BitMine Immersion Technologies (NYSE: BMNR) disclosed on Sept. 28 that it holds 6,001,302 ETH, leaving the Ethereum treasury company 103,698 tokens short of its stated goal of owning 5% of Ethereum's supply, according to the company's latest supply estimate and its published holdings update.

Buying the remainder at BitMine's Sept. 27 reference price of $2,698 per ETH would cost approximately $279.8 million. The company reported $672 million in cash and marketable securities as of the same date, meaning the estimated purchase would consume roughly 42% of that pool. On paper, completing the target is affordable. ETH's price and circulating supply can move, and BitMine has not formally earmarked the cash for that purpose.

The arithmetic frames a capital allocation decision that grows more consequential as the threshold approaches: keep accumulating ETH, preserve liquidity, repurchase BMNR shares, or build income from the tokens it already holds.

Slowing accumulation

BitMine acquired 17,362 ETH in the latest week, about 37% fewer than the 27,562 ETH it reported for the prior week. The company says it has bought ETH every week since launching the treasury strategy in June 2025.

The deceleration has precedent. In July, BitMine repurchased approximately 5.5 million BMNR shares at an average price of $15.6156 — roughly $85.9 million in total — while buying just 7,430 ETH that week, according to an SEC filing exhibit. Chairman Tom Lee said the reduced ETH pace reflected the buyback. Management has demonstrably weighed its own stock against additional tokens, though the July decision does not predetermine the next one.

The mNAV constraint

Stock valuation, not cash, is the binding constraint. A Sept. 24 study by DWF Labs found that only four of the 20 largest digital asset treasury companies by assets under management in its sample traded above one times the value of their crypto holdings — the ratio known as mNAV. Issuing equity at a premium lets a treasury company finance token purchases with limited dilution pressure. As those premiums fade, DWF expects management quality and capital structure to matter more.

That finding explains why the market price of BMNR shares will govern any plan to keep acquiring ETH after the 5% target is reached. BitMine is not facing an apparent cash shortfall at its reference price; the operational question is whether the next dollar deployed does more for shareholders than another ETH purchase.

What the existing position earns

BitMine reported 5,067,309 ETH staked as of Sept. 27 — about 84% of its holdings. At that balance, the company projects $358 million in annualized staking revenue, rising to $424 million in annualized rewards if it fully stakes its reserve, based on a 2.62% yield measured over seven days. The company also says its MAVAN staking platform has expanded to serve institutions, custodians and partners.

Lee signaled a gradual approach to the 5% threshold in July, alongside more spending on staking, infrastructure and Ethereum-related investments. Crossing 5% would sharpen scrutiny of whether ETH per share, staking returns, retained cash or BMNR repurchases best explain the value of the next allocation.

Lee is scheduled to speak at Korea Blockchain Week on Sept. 30, delivering a keynote titled "Ethereum's Wall Street Moment." That appearance may clarify how BitMine intends to deploy capital once the accumulation target is met — a plan that, for now, remains less defined than the buying program itself.