Bitmine Scoops Up 28,086 ETH, Closing In on Its Target of Owning 5% of Ethereum’s Supply

Bitmine Immersion Technologies (BMNR) has purchased another 28,086 ETH over the past week, pushing its total holdings to 4.9% of the entire Ethereum supply. Bitmine’s aggressive ETH buying has seen the company's stock surge by 99% in Q3 2026, with the firm’s holdings growing to $15.7 billion.

Bitmine inches closer to its ‘Alchemy of 5’ with fresh ETH purchase

According to company disclosures, Bitmine has announced its acquisition of 28,068 ETH during the past week. While Bitmine does not disclose the exact execution prices for its purchases, given ETH’s prices last week, pundits opine that the company splurged around $70 million for the haul.

The latest purchase brings Bitmine’s total Ethereum holdings to 5,929,198 ETH, valued at around $14.8 billion at $2,495 per token. Bitmine’s near-6 million ETH represents 4.9% of Ethereum’s circulating supply, bringing the company closer to a key milestone.

Previously, Bitmine revealed its target of holding 5% of Ethereum’s circulating supply on its balance sheet, launching an aggressive buying spree. Bitmine is only 0.1 percentage points away from the 5% threshold it has pursued since launching its Ethereum treasury strategy in June 2025.

Bitmine says it has purchased ETH every single week since then without exception. During the week ending August 31, Bitmine acquired 52,501 ETH, continuing a year-long buying streak for the company.

“Bitmine’s track record of consistent buying of crypto is unmatched by any public company in the world,” said company chairman Tom Lee. “Bitmine has bought ETH each and every week since the inception of the ETH Treasury Strategy on June 30.”

BMNR stock soars amid glowing company financials 

While Bitmine’s BMNR stock has been trading sideways since the purchase announcement, a bird's-eye view paints a bullish picture for investors. BMNR, Bitmine’s common stock, has risen 99% since the start of Q3 2026, which is the fourth-best performer in the Russell 1000, a benchmark it joined in June 2026.

Several reasons account for BMNR’s strong Q3 performance. For starters, the company has a strong balance sheet, underscored by its massive ETH stash, 211 BTC, and a “moonshot” investment in Beast Industries and a $91 million stake in Eightco Holdings.

Bitmine has also staked 5,067,309 ETH, valued at $12.6 billion, with annualized staking rewards of $330-386 million based on a recent 7-day yield of 2.61%.

Furthermore, Lee pointed to Ethereum’s run as the best-performing major asset of the third quarter, citing a 5,430 basis-point outperformance versus the S&P 500. The company holds a bullish outlook for ETH, with its advisors leaning on technical indicators to point to a near-term upward move in ETH price.