Ethereum treasury company Bitmine has pushed its ETH holdings to 5,983,940 tokens, worth approximately $16.3 billion, after buying another 27,562 ETH since its Sept. 14 update. The latest addition is valued at roughly $75 million at current prices, although the firm did not disclose an average purchase price. Bitmine said total crypto, cash, marketable securities and other investments now stand at $17.1 billion.
Chairman Tom Lee used the weekly update to declare that a crypto bull market is underway. He said the uptrend began in late June and is being driven by capital rotating from artificial intelligence stocks back into crypto, improving fundamentals around tokenization and AI, and the end of the four-year cycle. "We believe a crypto bull market is underway... Quarter to date, ETH is outperforming by 6,519bp, dwarfing other macro assets," Lee said.
Lee said he expects institutions, which he described as underweight crypto in 2026 due to strong early-year AI stock performance, to "substantially increase their exposure" in the final three months of 2026. He added that Ethereum's third-quarter outperformance could be a prelude to a stronger fourth-quarter move.
As of Sept. 20, Bitmine also held 212 BTC worth $18.1 million, a $105 million stake in Eightco Holdings, a $180 million stake in Beast Industries, and $714 million in cash and marketable securities. Its ETH position equals more than 4.9% of Ethereum's current circulating supply of about 122.1 million ETH, placing Bitmine 98% of the way toward its "Alchemy of 5%" supply target after 15 months of its ETH treasury strategy.
Bitmine's staked Ethereum reached 5,067,309 ETH, or about $13.8 billion, representing roughly 85% of its total ETH. Lee said the company has staked more ETH than any other entity in the world. Annualized staking rewards are projected at $357 million, and could rise to $421 million if the full position is staked through the MAVAN validator network and other partners. The company generated a seven-day annualized staking yield of 2.62%.
Bitmine remains the largest public Ethereum treasury holder, ahead of SharpLink and The Ether Machine, which hold approximately 888,938 ETH and 496,712 ETH respectively. It is the second-largest public crypto treasury company overall, behind Strategy, whose latest purchase increased its Bitcoin holdings to 846,000 BTC, worth about $71.9 billion and more than 4% of Bitcoin's 21 million supply cap.
