Bitmine Immersion Technologies has added about $73 million to $74 million worth of Ethereum to its large crypto treasury. The purchase is part of the company’s long-term plan to build one of the world’s biggest corporate holdings of ETH.
The latest move comes as more public companies seek direct exposure to digital assets. Bitmine has made Ethereum the main part of its treasury plan, rather than Bitcoin. Its strategy has made the company the largest corporate holder of Ethereum and the second-largest corporate crypto treasury overall, behind Strategy.
The new purchase also shows that Bitmine remains confident in Ethereum despite price pressure across the wider crypto market. The company has continued to add ETH even as the value of its existing holdings has faced large changes.
A Large Ethereum Treasury
Bitmine has built a huge Ethereum reserve in a relatively short period.
As of September 7, the company reported 5,929,198 ETH in its treasury. The coins had a value of about $14.8 billion based on an ETH reference price of $2,495.
That amount represents about 4.9% of Ethereum’s total supply of 122 million ETH.
Bitmine has set a clear target. It wants to own 5% of all Ethereum. The company calls this goal the “Alchemy of 5%”.
The latest figures put Bitmine about 97% of the way toward that target. The company needs only a relatively small additional amount of ETH to reach its stated goal.
The scale of the plan is important because 5% of Ethereum’s supply is a very large share for one public company to control. It also shows how strongly Bitmine believes in Ethereum’s long-term value.
The Latest Purchase Adds to a Buying Streak
The new purchase is not an isolated move.
Bitmine has added Ethereum on a regular basis since it launched its Ethereum treasury strategy on June 30, 2025. The company has continued to buy ETH even when market conditions have changed.
Earlier, Bitmine bought 53,501 ETH in one week. The company later added another 28,086 ETH, a purchase worth about $70 million based on its reported reference price.
The latest purchase of about $73 million to $74 million shows that the company still has a strong appetite for Ethereum.
This steady approach is different from the way many investors trade crypto. Instead of trying to predict short-term price changes, Bitmine has built its strategy around long-term ownership.
The company appears to view Ethereum as a major part of the future financial system, especially as blockchain technology gains more use in areas such as tokenized assets and digital payments.
Why Ethereum Matters to Bitmine
Bitmine’s decision to focus on Ethereum is based on its belief that the network can support more than simple crypto transactions.
Ethereum is a major blockchain network used for smart contracts and decentralized applications. It also supports stablecoins, tokenized assets and many other digital financial products.
Tom Lee, Bitmine’s chairman, has repeatedly said that the company expects Ethereum to benefit from wider use of blockchain technology.
He has also pointed to the ETH/BTC ratio as an important measure. This ratio compares the price of Ethereum with Bitcoin. A rise in the ratio means Ethereum has gained value relative to Bitcoin.
Bitmine has said that the ETH/BTC ratio moved above a long-term downtrend. Lee sees this as a possible sign that investors are starting to pay more attention to Ethereum’s use in tokenization and other blockchain applications.
Bitmine Is Also Staking ETH
Bitmine does not simply hold all of its Ethereum without use.
A large part of its ETH is staked. As of the company’s September 8 report, it had 5,067,309 ETH staked. That amount represented about 85% of its total Ethereum holdings.
Staking allows ETH holders to help support the Ethereum network. In return, they can receive rewards in ETH.
For Bitmine, staking creates another possible source of income from its large crypto reserve.
The company has projected about $330 million in annual staking revenue based on its staked ETH holdings.
This is an important part of the treasury strategy. Bitmine is not only betting on a rise in the value of Ethereum. It also seeks income from the ETH it already owns.
However, staking does not remove market risk. If the price of Ethereum falls sharply, the dollar value of the company’s holdings can decline even when the amount of ETH stays the same.
Bitmine’s Total Assets Are Much Larger
Ethereum makes up most of Bitmine’s digital asset treasury, but it is not the company’s only investment.
As of September 7, Bitmine reported total crypto, cash, marketable securities and other investments worth about $15.7 billion.
