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%.