Bitmine adds 27,562 ETH, Ethereum treasury climbs to nearly 6 million

Bitmine has expanded its Ethereum reserves again, buying 27,562 ETH worth about $75 million at current prices, according to CoinMarketCap. The purchase lifts the company's ETH treasury to roughly 5.979 million ETH, keeping Bitmine the largest publicly listed ETH holder in the open market. The company said its holdings now exceed 4.9% of Ethereum's estimated 122.1 million circulating supply, putting it at about 98% of its stated goal to own 5% of supply. Since launching its ETH treasury strategy in June 2025, Bitmine has accumulated ETH on an almost weekly cadence. By the end of August, it held 5,901,112 ETH and has added more than 82,000 ETH over the past three weeks. As of Sept. 20, Bitmine had staked 5,067,309 ETH, about 85% of total holdings, valued at roughly $13.8 billion using the article's metrics. Chairman Tom Lee said the firm's staking balance is larger than any other entity's. Using Bitmine's disclosed 7-day annualized staking yield of 2.62%, the current staked position implies about $357 million in annualized staking income. If the full ETH balance is ultimately staked through its Made in America Validator Network (MAVAN) and other partners, annualized rewards could rise to about $421 million. Staking has become the core of Bitmine's business model. For the three months ended May 31, the company reported $45.7 million of Ethereum staking income, representing the vast majority of total quarterly revenue of $46.5 million. Among publicly traded ETH treasury companies, Bitmine remains the largest holder. Data cited in the report shows SharpLink holds about 888,938 ETH and The Ether Machine about 496,712 ETH. Lee reiterated a constructive outlook for the market, saying he believes the current crypto bull market began in late June and could intensify in the fourth quarter of 2026. He pointed to previously low institutional allocations to crypto assets, capital rotation toward the AI sector, and rising demand tied to tokenization and AI. On price performance, Lee said ETH has outperformed other macro assets by 6,519 basis points since the third quarter of 2026, which he views as a potential lead-in to further strength in the fourth quarter. He added that institutions remain underweight crypto overall in 2026 and expects that gap may narrow over the next three months. The report also highlighted institutional flow data: U.S. spot Ethereum ETFs drew roughly $365 million of inflows in July, exceeding the $205 million taken in by Bitcoin funds over the same period. With its treasury nearing 5.98 million ETH, Bitmine is also described as the second-largest crypto treasury company by value of core digital asset holdings in the public market.