Ethereum’s biggest listed whale keeps making a splash! In its latest filing, blockchain infrastructure company Bitmine (NYSE: BMNR) said it bought another 27,562 ETH last week, setting a stunning record of 68 consecutive weeks of additional purchases. Its total asset size is now as high as US$17.1 billion, with nearly 6 million ETH held. Not only is it just one step away from its goal of controlling 5% of the network’s supply, but its massive staking position also brings annualized returns of more than US$350 million. Chairman Tom Lee even made a bolder prediction that institutional capital will flood in heavily in Q4. (Background: Bitmine snapped up another 27,000 ETH last week! Total assets of US$15.8 billion—its Ethereum holdings are nearing the “global 5%” target.) (Additional context: Bitmine bought another 28,086 ETH! Added for 66 straight weeks, pushing toward the “global 5%” target.) As the cryptocurrency market gradually warms up, institutional “mega-whales” are also accelerating their deployment pace. Bitmine Immersion Technologies (NYSE: BMNR)—the world’s largest ETH treasury holder and a blockchain infrastructure company—released its latest business report on September 21 (U.S. Eastern Time), demonstrating absolute confidence in the Ethereum ecosystem. According to the announcement, Bitmine once again made a big purchase of 27,562 ETH over the past week. Since launching its ETH treasury strategy on June 30, 2025, the company has increased its holdings for 68 consecutive weeks, calling itself one of the most consistent ETH-buyers in the public market. Total assets of US$17.1 billion—nearing the “monopolize 5%” target Bitmine disclosed that as of September 20, the company’s total assets—covering crypto assets, cash, and marketable securities—had reached US$17.1 billion. Most striking is its ETH holdings of 5,983,940 coins. At Coinbase’s quoted price of US$2,688 per ETH, the value is extremely staggering. This massive position is roughly 4.9% of the current total ETH supply (122.1 million). It has already achieved 98% of the company’s “Alchemy of 5%” goal (holding 5% of all ETH on the network). Remarkably, it took only about 15 months to accomplish the feat. In addition, its reserves also include 212 bitcoins (BTC), US$714 million in cash and marketable securities, and large equity stakes in Beast Industries and Eightco Holdings (a publicly traded company considered among the few that can indirectly expose OpenAI). A “printing press” for staking—annualized returns could reach US$421 million Beyond simply holding, Bitmine is actively generating cash flow through staking. The company has currently staked 5,067,309 ETH (about 85% of total holdings, worth roughly US$13.6 billion). Official estimates put its current annualized staking income at as much as US$357 million. If all remaining ETH were staked, using a 7-day annualized yield of 2.62%, the annualized rewards would rise to US$421 million. The company also said its MAVAN validator network—built specifically to serve its own ETH treasury—has now been expanded for use by institutional investors, custodians, and ecosystem partners. Bitmine currently claims to be the world’s second-largest crypto treasury, behind Strategy Inc (MSTR), which holds around 845,000 BTC. Its backers include well-known institutions such as Cathie Wood’s ARK, Founders Fund, Pantera, DCG, and others. Chairman Tom Lee: Q4 institutions will sharply increase their bets Chairman and a well-known Wall Street analyst Tom Lee offered a highly positive assessment of the market outlook. He believes the crypto bull market actually kicked off as early as the end of June. Key drivers include capital rotating from the AI cycle back into crypto, strengthening fundamentals tied to tokenization and AI, and the end of a four-year cycle. Lee emphasized that as of Q3 2026, ETH has been the best-performing macro asset, delivering roughly 6,519 basis points of outperformance versus the S&P 500 index. He predicts this may only be the beginning: institutional investors that have underweighted crypto in the first three quarters while chasing AI stocks are very likely to show a clear wave of increased allocation in Q4. It is also reported that Tom Lee will deliver a keynote speech on September 30 at Korea Blockchain Week in Seoul, further sharing his market perspective. Related coverage “ETH staking has turned from retail fun into an institutional main business! 98% of Bitmine’s revenue comes from on-chain earnings.” Bitmine again scooped up 9,926 ETH, pushing total holdings to 5.815 million ETH! Tom Lee: AI and tokenization will ignite Ethereum demand. Bitmine rips up 9,946 ETH, controlling 4.8% of global supply! Tom Lee: From a technical perspective, Ethereum is seeing $2,500. BitMine increases its position by 7,391 ETH again—total holdings jump to 5.8 million! “Lying back and making money” from staking each year—US$250 million. “Bitmine again bought 27,562 ETH! Buying frenzy continues for 68 straight weeks.” This article was first published on BlockTempo (動區BlockTempo / BlockTempo—one of the most influential blockchain news media).