Bitmine Immersion Technologies, the largest publicly traded holder of ether, purchased 17,362 ETH last week to expand its digital asset reserve. The acquisition brought the total volume of ether owned by the company to 6,001,302 ETH, accumulated at an average purchase price of $2,698 per coin.
The company's total ether holdings now account for 4.9 percent of the overall supply of the altcoin, which stands at 122.1 million ETH. Ether is the native cryptocurrency of the Ethereum blockchain network and the second-largest digital asset by market capitalization after bitcoin.
As of September 27, Bitmine held a broader portfolio of financial and corporate assets alongside its ether treasury, including 213 bitcoins. The company reported equity stakes in Beast Industries and Eightco Holdings valued at $180 million and $115 million, respectively.
Bitmine also held $672 million in cash and securities, bringing the aggregate value of all company investments to $17.2 billion. That balance includes allocations toward high-risk innovation projects. Bitmine Immersion Technologies is a publicly traded technology firm focused on enterprise digital asset management and cryptocurrency mining infrastructure.
Weekly accumulation and long-term targets
Bitmine chairman Tom Lee stated that six million ether represented a colossal volume accumulated over a period of less than 15 months. He noted that the company has purchased ether every single week since establishing its dedicated cryptocurrency reserve on June 30, 2025.
Lee reiterated Bitmine's corporate target of acquiring 5 percent of the total circulating supply of ether. He explained that he has observed a sustained bullish trend across the broader cryptocurrency market since late June.
Although Lee expressed disappointment that institutional investors were not yet committing as much capital to ether as he would like to see, he said he expects major market participants to increase their crypto allocations during the final months of the year.
Lee emphasized that ether continues to strengthen its relative market standing, outperforming the S&P 500 index by 6,728 basis points. The S&P 500 tracks 500 of the largest publicly traded companies listed on stock exchanges in the United States and serves as a primary benchmark for equity market performance. One basis point represents one hundredth of a percentage point in financial analysis.
Staking operations and market growth drivers
Earlier this year, Bitmine launched a proprietary staking platform named MAVAN, an acronym for the Made in America Validator Network. The firm subsequently transferred a major portion of its corporate digital assets into the staking network.
Staking is a mechanism on proof-of-stake blockchain networks where token holders lock up digital assets to support network security and validate transactions in exchange for recurring yield payments.
As of September 27, Bitmine had deposited 5,067,309 ETH into staking, representing a combined value of $13.7 billion. The company's self-operated staking activities generated a weekly yield equivalent to an annualized rate of 2.62 percent, establishing a projected annual staking income of $358 million.
Lee recently identified two principal factors that he believes are driving growth across the cryptocurrency sector. He cited rapid advancements in artificial intelligence technology alongside the ongoing migration of traditional financial infrastructure onto blockchain ledgers to reduce user transaction fees.
