Bitmine Immersion Technologies has crossed 6 million ETH, the Ethereum treasury company said Monday, after buying 17,362 ETH in the week through Sept. 27. That was its smallest weekly purchase since its Aug. 17 update.

The company held 6,001,302 ETH as of 3 p.m. ET on Sept. 27, which it valued at $2,698 a token using Coinbase prices. Bitmine puts that at 4.9% of ether’s 122.1 million supply, about 104,000 ETH short of the 5% goal it calls the “Alchemy of 5%.”

“Bitmine’s total ETH holdings now exceed 6 million. This is a tremendous achievement, accumulating this total in under 15 months,” Chairman Tom Lee said in the release.

Including cash and outside investments, Bitmine valued its holdings at $17.2 billion. Alongside the ether, it listed 213 bitcoin, stakes of $180 million in Beast Industries and $115 million in Nasdaq-listed Eightco Holdings, and $672 million in cash and marketable securities, down from $714 million a week earlier.

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Buying Slows Near the Goal

Last week’s purchase was down from 27,562 ETH the week before and from 53,501 ETH in the update Bitmine filed on Aug. 31. Its Aug. 17 update had shown 9,926 ETH added.

Lee told the Consensus Miami conference in May that the company would likely ease off as it closed in on 5%, at a time when it was buying more than 100,000 ETH a week. “I do think we’re going to slow down our pace of buying,” he said then. On Monday, he said Bitmine has still bought ether every week since launching its treasury strategy on June 30, 2025.

Lee described the market backdrop as supportive, saying “we continue to see affirming signs that a crypto bull market is underway, having started in late June.” He added that, in his view, institutions remain underweight crypto.

Staking Unchanged

Lee projected $358 million in annualized staking revenue from the ether Bitmine has already staked, based on a seven-day yield of 2.62%. He said staking rewards would reach $424 million a year if all of the company’s ether were staked. The staked amount was 5,067,309 ETH, worth about $13.7 billion and roughly 84% of its holdings, the same count Bitmine has reported in every weekly update since at least mid-August.

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