BitMine’s Latest ETH Buy Pushes the 5% Goal Away

BitMine Immersion Technologies added 28,086 ETH last week, taking its Ethereum treasury to 5,929,198 tokens, or 4.9% of a 122 million supply. The buy is worth about $70 million at the $2,495 Coinbase mark the company used at 2:00 p.m. ET on September 7, 2026.

The same update cut BitMine’s own progress score from 98% of a 5% target to 97%, because the firm switched the supply figure it uses from 120.7 million to 122.0 million. Most of the stack is already staked, and that staked count did not move.

BitMine Bought 28,086 ETH and Lost Ground on 5%

Chairman Tom Lee, the Fundstrat co-founder who chairs the NYSE-listed firm, said in the September 8 holdings statement that BitMine has bought ETH every week since the treasury strategy began on June 30, 2025. Combined crypto, cash, marketable securities and what the company calls “moonshots” totaled $15.7 billion. Ethereum alone marked at $14.79 billion.

A week earlier the same company sat on an earlier 5.90 million ETH position and still described itself as 4.9% of supply, using 120.7 million as the base and 98% of the way to 5%. The new base of 122.0 million puts 5% at 6,100,000 ETH. Against 5,929,198 ETH, that leaves 170,802 tokens, or about $426 million at the same $2,495 print.

The company still labels the holding 4.9% of supply. The share ticks down on the larger denominator, 4.86% unrounded, which is why the self-graded “Alchemy of 5%” score slipped even after another week of buying. Lee’s group has used that 5% phrase as the mission since the June 2025 launch.

THE TREASURY IN FOUR FIGURES

• ETH held: 5,929,198 tokens marked at $2,495 on Coinbase, about $14.79 billion.
• Share of supply: 4.9% of 122.0 million ETH, 97% of the firm’s 5% target.
• ETH still needed: 170,802 tokens, about $426 million at the same mark.
• Cash on hand: $593 million, up from $541 million on August 30.

Cash rose $52 million in the same week the buy print shrank. At $2,495, the $593 million cash line buys more than the 170,802 ETH shortfall and still leaves about $167 million. BitMine did not spend it that way.

The Staked Balance Has Not Budged Since August 9

Of the 5,929,198 ETH, 5,067,309 is staked, worth $12.6 billion at the same mark. That is 85% of the pile, with 861,889 tokens still unstaked. Lee said BitMine “has staked more ETH than other entities in the world.”

The staked figure is the same print the company logged on August 9, August 16, August 23, August 30 and September 7. Five weekly readings, one number. New coins are landing in the treasury and sitting outside the validator set.

BitMine launched MAVAN, its Made in America Validator Network, earlier in 2026, first for its own coins and then for outside institutions, custodians and partners. A 7-day annualized yield of 2.61% on the current stake implies $330 million of staking revenue. If the full 5,929,198 ETH ran at that same 2.61%, the company projects $386 million.

Those are run-rate figures on a week of yield, not a year of booked results. They are also the operating story underneath the treasury headline: the coins are meant to earn, and for five weeks the earning base has been frozen while the headline count still climbs.

HOW THE 5% CLOCK HAS RUN

1. June 30, 2025: BitMine starts the ETH treasury strategy, with a public goal of 5% of supply.
2. June 26, 2026: The common stock joins the Russell 1000 large-cap index.
3. August 9, 2026: Staked ETH reaches 5,067,309 and then holds there for five weekly updates.
4. August 31, 2026: Holdings of 5,901,112 ETH are called 4.9% of 120.7 million, and 98% of the 5% goal.
5. September 8, 2026: Holdings of 5,929,198 ETH are called 4.9% of 122.0 million, and 97% of the 5% goal.

Lee still talks about unmatched weekly buying. The validator book tells a slower story, and it is the book that produces the $330 million figure he now leads with.

Weekly Buys Have Stepped Off the Winter Pace

The 28,086 ETH add is not a halt. It is a downshift. The week ended August 31 brought 53,501 ETH. The week ended June 8, 2026 brought 126,971. The week ended December 8, 2025 brought 138,452, the largest print on the tape BitMine published with this update.

BITMINE WEEKLY ETH BUYS

Lee put the streak in the release without the winter peaks attached. “Over the past week, we acquired 28,086 ETH. Bitmine’s track record of consistent buying of crypto is unmatched by any public company in the world,” he said.

Bitmine has bought ETH each and every week since the inception of the ETH Treasury Strategy on June 30, 2025.

Tom Lee, Chairman, Bitmine Immersion Technologies, September 8 statement

The streak is real. The size is not what it was when the company was filling the book at 100,000-plus ETH a week. July and early August already showed single-week prints under 11,000. Last week’s 28,086 sits in the middle of that slower band, not back at the December or June highs.

What 5% of Ethereum’s Supply Would Mean

Five percent of 122.0 million is 6,100,000 ETH. No other listed Ethereum treasury is in that zip code. listed Ethereum treasury rankings put SharpLink, the next name in the pack, at 868,699 ETH, roughly a seventh of BitMine’s stack. BitMine also casts itself as the second-largest corporate crypto treasury of any kind, behind Strategy, which it said holds 840,447 BTC worth about $66 billion.

