BitMine Immersion Technologies, a publicly traded Ethereum-focused treasury company, has purchased an additional 76,881 ETH over the past week, bringing its total Ether holdings to 5,620,754 ETH. At current prices, the acquisition is worth approximately $136 million, and the total position now represents about 4.66% of Ethereum’s circulating supply.
The company disclosed that its combined crypto, cash, and investment portfolio has reached $10.4 billion, which includes 204 Bitcoin and $502 million in cash and marketable securities. Chairman Thomas “Tom” Lee emphasized that BitMine remains in steady accumulation mode, targeting what the firm calls the “alchemy of 5%”—a deliberate goal to own 5% of all Ether.
The latest weekly purchase follows a record 126,971 ETH acquisition the prior week, highlighting sustained institutional conviction despite a recent price pullback. Lee noted that the company believes the dip “does not reflect strengthening Ethereum fundamentals,” pointing to continued network dominance, growth in real-world asset tokenization, and top-ranked developer engagement.
BitMine has staked over 4.7 million ETH (83% of its holdings), valued at roughly $8.1 billion at a reference price of $1,718 per ETH. Projected annual staking rewards stand between $219 million and $226 million, generating a 7-day annualized yield of 2.79%. The firm recently closed a 3.5 million share offering of 9.50% Series A Perpetual Preferred Stock (ticker BMNP) at $80 per share, raising approximately $273.8 million in net proceeds. Lee noted that the preferred stock dividends can be supported by the recurring cash flow from staking rewards.
Following the announcement, BitMine’s stock (BMNR) rose 7.55% to $17.32. The company also noted potential eligibility for the Russell 1000 index, with the final list expected June 18, and was named to Fortune Magazine’s 2026 Crypto 100 list. Market observers are now assessing the implications of such a concentrated ETH position, as even a fraction of the stake moving could impact spot and derivatives markets. With staking and layer-2 bridges already locking up large portions of Ether supply, additional accumulation by deep-pocketed players continues to tighten the available float — a dynamic that has historically preceded volatile price moves.
