Last week, Bit Mining’s immersion technology purchased another 27,180 Ethereum tokens, bringing its holdings close to 6 million ETH and nearing its goal of owning 5% of the cryptocurrency’s supply.
In a Monday announcement, Bit Mining stated that as of Sunday night, it held 5,956,378 ETH worth approximately $14.89 billion, about 4.9% of Ethereum’s total supply.
This purchase was slightly less than last week’s addition of 28,086 ETH, pushing its total holdings up to 5.93 million tokens.
Bit Mining’s board chairman, Tom Lee, reiterated today that since launching its treasury strategy on June 30, 2025, the company has been purchasing Ethereum every week. (Disclosure: Lee is an investor in Dastan, Dastan is Decrypt’s parent company.)
“Heading into the last month of the third calendar quarter of 2026, ETH is the best-performing macro asset this quarter, outperforming the S&P 500 by 5,866 basis points as of last Friday. In fact, the top three best-performing assets since June 30 are ETH, SOL, and BTC,” Lee said in a statement. “We believe this lays the foundation for institutions to increase their cryptocurrency holdings, as crypto’s performance in the third calendar quarter has been significantly better than other macro assets.”
Bit Mining values its total holdings at $15.8 billion, including its Ethereum, 212 Bitcoin, $549 million in cash and securities, and shares in Beasts Industrial and eight holding companies, worth $180 million and $98 million, respectively.
Approximately 85% of the Ethereum—5.07 million ETH—has been staked, with an expected annualized income of $334 million, yielding 2.62%. Lee stated that if all ETH were staked through MAVAN and its partners, income could reach $392 million, though both predictions depend on token prices and yields.
Rival Ethereum treasury company SharpLink announced plans in August to stake $200 million via Lido. It will receive tokens and rewards representing the staked Ethereum, which can be used in decentralized finance applications.
While companies including Bit Mining are engaged in an altcoin buying spree, at the same time Bitcoin treasury giant Strategy did not purchase any Bitcoin during the week ending September 13. According to Monday’s filing, it spent another $139 million to buy back preferred shares.
