Bitmine Expands Ethereum Treasury Toward $15 Billion After Latest Purchase

Bitmine Immersion Technologies acquired 28,086 Ethereum over the past week, raising its total treasury to 5.93 million tokens. As of September 8, 2026, the company's aggregate crypto and cash holdings stood at $15.7 billion, with its Ethereum holdings alone valued at nearly $15 billion based on an ETH price of approximately $2,500.

Shares of BMNR traded at $24.97 on the NYSE, placing the firm's market capitalization at roughly $15.06 billion, closely tracking the value of its underlying digital assets. While the stock has climbed 35.49% over the past month, it remains down 40.8% over the past year. Bitmine operates a treasury model funded through capital markets, making its equity performance tied to Ethereum movements while exposing existing shareholders to potential dilution if share issuances outstrip value creation.

Beyond its crypto holdings, Bitmine operates 4,640 mining machines in Silverton, Texas, producing around $1.2 million quarterly. The company has shifted focus toward Ethereum staking through its Made in America Validator Network (MAVAN), launched on March 25, 2026. Tom Lee estimates that staking the full 5.93 million ETH treasury could generate approximately $374 million in annual rewards, though the piece notes that corporate accumulation does not alone reflect broader market demand.