BitMine acquires 27,562 Ethereum for $75M, pushing total holdings to nearly 5% of circulating supply

BitMine Immersion Technologies just dropped another $75 million on Ethereum, purchasing 27,562 ETH in the week ending September 20, 2026. The NYSE-listed company (ticker: BMNR) now holds a total of 5,983,940 ETH.

That’s approximately 4.9% of Ethereum’s entire circulating supply of 122.1 million tokens. Valued at roughly $16.1 billion, BitMine’s Ethereum position makes it the largest corporate holder of ETH in the market.

The MicroStrategy playbook, but for Ethereum

BitMine launched its Ethereum treasury strategy on June 30, 2025, and has been executing weekly purchases ever since, primarily utilizing over-the-counter channels such as Kraken and FalconX.

Chairman Thomas “Tom” Lee noted that the company is now 98% of the way toward its stated goal of owning 5% of all circulating ETH.

The purchase price works out to roughly $2,727 per ETH. BitMine’s total asset base, including Bitcoin holdings and cash reserves, now stands at $17.1 billion.

What separates BitMine’s approach from a simple buy-and-hold strategy is the staking component. Approximately 85% of its Ethereum holdings, around 5 million ETH, are actively staked on the network. That generates a projected annual revenue of approximately $357 million at current yield rates.

Institutional appetite and the Q4 thesis

Lee has been vocal about what he sees as a structural underweight in institutional crypto exposure. Even after Ethereum posted notable gains in Q3 2026, he argues that most large portfolios still haven’t meaningfully allocated to digital assets. His forecast calls for a surge in institutional investment during the closing months of 2026, as regulatory frameworks in the US continue to take shape.