Bitmine Now 98% to Its "Alchemy of 5%" — and Still Stacking ETH Like Squirrels

Bitmine Immersion Technologies, the NYSE-listed Ethereum treasury company chaired by Tom Lee, disclosed it purchased 17,362 ETH over the past week for just under $47 million at a $2,698 snapshot price, bringing its holdings to 6,001,302 ETH. At that level, Bitmine controls 4.9% of Ethereum's 122.1 million tokens in circulation, putting the firm within 2% of its self-styled "Alchemy of 5%" target after 15 months of uninterrupted weekly accumulation that began June 30, 2025.

The company's total crypto and cash holdings stand at $17.2 billion, including 213 BTC, $672 million in cash and marketable securities, and equity stakes Bitmine files under "moonshots": $180 million in Beast Industries and $115 million in Eightco, which Bitmine describes as one of the only listed vehicles offering indirect exposure to OpenAI. Bitmine has staked 5,067,309 ETH, or 84% of its stash, worth roughly $13.7 billion, with most of it running through MAVAN, the institutional staking platform the firm built for its own treasury and later opened to outside investors. At a 7-day annualized yield of 2.62%, Lee projects current staking revenue at $358 million annually, rising to $424 million if every ETH is staked. "Bitmine has staked more ETH than other entities in the world," he said.

In a Monday disclosure, Bitmine had reported its previous-week addition of 27,562 ETH, worth about $74 million at a $2,688 reference price, taking its then-total to 5,983,940 ETH, also equal to 4.9% of supply. Lee called crossing the 6 million ETH mark "a tremendous achievement," saying it had been reached in just under 15 months, and added, "We are already seeing the synergies and positive network effects from our accumulating nearly 5% of ETH total supply." He frames the current cycle as a crypto bull market that began in late June, arguing ETH is the best-performing macro asset of the quarter and has outpaced the S&P 500 by roughly 67 percentage points since the end of June, and that "in our view, institutions are still underweight crypto and we expect them to be adding to their exposure in the final months of 2026."

Bitmine is now the largest Ethereum treasury and the second-largest corporate crypto treasury of any kind, behind Strategy, which holds 847,666 BTC worth roughly $71 billion after adding another 1,665 BTC, paying $142.7 million, while continuing to buy back shares of its preferred stock. Backers of Bitmine include ARK Invest's Cathie Wood, Founders Fund, Pantera, Kraken, Galaxy Digital and Bill Miller III, while ETH continues to trade around $2,700, well below its prior highs.