[REVISION HISTORY]

BitMine nears 5% ETH supply target via staking and buybacks

Updated 12 times since CLSTR started tracking revisions of this situation.

What changed

2026-09-12 23:25 UTC → 2026-09-15 06:31 UTC · added ~~removed~~

Since April 2026, BitMine Immersion Technologies has transitioned to an Ethereum-focused treasury model, targeting a 5% circulating supply holding. By early September 2026, the company reported expanding its treasury to 5,929,198 ETH following a confirmed purchase of 28,086 tokens valued at approximately $70.1 million. This acquisition ~~brings~~ brought its total holdings to roughly 4.9% of the estimated 122 million circulating supply, marking the completion of 97% of its ‘Alchemy of 5%’ target. On September 14, 2026, BitMine further expanded its treasury to approximately 5.96 million ETH after purchasing an additional 27,180 tokens. This latest accumulation places the company at 98% of its 5% supply goal. The total treasury—comprising cryptocurrency, cash, and marketable securities—is now valued at approximately $15.8 billion. Through its MAVAN (Made-in-America Validator Network) initiative, BitMine has increased its staking operations, with ~~approximately 5.06~~ over 5 million ETH (approximately 85% of its holdings) currently staked. Chairman Tom Lee projects ~~annual~~ annualized staking revenue of approximately ~~$330~~ $334 million. ~~The company’s total treasury—comprising cryptocurrency, cash, and marketable securities—is valued at approximately $15.7 billion. While the~~ In addition to its Ethereum ~~position is a primary driver,~~ position, the company ~~continues to manage significant unrealized losses from market fluctuations and~~ maintains 212 Bitcoin, $549 million in cash and marketable securities, and strategic equity stakes in Beast Industries and Eightco Holdings. On September 11, 2026, BitMine (BMNR) shares rose approximately 8% after Cantor Fitzgerald doubled its price target for the company from $30.60 to $63.60, maintaining an ‘Outperform’ or ‘Overweight’ rating. Analysts Lee also noted that the ~~company’s transition from a liquid-immersion cooling provider to an Ethereum treasury builder~~ Ethereum/Bitcoin price ratio has ~~made~~ reached its ~~stock a leveraged proxy for the digital asset’s price movements.~~ highest level since January 2026.

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