Bitmine Crosses 6 Million ETH Threshold After Adding 17,362 Tokens Worth $47 Million

Bitmine, the Ethereum treasury firm led by Tom Lee, surpassed 6 million ether in holdings after purchasing 17,362 ETH last week for approximately $47 million, bringing its total to 6,001,302 ETH as of September 27. The position represents 4.9% of Ethereum's circulating supply, putting the company within reach of its stated 5% supply target. Total assets across crypto, cash, and other securities stand at $17.2 billion.

Bitmine has staked 84% of its ETH holdings, a position Lee projects will generate around $358 million annually in staking rewards. Once the full treasury is staked, that figure is expected to rise to $424 million per year. The weekly purchase volume was notably slower than prior weeks, though the company continues to accumulate toward its supply target.