Bitmine Immersion Technologies just scooped up another 20,500 ETH for approximately $35.92 million, pushing its total Ethereum stash to around 5.7 million tokens. That’s roughly 4.8% of Ethereum’s entire circulating supply, held by a single publicly traded company.

The over-the-counter transaction, executed with Galaxy Digital on or around July 10, puts Bitmine within striking distance of its stated goal: owning 5% of all ETH in existence. The company calls this strategy the “Alchemy of 5%.”

From mining rigs to Ethereum vaults

A year ago, this was a Bitcoin mining operation. By mid-2025, the company had pivoted entirely, repositioning itself as the largest public Ethereum treasury vehicle on the market.

Under CEO Tom Lee’s direction, the NYSE American-listed company (ticker: BMNR) has been systematically buying ETH on a weekly basis throughout 2026, with a particular fondness for purchasing during price dips.

This latest buy is actually modest by Bitmine’s recent standards. Previous weeks have seen the company snap up anywhere from tens of thousands to over 100,000 ETH in single transactions. A $36 million purchase barely moves the needle when your treasury is valued near $10 billion.

The financial architecture behind the accumulation

Bitmine hasn’t been funding this buying spree with pocket change. The company launched preferred shares (BMNP) in mid-June 2026, offering investors a 9.5% annual dividend paid on a weekly basis.

Beyond pure accumulation, Bitmine also operates MAVAN, an institutional ETH staking platform. This means the company isn’t just sitting on its Ethereum — it’s putting a portion to work, earning staking rewards that provide additional yield on top of any price appreciation. The firm maintains BTC and cash reserves as well.

Tom Lee has described the current market environment as the early stages of a “crypto spring,” with his conviction resting on what he sees as improving fundamentals within the Ethereum network itself.

What this means for investors

Every ETH that Bitmine buys and holds is one less token available on the open market. At 5.7 million ETH and growing, that’s a meaningful amount of supply being locked away.

Bitmine’s stock has effectively become a leveraged bet on Ethereum’s price. Investors who can’t or won’t hold ETH directly now have a regulated equity instrument that tracks Ethereum exposure, complete with dividend payments from the preferred shares.

A single company holding 4.8% of any asset’s supply creates concentration risk that cuts both ways. If Bitmine ever needs to liquidate — whether due to financial stress, regulatory pressure, or a strategic pivot — the selling pressure on a $10 billion treasury could be severe.