed other macro assets by 6,519 basis points since the third quarter of 2026, which could be a precursor to further strength in the fourth quarter. He also noted that institutions remain underweight in crypto assets overall for 2026, and this gap may narrow over the next three months.
The article also noted that U.S. spot Ethereum ETFs attracted approximately $365 million in inflows in July, surpassing the $205 million in inflows for Bitcoin funds during the same period, seen as another signal of institutional demand.
Additional information: With a treasury nearing 5.98 million ETH, Bitmine has become the second-largest crypto treasury company by value of core digital asset holdings in the public market.