BitMine Immersion Technologies (“BitMine”), the world’s largest corporate Ethereum treasury, announced that it purchased another 15,112 ETH over the past week, bringing its total holdings to 6,016,414 ETH. That is equivalent to approximately 4.9% of Ethereum’s total supply of 122.1 million ETH, leaving the company about 88,586 ETH short of its goal to “own 5% of the network.” Based on the latest ETH price, it would need to purchase approximately $239 million in assets to reach that goal, though the actual shortfall will vary with the ETH supply and market price.

More than 80% of its 6 million ETH has been staked

As of October 4, BitMine had staked 5,067,309 ETH through its in-house MAVAN validator network and partner staking services, equivalent to approximately 84.2% of its total ETH holdings. The company said that, based on the current 2.63% 7-day annualized staking yield, estimated annualized revenue is approximately $363 million. If it were to stake all its ETH in the future, theoretical annualized revenue could rise to approximately $431 million.

However, these are gross income estimates based on short-term yields, not fixed or guaranteed returns. Ethereum staking yields can decline as network participation, transaction fees and protocol rules change. Actual income will also be affected by operating costs, custody fees, validator downtime and slashing risk. BitMine also cautioned in an exhibit to its 8-K filing that actual staking income could differ materially from projections.

ETH outperformed the S&P in the third quarter, but remains down for the year

BitMine Chairman Tom Lee said that ETH outperformed the S&P 500 by 6,832 basis points, or 68.32 percentage points, in the third quarter, far exceeding other macro assets.

Official S&P data shows that the S&P 500’s total return for the three months through the end of September was approximately 2.3%. Over the same period, ETH gained more than 70%, making Lee’s estimate of the gap broadly reasonable. BitMine filings also show that ETH was still down approximately 10% in the first nine months of 2026, having rebounded sharply in the third quarter from its low in the first half of the year. So the claim that it “far outperformed other macro assets” is best understood as a comparison of performance over the third quarter alone, rather than a conclusion about long-term risk-adjusted returns.

The market value of ETH holdings has exceeded BitMine’s market capitalization

As of 3 p.m. Taipei time on October 6, ETH was trading at approximately $2,697.51, down 0.78% over 24 hours. BitMine’s latest share price was $26.79, up 2.06%, giving the company a common stock market capitalization of approximately $14.78 billion. Based on the latest ETH price, its holdings of 6 million ETH are worth approximately $16.23 billion.

Although the book value of its ETH holdings exceeds the market capitalization of BitMine’s common stock, that alone is not enough to conclude that the shares are undervalued. Investors still need to account for the company’s liabilities, preferred stock, potential dilution from future share issuance, the valuation of other investments, taxes, custody and staking risks. BMNR is fundamentally a publicly traded company with operating activities and a financing structure, not an exchange-traded fund that allows ETH to be redeemed on a one-to-one basis. BitMine has concentrated more than $16 billion in ETH on its corporate balance sheet and is seeking to turn its crypto treasury from a passive holding into a revenue-generating corporate asset through staking. The trade-off is that the company’s value will become even more heavily exposed to ETH prices, financing and staking risks.

The article “BitMine’s Ether holdings approach 5% of the total supply! Buys another 15,100 ETH; Tom Lee says ETH beat the S&P by more than 68 percentage points in Q3” was first published on BlockTempo.