The company held 211 Bitcoin in addition to its Ethereum reserve.
Bitmine also had a $180 million stake in Beast Industries and a $91 million stake in Eightco Holdings.
Its cash and marketable securities stood at about $593 million.
These figures show that Bitmine has built a broader asset base around its Ethereum strategy. Still, ETH remains the central part of the company’s investment plan.
Bitmine Wants 5% of Ethereum
The 5% target is one of the most important parts of Bitmine’s strategy.
Based on a total Ethereum supply of about 122 million ETH, a 5% share would equal roughly 6.1 million ETH.
Bitmine held 5.929 million ETH as of September 7. That means the company was relatively close to its target.
The gap between its current holdings and the 5% goal is roughly 171,000 ETH.
If Bitmine keeps its purchase pace at a similar level, it could move much closer to the target within the next few weeks. However, the exact timing depends on future purchases, ETH prices and changes in the total Ethereum supply.
The company has not said that it will stop buying once it reaches 5%. The target is mainly a major milestone in its current treasury plan.
Why Institutions Are Watching Ethereum
Bitmine’s strategy comes at a time when large investors are paying more attention to Ethereum.
The crypto market has moved beyond the early stage when Bitcoin was the main digital asset of interest for most large investors.
Ethereum now has a major role in stablecoins, tokenized assets and decentralized finance. It also has a large developer community and a broad network of applications.
This has helped create a stronger case for Ethereum as an institutional asset.
Bitmine believes this trend could continue as traditional financial companies place more assets on blockchain networks.
The company has also pointed to new US crypto rules and regulatory changes as possible support for wider institutional use.
Bitmine Versus Strategy
Bitmine’s strategy has created a clear comparison with Strategy, the company formerly known as MicroStrategy.
Strategy is the world’s largest corporate Bitcoin holder. Its main treasury strategy is based on buying and holding BTC.
Bitmine has chosen Ethereum instead.
This creates two different approaches to corporate crypto ownership.
Strategy views Bitcoin as a long-term store of value and has built a large BTC reserve. Bitmine sees Ethereum as both a digital asset and the base layer for a wider blockchain economy.
Both companies use the public markets to give investors indirect exposure to crypto. Their share prices can therefore become linked to the value of their digital asset holdings, although many other factors also affect their stocks.
Risks Still Remain
Bitmine’s large Ethereum reserve also creates major risks.
The biggest risk is price volatility. Crypto prices can move sharply in a short period. A fall in ETH would reduce the dollar value of Bitmine’s treasury.
The company also faces the risk that Ethereum adoption may not grow as fast as expected.
Staking brings its own technical and market risks. Regulations can also change, especially as governments create new rules for crypto assets.
There is another issue. Holding almost 5% of Ethereum’s supply gives Bitmine a very large exposure to one asset. A more diversified treasury could reduce some risk, but Bitmine has chosen a concentrated approach.
What This Means for Ethereum
Bitmine’s latest purchase is important because it shows that some companies are willing to make a major long-term bet on Ethereum.
The company is not buying a small amount of ETH as a side investment. It is building a treasury worth billions of dollars.
Its 5.929 million ETH reserve, worth about $14.8 billion at the company’s September 7 reference price, shows the size of that commitment.
The latest $73 million to $74 million purchase adds to an already large position and takes Bitmine closer to its 5% goal.
For Ethereum, continued purchases from large public companies could provide another source of demand. It also gives traditional investors a new way to gain exposure to ETH through the shares of a publicly traded company.
Bitmine’s strategy will not guarantee higher Ethereum prices. Crypto remains a volatile market, and large purchases can also create risks for the buyer.
Still, the company’s actions send a clear message. Bitmine believes Ethereum has a major role to play in the future of finance.
With nearly 5% of the network’s total supply already in its treasury, the company is now close to one of the boldest crypto ownership goals held by a public company. The next major milestone will be whether Bitmine can reach its 5% Ethereum target and what it chooses to do after it gets there.
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