Ethereum treasury company BitMine Immersion Technologies said on Sept. 28 that it held 6,001,302 ETH, leaving it 103,698 tokens short of its goal of owning 5% of Ethereum's supply, based on the company's latest supply estimate.

Buying that remainder at BitMine's Sept. 27 reference price would cost about $279.8 million. The company reported $672 million in cash and marketable securities on the same date.

The estimated purchase cost is roughly 42% of that reported pool. Completing the goal looks affordable on paper, though ETH's price and supply can change and BitMine has not earmarked the money for that purpose.

The closer the company gets to its target, the more consequential its next choice becomes: keep adding ETH, preserve liquidity, buy back shares, or build income from the tokens it already owns.

BitMine said it acquired 17,362 ETH in the latest week, about 37% fewer than the 27,562 ETH it reported for the week before. It says it has bought ETH every week since starting the strategy in June 2025.

In July, the company repurchased about 5.5 million BMNR shares at an average price of $15.6156, roughly $85.9 million in total, while buying 7,430 ETH that week. Chairman Tom Lee said the reduced ETH buying pace reflected the share repurchase.

That precedent shows management has weighed its stock against more ETH, though the July decision does not determine its next one.

A Sept. 24 DWF Labs study 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 , a ratio called mNAV.