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 represents 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.” At the latest ETH price, it would need to purchase about $239 million worth of assets, though the actual shortfall will vary with Ethereum’s 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, representing approximately 84.2% of its total ETH holdings. The company said that, based on the current 2.63% 7-day annualized staking yield, this equates to estimated annualized revenue of about $363 million. If it eventually stakes all of its ETH, annualized revenue could theoretically rise to around $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 conditions change. Actual income is also affected by operating costs, custody fees, validator downtime, and slashing risks. BitMine also warned in an 8-K exhibit that actual staking income could differ materially from projections.
ETH outperformed the S&P 500 in Q3, but is still 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 Q3, far exceeding the performance of 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%. ETH gained more than 70% over the same period, so Lee’s estimate of the gap is broadly reasonable. BitMine’s filings also show that ETH was still down approximately 10% in the first nine months of 2026, having rebounded sharply in Q3 from its low in the first half of the year. Therefore, the claim that ETH “far outperformed other macro assets” is best understood as a comparison of relative performance over a single quarter, rather than a conclusion about long-term, risk-adjusted returns.
The market value of BitMine’s ETH holdings now exceeds its stock market capitalization
As of 3 p.m. Taipei time on October 6, ETH was trading at around $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 6 million ETH holdings were worth approximately $16.23 billion.
Although the book value of its ETH holdings exceeds BitMine’s market capitalization, that alone is not enough to conclude that the stock is undervalued. Investors still need to account for the company’s debt, preferred stock, potential dilution from future share issuance, the valuation of other investments, taxes, custody, and staking risks. BMNR is essentially a publicly traded company with operating activities and a financing structure—not an exchange-traded fund whose shares can be redeemed for ETH on a 1:1 basis. BitMine has concentrated more than $16 billion in ETH on its corporate balance sheet and is seeking to turn its crypto treasury from passive holdings into an income-generating corporate asset through staking. The trade-off is that the company’s value will become even more closely tied to ETH prices, financing, and staking risks.
This article is reprinted with permission from: (BlockTempo)
Original headline: (BitMine’s Ethereum holdings approach 5% of the entire network! Buys another 15,100 ETH, as Tom Lee says it outperformed the S&P 500 by over 68 percentage points in Q3)
Original author: Xun
The article “Ethereum Holdings Approach 5% of the Entire Network! BitMine Buys Another 15,100 ETH, Tom Lee: ETH Outperformed the S&P 500 in Q3” was first published by “Crypto City.”