Tom Lee’s Bitmine is once again in the news as it added 27,562 additional Ethereum [$ETH] to its treasury in the past week ending on the 21st of September.
At approximately $2,688 per $ETH, that purchase represents roughly $74 million in $ETH.
Separately, the firm also made a transfer of 12,500 $ETH from Kraken, worth about $34.6 million at the stated price, as part of the company’s broader accumulation activity.
Bitmine’s impressive $ETH stash update
With this, Bitmine’s total $ETH holdings have reached 5,983,940 $ETH, valued at about $16.43 billion, representing approximately 4.9% of Ethereum’s total available supply of 122.1 million $ETH.
As updated many times, BitMine has set a goal of the “Alchemy of 5%,” which means it is now very close to that target.
That said, besides buying and holding, BitMine is also putting a large portion of its $ETH to work through staking. As of the 20th of September, BitMine had staked 5,067,309 $ETH, worth roughly $13.6 billion at an $ETH price of $2,688.
That represents about 85% of the company’s total $ETH holdings.
BitMine said its own staking operations generated a 7-day yield of 2.62% on an annualized basis. Based on its current staking position, the company’s annualized staking revenues are now projected at approximately $357 million.
In fact, it also estimates that if all of its $ETH were eventually fully staked through its MAVAN platform and staking partners, the annualized staking rewards could reach approximately $421 million, assuming the same 2.62% yield.
How is $ETH acting as a catalyst?
Here, Bitmine’s Tom Lee has also given enough credit to the price of $ETH behind this achievement.
According to the chart shared by BitMine, $ETH had gained approximately 65.2% since the 30th of June, compared with 52.2% for Solana and 36.3% for Bitcoin over the same period.
At the same time, Ethereum had also outperformed the S&P 500 by 6,519 basis points during the quarter to date.
Remarking on which, Lee added,
To us, this massive outperformance of $ETH in 3Q26 is viewed as a prelude to a potentially stronger up move in the 4th quarter of 2026.
Lee is particularly optimistic about Ethereum’s performance in the Q4, as he argues that $ETH’s strong Q3 performance could precede another move higher in Q4.
BMNR stock rides the boat
At the same time, BitMine’s stock-market activity is also booming, as it was trading at $28.25 at press time, up by 8.84% in a single trading session. This has also pushed BMNR stock to rank 100th among 5,704 U.S.-listed stocks.
This comes as the company recently replaced its 10-year staking agreement with Ethereum Tower with a new deal with American Validator, reducing the revenue-sharing fee to 1.50% of staking rewards.
Final Summary
- Bitmine’s $ETH stack has reached 5,983,940 $ETH, representing approximately 4.9% of Ethereum’s total available supply.
- Lee’s optimistic Q4 outlook for $ETH has ignited fresh hopes that Bitmine would soon touch its initiative of Alchemy of 5%.
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