The company Bitmine Immersion Technologies is approaching its goal of holding 5% of the circulating supply of Ethereum.

As of September 14, over the past week 27,180 ETH was acquired, and the total position reached 5,956,378 ETH — approximately 4.9% of 122 million coins in circulation.

At a price of $2,513 per coin, the investment value was around $15 billion.

Weekly purchases since June 2025

Board Chairman Tom Lee noted that the company has been adding to its position every week since launching its treasury strategy on June 30, 2025.

In addition to the main asset, the balance sheet includes 212 BTC, stakes in two companies worth $180 million and $98 million, as well as cash and securities worth $549 million. Total assets — $15.8 billion.

Key difference from Bitcoin treasuries

As of September 7, 5,067,309 ETH was in staking — about 85% of the position worth $12.7 billion.

Revenue metrics:

  • annualized yield for seven days — 2.62%;
  • projected annual revenue — $334 million;
  • if the entire position is staked, the figure could reach $392 million.

This represents a structural difference from Bitcoin-accumulating companies: their asset does not generate its own returns, whereas Ethereum operates on a Proof-of-Stake mechanism and provides rewards for participating in network security.

Both forecasts, however, depend on exchange rates and yields at the time of calculation — if either parameter declines, revenue will decrease proportionally.

Competitors follow the same path

Another treasury company, SharpLink, announced in August the placement of $200 million in ETH in staking through Lido with subsequent use of obtained tokens in decentralized finance applications.

The trend is clear: asset holders are converting static balance sheet positions into working capital.

Analyst forecasts

DeMark Analytics founder Tom DeMark, who advises the company, stated that the asset is prepared for sharp upward movement in the coming weeks. He cites August dynamics, when price moved sideways without breaking below support.

Tom Lee added that the ETH/BTC ratio reached a maximum since January 30, calling this the beginning of a new uptrend for the pair.

How to read such assessments

Important context: both commentators are associated with the company holding a $15 billion position in the asset under discussion. Their forecasts are not independent analysis.

This does not mean the assessments are incorrect, but requires adjustment when reading — as with any forecasts from an interested party.

At publication, Ethereum was trading above $2,500 with a market cap of $306.3 billion. The company's stock closed at $25.03.

This material is informational in nature and is not an investment recommendation.