Bitmine Immersion Technologies, chaired by Tom Lee, continued its relentless accumulation of Ethereum, purchasing another 9,946 ETH over the past week. The latest acquisition brings the company's total Ethereum holdings to 5,787,414 ETH, worth approximately $11.8 billion based on a reference price of $1,948 per ETH. This represents roughly 4.8% of Ethereum’s reported circulating supply of 120.7 million, leaving the firm just 247,586 ETH short of its stated 5% goal.
The weekly buy is part of Bitmine’s “Alchemy of 5%” strategy, launched on June 30, 2025, aiming to own 5% of all ETH. Since then, the company has bought Ethereum every week, with a notable acceleration in June when it purchased over 52,000 ETH. The latest purchase was slightly larger than the previous week but still below that peak.
In addition to buying ETH, Bitmine has aggressively staked its holdings through its institutional platform MAVAN and other partners. Currently, 4,917,189 ETH (85% of total) is staked, valued at $9.6 billion. The company reported a seven-day staking yield of 2.65% (annualized), projecting annual staking revenue of approximately $254 million. If the entire ETH balance is staked, that figure could rise to nearly $300 million. Staking has become the company’s main revenue driver, accounting for $45.7 million (98%) of its $46.5 million quarterly revenue for the three months ended May 31.
Bitmine also repurchased 6.1 million common shares during the week, an increase from 5.5 million in the prior period, under its $4 billion buyback program. Chairman Tom Lee explained that management viewed the rising ETH/BTC ratio, which hit a three-month high of 0.3000, as a sign of improving crypto conditions. He also noted potential price targets of $2,000 and $2,500 for ETH if a technical comparison to the S&P 500 after October 1987 holds.
Beyond its dominant Ethereum position, Bitmine’s portfolio includes 208 BTC, $268 million in cash and marketable securities, and stakes in Beast Industries ($180 million) and Eightco Holdings ($61 million). The firm joined the Russell 1000 index on June 26 and launched Series A preferred stock (BMNP). Despite its massive ETH bet, the company acknowledged risks including price volatility, liquidity constraints, and regulatory uncertainty in its SEC filings.
