Tom Lee's Bitmine reaches 4.9% of ETH target as crypto and cash assets reach $17.1B

Bitmine Immersion Technologies (NYSE: BMNR) has announced that its Ethereum holdings have grown to 5.98 million tokens.

The company’s combined crypto and cash holdings now stand at $17.1 billion, with the Tom Lee-chaired treasury firm just short of controlling 5% of Ether’s supply.

How much Ethereum does Bitmine Immersion Technologies have?

Bitmine Immersion Technologies disclosed in a company release that its Ethereum (ETH) holdings currently sit at 5.98 million tokens. The company also stated that its cash and crypto holdings total $17.1 billion.

A week before the disclosure, on September 14, the firm reported that it had 5,956,378 ETH, after adding 27,180 tokens over the prior seven days, and a $15.8 billion balance sheet. The week before that, Cryptopolitan reported Bitmine picked up 28,086 ETH to reach 5.93 million.

All of Bitmine’s disclosures show that the company’s holdings amount to roughly 4.9% of Ethereum’s 122 million-token supply. The company is close to reaching the threshold Tom Lee, its co-founder and chairman, has nicknamed the “Alchemy of 5%.”

Lee has said the firm has bought Ether every week since it began its treasury strategy on June 30, 2025.

Notably, Ethereum’s value rose by 5.7% over 24 hours to $2,727.39 on Monday morning after the Securities and Exchange Commission issued a September 17 order creating a regulated pathway for tokenized U.S. stocks.

Following that price increase, Bitmine’s stock traded at $27.42, gaining roughly 6%. While its rival SharpLink rose by 5% and Coinbase also gained 6%.

How much is Bitmine making off its ETH holdings?

By September 14, 2026, Bitmine had staked about 85% of its ETH, which is roughly 5.07 million tokens, through its Made in America Validator Network (MAVAN) and a partner.

At a 2.62% yield, the company expects to earn up to $334 million a year from staking. Bitmine could earn up to $392 million if all its ETH were staked.

Cryptopolitan reported that MAVAN was launched in March 2026 as the second stage of Bitmine’s treasury plan. Lee described it at the time as an effort to build “one of the leading staking and on-chain infrastructure platforms globally.”

Cryptopolitan also previously reported on Lee’s argument that Ethereum could outgain Bitcoin over the next few years as tokenization and agentic AI continue to develop. Lee pointed out that there is already more than $12 billion in tokenized U.S. Treasury products settled on the network.

If you're reading this, you’re already ahead. Stay there with our newsletter.