Bitmine Immersion Technologies is not buying Ethereum in small, cautious increments. The NYSE-listed firm, chaired by Fundstrat co-founder Tom Lee, has purchased an additional 6,000 ETH for roughly $11.18 million, part of a broader accumulation week that added 27,801 ETH to its balance sheet.

That brings total holdings to 5,770,038 ETH as of July 12, 2026, a number that represents 4.8% of Ethereum’s entire circulating supply of approximately 120.7 million tokens.

The scale of what Bitmine is doing here

The company has a self-declared goal it calls the “Alchemy of 5%”, targeting ownership of 5% of the total ETH supply by the end of 2026. At 4.8%, it is close enough to smell the finish line.

Bitmine’s total asset base sits at approximately $11.3 billion, which includes 206 BTC and $482 million in cash and marketable securities alongside the ETH stack. The ETH was priced at roughly $1,820 per token at the time of the latest accumulation figures.

The firm closed a $273.8 million Series A Preferred Stock offering on June 10, 2026, which funded a meaningful portion of the accumulation strategy. ARK Invest’s Cathie Wood is among the institutional backers.

Bitmine was also added to the Russell 1000 index on June 26, 2026, a milestone that forces passive index funds to buy the stock and expands the firm’s investor base significantly.

Staking turns the ETH pile into a yield engine

Bitmine has fully staked 4,917,189 ETH through its proprietary MAVAN platform, earning annualized yields of approximately 2.70%.

At that rate, the staking operation generates expected annualized revenues of $242 million. The ETH holdings are not just sitting there appreciating or depreciating with market conditions — they are actively producing income.

Why Robinhood Chain matters to this thesis

Tom Lee flagged the July 1, 2026 launch of Robinhood Chain, a Layer 2 network built on Arbitrum, as a relevant data point for the firm’s Ethereum conviction.

The network processed over $1 billion in transaction volume using ETH shortly after launch. That matters because every transaction on an Ethereum L2 that uses ETH for fees is a small incremental demand signal for the underlying asset Bitmine has accumulated in enormous quantity.

What this means for the broader market

Bitmine’s accumulation pace is large enough to have actual supply implications. Locking 4.9 million ETH in staking contracts removes those tokens from liquid circulation, which tightens the available float for trading.

The $273.8 million capital raise was designed specifically to fund further accumulation. The risks are also not small. A sustained ETH price decline compresses the dollar value of the treasury rapidly, given the size of the position. Staking yields provide a partial cushion, but they do not fully offset a meaningful drawdown in ETH price. Regulatory treatment of large-scale staking operations remains an open question in multiple jurisdictions, and any adverse ruling on whether staking rewards constitute securities income could affect the economics of the MAVAN platform.