- BitMine bought 53,501 ETH in the week to Aug. 30, its 65th consecutive weekly purchase since the Ether treasury strategy began on June 30, 2025.
- Holdings stand at 5,901,112 ETH, which the company puts at 4.9% of the 120.7 million ETH supply, within total crypto, cash and marketable securities of US$15.6 billion.
- Chairman Tom Lee stated ETH’s third-quarter run, which he put at 5,430 basis points ahead of the S&P 500, “sets the stage” for institutions to add to their crypto holdings.
BitMine has bought 53,501 ETH in the week to Aug. 30, its 65th consecutive weekly purchase, lifting the largest corporate Ether treasury to 5,901,112 ETH and 4.9% of the token’s 120.7 million supply.
BitMine disclosed the update on Monday in a release filed with the US Securities and Exchange Commission (SEC), valuing its ETH at US$2,511 (AU$3,515) per coin.
Total holdings came to US$15.6 billion (AU$21.84 billion), spanning the Ether stack, 211 Bitcoin, a US$180 million (AU$252 million) stake in Beast Industries, a US$81 million (AU$113.4 million) position in Eightco Holdings and US$541 million (AU$757.4 million) in cash and marketable securities.
The company describes itself as 98% of the way to what it calls the “Alchemy of 5%”, its target of owning 5% of all ETH, 15 months into the programme.
Read more: Bitcoin Eyes $83K Confirmation as Bernstein Bets on $1M by 2033
Most of the ETH Stack Is Staked
BitMine has 5,067,309 ETH staked, worth US$12.7 billion (AU$17.78 billion) at its reference price, and reported a 2.67% seven-day annualised yield through its Made in America Validator Network.
Annualised staking revenues are projected at US$340 million (AU$476 million), Lee stated, rising to a projected US$396 million (AU$554.4 million) once the full treasury is staked.
As we enter the final month of 3Q26, ETH is the best performing macro asset, outperforming the S&P 500 by 5,430bp through last Friday. We believe this sets the stage for institutions to add to their crypto holdings given the substantial outperformance of crypto versus other macro assets in 3Q so far.
Tom Lee, Bitwise Chairman He pointed to a CLARITY Act vote scheduled for mid-September and renewed crypto buying from Korean investors, and stated the four-year cycle was bottoming “within the next few weeks in our view”.
Slower Pace, Unbroken Streak
In May, with holdings past 5.1 million ETH, Lee signalled BitMine might ease off once it crossed 5.18 million. “I think we’re deciding perhaps we want to accumulate at a somewhat slower pace”, Lee stated.
BitMine was buying about 100,000 ETH a week at the time.
In early February, with Ether under US$2,160 (AU$3,024), BitMine’s unrealised losses stood near US$6 billion (AU$8.4 billion), and Lee defended the drawdown as inherent to a treasury “designed to track Ether over a full market cycle”.
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