Bitmine Adds 28,086 ETH as Ethereum Treasury Hits $14.8B

Bitmine Builds One of Public Markets’ Biggest Ethereum Positions

Bitmine is still buying ethereum, and its latest numbers show just how aggressive that strategy has become.

Bitmine added another 28,086 ETH last week, holding onto its weekly ether acquisition model since launching its treasury strategy on June 30, 2025. As of Sept. 7, the company held 5,929,198 ETH worth about $14.79 billion at ethereum’s price of $2,495. That represents roughly 4.9% of ethereum’s estimated 122 million supply.

The company also holds 211 bitcoin and about $593 million in cash and marketable securities. Total crypto, cash, securities and other investments now stand near $15.7 billion.

Bitmine Has Staked 85% of Its ETH

The treasury strategy is not simply about holding ether.

Bitmine has staked 5,067,309 ETH, about 85% of its total holdings. At current levels, that position is generating annualized staking revenue of roughly $330 million.

Chairman Tom Lee said Bitmine’s scale makes its accumulation record unusual among public companies, with Lee expecting multiple positive catalysts for ethereum in the final months of 2026.

If Bitmine eventually stakes its full ethereum position through its MAVAN platform and staking partners, Lee estimates annualized rewards could reach about $386 million, based on a 2.61% yield.

Tom DeMark Sees Ethereum Upside Reasserting Itself

Technical analyst Tom DeMark, founder of Demark Analytics and a Bitmine capital markets adviser, sees the recent ethereum price consolidation as constructive.

“In August, ETH moved sideways without a downside break, and the 12-day metric expired, which implies a renewal of the upside move. We believe this further supports the continuation of the prior uptrend,” DeMark said, adding that last week’s sharp one-day rally was a preview of another potential run for ethereum.

Lee also pointed to ethereum’s relative strength. He said ETH has been the best-performing major macro asset so far in the third quarter, outperforming the S&P 500 by 5,430 basis points through last Friday.

The top three performers since June 30, he added, have been ETH, bitcoin and solana.

Institutions May Be the Next Leg of the Trade

Lee believes the final months of 2026 could bring heavier institutional crypto buying, helped by regulatory progress, tokenization and agentic AI. He also expects the ETH/BTC ratio to rise if ethereum becomes the preferred settlement layer for tokenized Wall Street assets and AI-driven blockchain activity.

That matters for Bitmine shareholders because the company has built one of the most concentrated public-market exposures to ethereum. If ethereum’s price breaks higher, Bitmine’s treasury could amplify the upside. If ETH weakens, the same concentration works in reverse.

Either way, with nearly 6 million ETH on the books, Bitmine is no longer just participating in the ethereum trade. It is one of the trade’s defining institutions.