Bitmine, the Ethereum (ETH) treasury company chaired by Tom Lee, holds 6,001,302 ETH worth approximately $16.1 billion, after purchasing another 17,362 tokens since its Sept. 21 update, the firm said Monday.

The acquisition, valued at roughly $46.7 million at current prices, brings Bitmine (NYSE: BMNR) to 98% of its publicly stated "Alchemy of 5%" target — the accumulation of 5% of all ETH in circulation within 15 months of launching the company's treasury strategy. Bitmine's holdings now exceed 4.9% of Ethereum's circulating supply of approximately 122.1 million tokens.

In a statement, Lee framed the milestone in operational terms. "Bitmine's total ETH holdings now exceed 6 million," he said. "This is a tremendous achievement, accumulating this total in under 15 months. We are already seeing the synergies and positive network effects from our accumulating nearly 5% of ETH total supply."

What does the latest disclosure include?

The company's full balance sheet, released Monday, totals $17.2 billion across crypto, cash, marketable securities and other investments. Beyond ETH, Bitmine reports:

• 213 BTC, valued at $17.8 million
• A $115 million equity stake in Eightco Holdings
• A $180 million stake in Beast Industries
• $672 million in cash and marketable securities

Bitmine did not disclose the average purchase price for last week's ETH acquisition.

How does the staking program scale?

Bitmine has staked 5,067,309 ETH — roughly $13.6 billion — making it the largest single staker of ETH worldwide, according to the company. Lee said that at full deployment through validator partner MAVAN and other staking operators, projected annualized staking revenue would reach $424 million.

Current annualized staking revenues stand at $358 million, with the company's own operations generating a 2.62% seven-day yield. The 5.1 million staked tokens represent 84% of Bitmine's total holdings, leaving roughly 934,000 ETH unstaked.

Where does Bitmine sit in the corporate crypto rankings?

Bitmine remains the largest Ethereum treasury holder by a wide margin. Per SER data, the next two public ETH accumulators are:

• Sharplink, chaired by Ethereum co-founder Joe Lubin: approximately 888,938 ETH
• The Ether Machine: approximately 496,712 ETH

Across all digital-asset treasuries, Bitmine ranks second globally behind Michael Saylor's Strategy, which disclosed 847,666 BTC ($70.6 billion) on Monday — equivalent to more than 4% of bitcoin's fixed 21 million supply cap. Strategy acquired additional BTC in the same weekly reporting window.

What is Lee's market read?

Lee attached a macro outlook to the operational update, asserting that institutions remain underweight crypto. "In our view, institutions are still underweight crypto, and we expect them to be adding to their exposure in the final months of 2026," he said.

He also claimed a crypto bull market "started in late June," adding that Ethereum had outperformed other macro assets by 6,728 basis points quarter-to-date through the third quarter. Bitmine's stated 5% supply target — roughly 6.1 million ETH at current circulation — now sits about 100,000 tokens from completion, ahead of the firm's next scheduled treasury update.