A 5% holder that stakes most of the coins is not a passive balance-sheet line. It is a validator with a public equity wrapper. MAVAN was built to take that job in-house and then sell the same rails to other institutions. The 85% already locked is the part of the 5% goal that already sits in consensus, not in a liquid treasury wallet.

WHAT SITS IN THE $15.7 BILLION STACK

• Ethereum: 5,929,198 ETH at $2,495, of which 5,067,309 is staked.
• Bitcoin: 211 BTC, a rounding error next to the ETH book.
• Beast Industries: a $180 million stake in MrBeast’s company.
• Eightco Holdings: a $91 million stake in the Nasdaq-listed name (ORBS), which BitMine says gives indirect public-market exposure to OpenAI.
• Cash and securities: $593 million, enough at the current mark to finish the 5% print and keep a surplus.

Backers named in the release include ARK’s Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital, MOZAYYX and Lee himself. The Series A preferred, BMNP, carries a 9.50% coupon and trades on the NYSE beside the common.

CorpStacking, a corporate-treasury tracker that itemizes the disclosed buys, puts BitMine’s average purchase price of $2,971 against the $2,495 mark in this release. That is a $476 gap per token, or about $2.82 billion across 5,929,198 ETH. The company does not print a cost basis in the September 8 note, so the tracker average is the independent figure on offer, not a figure from BitMine’s own table.

A 99% Quarter That Trades Like the Coins

Lee’s equity pitch in the same note is that crypto names are carrying the Russell 1000 this quarter. He said four of the top 21 stocks in the index since June 30 are crypto-related, and that BitMine common is the fourth-best, up 99% against a 3% gain for the benchmark. Fundstrat, the shop he co-founded, put five-day average dollar volume at $1.10 billion as of September 4, 2026, 81st among 5,704 U.S.-listed stocks, between Intuit and TJX.

The 99% quarter is the cleanest number in the equity story. It is also a number that arrived while the firm was marking ETH at $2,495, below the tracker average, and while the stock’s job in this model is to stay close enough to the coin stack that new equity can still buy more ETH. The company does not disclose a premium or discount to net asset value in the September 8 release.

Lee used the Russell tape to tell benchmarked managers they are light crypto. “In our view, fund managers benchmarked to the Russell 1000 need to consider whether they have sufficient exposure to crypto given this group’s outsized contribution to Russell 1000 gains this quarter,” he said. He also said ETH was the best-performing macro asset in the third quarter through the prior Friday, beating the S&P 500 by 5,430 basis points, with bitcoin and solana next since June 30.

Lee Is Counting on a Vote the Senate Has Not Calendared

The holdings thread went out on BitMine’s account the same morning as the release, restating the $15.7 billion stack, the 5,929,198 ETH, the 211 BTC, the $180 million Beast line, the $91 million Eightco line and the $593 million cash.

https://x.com/BitMNR/status/2097322402325663994

Lee listed four reasons he expects institutions to keep buying into year-end: a CLARITY Act vote he said is scheduled in mid-September, Korean investors rotating out of AI stocks into crypto, a four-year cycle he sees bottoming in the next few weeks, and tokenization plus agentic AI. The House passed the CLARITY Act 294-134 on July 17, 2025. Senate Banking advanced it 15-9 on May 14, 2026. No floor vote was taken before the August recess, so the mid-September date is Lee’s calendar, not a posted Senate vote.

Tom DeMark, founder of DeMark Analytics and a capital markets advisor to BitMine, supplied the chart pitch that sat next to Lee’s policy list.

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. We expect last week’s sharp one-day rally was a likely preview of the pending advance.

Tom DeMark, founder, DeMark Analytics, Bitmine September 8 statement

Lee’s July chairman’s message was titled “ETH is the cure for the Uncanny Valley of Wealth.” The September note keeps that tone and adds GENIUS Act and SEC Project Crypto language, which management compared to the 1971 end of Bretton Woods. Those are views. The dated facts are the 28,086 ETH, the 5,929,198 total, the 5,067,309 staked, the $593 million cash and the 122.0 million supply base.

The $593 million cash line still covers the 170,802 ETH shortfall at $2,495 and leaves about $167 million. BitMine used last week to add 28,086 tokens, lift cash, and move the 5% post farther away by counting a larger Ethereum supply. The next weekly tape will show whether the buy print stays in that lower band, and whether the staked 5,067,309 finally moves with it.

Disclaimer: This article is news reporting and analysis of a public company’s treasury update, and it is for information only. It is not investment advice, a solicitation, or a recommendation to buy or sell BitMine common or preferred shares, Ethereum, bitcoin, or any other security or token, and it is not a forecast of future prices or yields. Readers should consult a licensed financial adviser, and where needed a securities attorney, before making any investment decision. Holdings, marks, yields, rankings and legislative calendars are taken from the dated company statement and public records cited above and can change.