Bitmine (BMNR) Stock: Tom Lee Sees More ETH Upside as Firm Closes In on 5% Supply

TLDR

• Bitmine bought 27,180 ETH last week worth around $68 million, bringing total holdings to 5.96 million ETH.
• The firm now controls 4.9% of Ethereum’s total supply and needs roughly 144,000 more ETH to hit its 5% target.
• Chairman Tom Lee says the ETH-BTC price ratio hit its highest level since January 30, breaking a downtrend in place since 2022.
• Bitmine has staked over 5 million ETH through its MAVAN platform, projecting hundreds of millions in annualized staking revenue.
• Total holdings including cash and other assets now stand at $15.8 billion, with BMNR included in the Russell 1000.

Bitmine added another 27,180 ether last week, valued at roughly $68 million at Monday’s ETH price of just above $2,500.

BitMine Buys 27,180 ETH, Bringing Holdings to 5.96M ETH

BitMine said it acquired 27,180 ETH over the past week, bringing its total holdings to 5.96 million ETH as of September 13. The position represents about 4.9% of Ethereum’s 122 million ETH supply, putting the company 98%… pic.twitter.com/r5oLTgiA9T

— Wu Blockchain (@WuBlockchain) September 14, 2026

The purchase brings Bitmine’s total ETH holdings to 5,956,378 tokens, putting its 5% supply goal within reach.

With Ethereum’s total supply sitting at around 122 million coins, the firm needs approximately 144,000 more ETH to cross the 6.1 million threshold it is targeting.

Bitmine has made ETH purchases every single week since launching its Ethereum treasury strategy in June 2025, and last week’s buying pace matched the week before.

Bitmine Immersion Technologies, Inc., BMNR

The company’s combined crypto, cash, marketable securities, and “moonshot” investments now total $15.8 billion, according to a September 14 update.

That figure is anchored by its 5.96 million ETH position, valued at $2,513 per coin as of September 13, along with 212 BTC, stakes in Beast Industries and Eightco, and $549 million in cash and marketable securities.

ETH-BTC Ratio Breaks Multi-Year Downtrend

Tom Lee, Bitmine’s chairman and founder of Fundstrat, pointed to a few bullish signals for ETH heading into the final months of 2026.

He noted that the ETH-BTC price ratio climbed to its highest point since January 30 and broke above a downtrend that had been in place since 2022.

“The price ratio of ETH to BTC moved to the highest level since Jan 30th of this year and established a new uptrend,” Lee said.

He linked the move to Ethereum’s growing role as settlement infrastructure for Wall Street tokenization and its potential use in managing agentic AI systems.

Staking Revenue in Focus

Bitmine has staked more than 5.07 million ETH through its MAVAN platform, which it operates as an institutional-grade staking and validation service.

The company is projecting hundreds of millions of dollars in annualized staking revenue from that position.

Bitmine also holds index status in the Russell 1000, which it cites as part of its growing institutional profile.

Lee flagged two additional near-term catalysts: a Senate vote on U.S. crypto market-structure legislation known as the Clarity Act, expected Tuesday, and renewed crypto buying activity from Korean investors.

The most recent analyst rating on BMNR is a Buy, with a price target of $63.60.

BMNR stock is down 0.64% as of Monday’s session, trading at $25.04.

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