Bitmine Immersion Technologies said its Ethereum holdings surpassed 6 million tokens as of Sept. 27, with total crypto, cash, marketable securities and other investments reaching $17.2 billion. The company disclosed the update in a Sept. 28 Securities and Exchange Commission filing, saying it held 6,001,302 ETH at a reference price of $2,698 per token.
The holdings represented about 4.9% of the 122.1 million ETH supply cited by Bitmine. The company also reported 213 Bitcoin, $672 million of cash and marketable securities, a $180 million stake in Beast Industries and a $115 million investment in Eightco Holdings. Bitmine said it acquired 17,362 ETH during the week leading up to Sept. 27, continuing a treasury strategy launched in June 2025.
A large portion of the Ethereum holdings is already being used for staking. Bitmine said 5,067,309 ETH was staked as of Sept. 27, representing about 84% of its total ETH holdings and a stated value of $13.7 billion at the company’s reference price. The company said its own staking operations generated a 2.62% annualized yield based on the preceding seven-day period and that annualized staking revenue was currently projected at about $358 million.
Bitmine also described a longer-term goal of acquiring 5% of the total ETH supply, which it calls its “Alchemy of 5%” strategy. The company said its holdings had reached 98% of that target. The 5% objective and projections for future staking revenue are management targets rather than completed financial results, and the value of Bitmine’s digital-asset portfolio remains sensitive to cryptocurrency prices.
The latest update marks another increase from Bitmine’s Sept. 21 report, when the company said it held 5,983,940 ETH and total crypto, cash and marketable securities and other holdings of $17.1 billion. At that point, Bitmine said 5,067,309 ETH was already staked. The additional purchases during the latest week pushed the company’s reported ETH balance above the 6 million-token threshold.
Bitmine has increasingly positioned itself as a public-company Ethereum treasury and staking business rather than solely as a cryptocurrency mining operation. Its corporate activities include institutional digital-asset staking and validation services, bitcoin mining and strategic digital-asset management, with the company also developing its MAVAN staking and validation platform.
The scale of the portfolio also creates substantial exposure to movements in digital-asset prices. Bitmine’s SEC filing cautioned that the reported values rely on third-party pricing sources, including Coinbase for the Sept. 27 ETH valuation, and that those values can change materially after the stated measurement time. The company also identified risks related to Ethereum protocol changes, staking operations, cybersecurity, custodians and exchanges, regulatory developments and the concentration of its assets in digital currencies.
Bitmine’s most recent quarterly filing, covering the period ended May 31, showed the rapid expansion of its digital-asset holdings during 2026. At that date, the company reported $10.87 billion of digital assets, $340.3 million of cash and cash equivalents and additional equity investments, compared with $8.28 billion of digital assets at Aug. 31, 2025.
The company has also reported substantial accounting volatility as its digital-asset holdings have expanded. For the nine months ended May 31, Bitmine recorded a net loss of about $9.11 billion, largely reflecting a $9.04 billion unrealized loss adjustment on digital assets during the period. That result illustrates why reported earnings can differ sharply from the economic value of the company’s crypto treasury as asset prices move.
The Sept. 27 holdings update therefore represents a balance-sheet and treasury milestone rather than a completed revenue or earnings result. Bitmine said its 6 million ETH position makes it the largest Ethereum treasury among public or other entities, while its plans for additional acquisitions and staking remain subject to market conditions, financing capacity and the risks associated with digital assets.
