Bitmine Quietly Gobbles Another 27,084 ETH, Now Owns Nearly 1 in Every 20 Ether 🐳

Bitmine Immersion Technologies disclosed it acquired 27,084 ETH over the past week, lifting its treasury to just over 5.7 million ETH and roughly 4.7% of the 120.7 million Ether in circulation. Chairman Tom Lee said the firm views current conditions as "the early stages of a crypto spring" and reiterated an internal target he described as reaching the "alchemy of 5%" sometime in 2026.

The Ethereum treasury firm has staked nearly 4.9 million of its ETH, representing 85% of its total holdings and valued at approximately $7.7 billion at current prices. Lee projected annualized staking revenue of $211 million from those positions, with staking operations generating a 7-day yield of 2.75% annualized.

The disclosure follows Bitmine's addition to the Russell 1000 Index as part of the benchmark's annual reconstitution, a milestone Lee said is expected to bring "hundreds, possibly thousands, of additional institutional investors" into the company's shareholder base. Shares of BMNR rose on the day of the announcement.

Bitmine continues to acquire Ether at a steady cadence through the year, and the latest figures indicate no change to that accumulation pace. The company has not disclosed the average purchase price of the 27,084 ETH acquired in the most recent week.

Lee has framed the firm's long-term thesis around owning a meaningful share of the Ethereum network, with the stated objective of eventually holding 5% of total ETH supply.