Key Highlights
- Last week, Bitmine acquired 27,180 ETH for approximately $68 million, expanding its total Ethereum position to 5.96 million tokens.
- The company currently holds 4.9% of Ethereum’s circulating supply and requires about 144,000 additional ETH to achieve its 5% objective.
- According to Chairman Tom Lee, the ETH-BTC price ratio reached its strongest point since late January, signaling a reversal of the downtrend that began in 2022.
- More than 5 million ETH has been staked by Bitmine via its MAVAN infrastructure, generating projected annualized staking income in the hundreds of millions.
- The firm’s aggregate holdings, encompassing digital assets, cash, and other investments, have reached $15.8 billion, with BMNR now part of the Russell 1000 index.
Last week, Bitmine expanded its Ethereum reserves by acquiring 27,180 additional tokens, representing approximately $68 million based on Monday’s ETH valuation of slightly over $2,500.
This latest acquisition elevates Bitmine’s cumulative ETH position to 5,956,378 coins, bringing the company significantly closer to its ambitious 5% supply benchmark.
Given that Ethereum’s circulating supply currently stands at approximately 122 million tokens, Bitmine would need to secure roughly 144,000 more ETH to surpass the 6.1 million coin threshold established as its target.
Since initiating its Ethereum treasury strategy in June 2025, Bitmine has consistently acquired ETH on a weekly basis, with last week’s acquisition volume mirroring the previous week’s pace.
Bitmine Immersion Technologies, Inc., BMNR
As of a September 14 disclosure, the company’s total portfolioāspanning cryptocurrency holdings, liquid assets, marketable securities, and speculative “moonshot” positionsāhas reached $15.8 billion.
The portfolio’s value is predominantly driven by its 5.96 million ETH stake, calculated at $2,513 per token as of September 13, supplemented by 212 BTC, equity positions in Beast Industries and Eightco, plus $549 million held in cash and marketable securities.
Ethereum-Bitcoin Ratio Emerges from Extended Decline
Tom Lee, who serves as Bitmine’s chairman while also founding Fundstrat, identified several positive indicators for Ethereum’s trajectory through the remainder of 2026.
Lee observed that the ETH-BTC price ratio advanced to its strongest level since January 30 and successfully broke through a declining trend line that had persisted since 2022.
“The price ratio of ETH to BTC moved to the highest level since Jan 30th of this year and established a new uptrend,” Lee said.
Lee attributed this shift to Ethereum’s expanding function as foundational infrastructure for Wall Street’s tokenization initiatives and its emerging applications in managing autonomous AI agent systems.
Staking Operations Drive Revenue Projections
Through its MAVAN infrastructure, which functions as an enterprise-grade validation and staking service, Bitmine has staked over 5.07 million ETH.
Management anticipates this staking position will generate annualized revenue reaching into the hundreds of millions of dollars.
The company’s inclusion in the Russell 1000 index represents another element of its expanding institutional credibility, according to Bitmine.
Lee identified two imminent potential catalysts: a Tuesday Senate vote on U.S. crypto regulatory framework legislation referred to as the Clarity Act, and resurgent cryptocurrency purchasing activity among South Korean retail investors.
The latest analyst assessment for BMNR carries a Buy rating, accompanied by a $63.60 price objective.
As of Monday’s trading session, BMNR stock declined 0.64%, settling at $25.04.
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