BitMine adds 27,562 ETH and hits 98% of Alchemy of 5% goal
By Satoshi’s Wire
September 22, 2026
BitMine Immersion Technologies said it added another 27,562 ETH in the week ending September 20, lifting its corporate ether stack to 5,983,940 ETH—about 4.9% of a 122.1 million circulating supply and 98% of the way to its self-described “Alchemy of 5%” target. At the company’s $2,688 Coinbase reference price, that ETH position alone was valued near $16.1 billion, with total crypto, cash, securities, and “moonshot” holdings reported at $17.1 billion.
The weekly purchase continues an uninterrupted ether-accumulation campaign BitMine says has run every week since it launched the treasury strategy on June 30, 2025. Chair Tom Lee has framed the company as the world’s largest corporate ETH holder, well ahead of other public Ethereum treasury peers cited in secondary coverage, and second overall among public crypto treasuries behind Strategy’s bitcoin pile. BitMine’s own update also listed 212 BTC, $714 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $105 million stake in Eightco Holdings among the non-ETH holdings.
Staking is now the other half of the story. BitMine reported 5,067,309 ETH staked—roughly 85% of its ether treasury—and valued that staked book at about $13.6 billion at the same $2,688 reference. Using a 2.62% seven-day annualized yield, the company projected about $357 million in annualized staking revenue at the current stake level, rising to about $421 million if the entire ETH treasury were staked through MAVAN and partner validators. Those yield figures are BitMine’s projections, not guaranteed cash flows.
For NFT and on-chain desks, a single public company approaching one-twentieth of ETH supply is a settlement-asset story as much as a treasury headline. Ether still clears most major NFT marketplace bids, and a balance sheet that large can amplify ETH volatility into collector wallets even when the company is not buying blue-chip NFTs itself. BitMine did not disclose an average acquisition price for the latest 27,562 ETH lot, only the week-end mark-to-market.
The finish line also moved. In June, BitMine measured the 5% goal against a 120.7 million ETH supply, putting the target near 6.04 million tokens. This week’s update used 122.1 million, lifting the 5% mark to about 6.1 million ETH. On the newer denominator, BitMine still needs roughly 121,000 ETH to hit Alchemy of 5%. Coverage noting ultrasound.money’s on-chain supply near 122.06 million said the revised denominator tracks independent data rather than shrinking the goal.
Buying pace has slowed as the company nears the milestone. The latest 27,562 ETH week follows much larger June purchases of 76,881 and 52,203 ETH, and averages closer to about 24,000 ETH per week across the thirteen weeks since June 21, when holdings sat at 5,672,956 ETH. At that average cadence, the remaining gap would take on the order of five weeks—BitMine has not published a target date. Higher ETH prices also mean each dollar of outlay now buys fewer tokens than when the company marked ether near $1,733 in June.
Lee used the update to argue a crypto bull market has been underway since late June, citing rotation from artificial-intelligence equities, tokenization and AI themes, and what he views as the end of the traditional four-year cycle. BitMine also said ETH outperformed the S&P 500 by 6,519 basis points quarter-to-date and that Lee expects institutions to increase digital-asset exposure in the final three months of 2026. Those remain management views; the company’s own risk language flags the chance that a fourth-quarter rally does not arrive.
Concentration risk is explicit at this scale. Nearly $16.1 billion tied to a single cryptocurrency means BitMine’s reported asset value and equity valuation can swing hard with ETH prints, even while staking income accrues on most of the stack. For collectors watching ETH as NFT bid currency, the usable facts are the hard balances—5,983,940 ETH held, 5,067,309 staked, 98% of the Alchemy goal—and the company’s claim that accumulation has not paused as it closes on 5% of supply. Primary figures are from BitMine’s September 20–21 holdings disclosure as reported in Form 8-K coverage and company update summaries.
Disclaimer: This article is provided for informational and educational purposes only. It does not constitute financial, investment, legal, or trading advice. The NFT market is highly volatile, and past performance is not indicative of future results. Readers should conduct their own research and consult qualified professionals before making any decisions related to digital assets. The cover image for this article may have been created using artificial intelligence (AI).
