BitMine Nears 5% of Ethereum, Weighs Buybacks or Staking

BitMine Immersion Technologies reported holding 6,001,302 ETH as of Sept. 27, leaving a shortfall of 103,698 ETH to reach a 5% share of Ethereum’s supply. Acquiring that remainder at the company’s Sept. 27 reference price would cost about $279.8 million. The company reported $672 million in cash and marketable securities on the same date.

The firm bought 17,362 ETH in the most recent week, a 37% decline from 27,562 ETH the prior week, and has purchased ETH weekly since launching the strategy in June 2025. In July, BitMine repurchased roughly 5.5 million BMNR shares at an average price of $15.6156, spending about $85.9 million, and purchased 7,430 ETH the same week. Chairman Tom Lee noted the reduced ETH buying pace reflected the share repurchase program.

BitMine reported 5,067,309 ETH staked, about 84% of its holdings. Using a seven-day yield of 2.62%, the company projects roughly $358 million in annualized staking rewards on the currently staked balance and about $424 million if it stakes its full ETH reserve. The company also reported expansion of its MAVAN staking platform to serve institutions, custodians and partners.

An industry study of large digital-asset treasury companies found that four of 20 firms traded above one times the value of their crypto holdings, a ratio known as market-adjusted net asset value (mNAV). When shares trade above that level, issuing stock can finance token purchases without the same dilution pressure; as premiums shrink, issuing stock provides less funding capacity for acquisitions.

BitMine has not earmarked funds specifically to complete the 5% target. The company’s remaining options include buying the final ETH tranche, staking additional tokens, or repurchasing BMNR shares. Buying would increase ETH per share, staking more would raise projected recurring staking revenue, and repurchases would reduce share count.

Chairman Tom Lee is scheduled to deliver a keynote titled “Ethereum’s Wall Street Moment” at Korea Blockchain Week on Sept. 30. Investors are watching the event for guidance on whether BitMine will prioritize finishing the 5% stake, expand staking and related services, or increase BMNR repurchases.