BitMine Immersion Technologies adds $73M in Ethereum, boosting holdings toward 5% of total supply
The Tom Lee-chaired company now holds 5.7 million ETH as it nears its 'Alchemy of 5%' target after roughly a year of aggressive weekly purchases
BitMine Immersion Technologies, trading on the NYSE under the ticker BMNR, scooped up another 42,197 ETH worth roughly $73 million over the past week. That brings the company’s total Ethereum stash to approximately 5.7 million tokens, or about 4.7% to 4.8% of Ethereum’s entire circulating supply of around 120.7 million.
The ‘Alchemy of 5%’ play
BitMine’s accumulation isn’t random. The firm operates under what it calls the “Alchemy of 5%” strategy, a clearly stated goal of amassing 5% of Ethereum’s total supply as a corporate treasury reserve. After roughly 11 to 12 months of aggressive weekly purchases that typically range between 20,000 and 70,000 ETH, the company is knocking on that door.
The strategy is guided by chairman Tom Lee, co-founder of Fundstrat Global Advisors. BitMine doesn’t just hoard its Ethereum, either. The company stakes more than 80% of its holdings through its MAVAN infrastructure, short for Made-in-America Validator Network. Staking generates yield on the underlying position, which means BitMine’s treasury isn’t just a static bet on ETH price appreciation.
Total assets, including crypto holdings and cash, now exceed $11 billion. The company also maintains a small Bitcoin position of around 200 BTC alongside equity stakes in firms like Beast Industries and Eightco.
From Bitcoin mining to Ethereum treasury
BitMine’s current form is a relatively recent invention. The company pivoted away from Bitcoin mining operations in 2025, rebranding itself as an Ethereum treasury vehicle. That pivot has made BitMine the largest public Ethereum treasury company in the world.
What this means for Ethereum and investors
BitMine’s sustained accumulation creates consistent buy-side pressure on ETH markets. Weekly purchases in the 20,000 to 70,000 ETH range represent meaningful demand that the market must absorb on an ongoing basis.
The staking component adds an interesting wrinkle for investors evaluating BMNR as a proxy for ETH exposure. With 80% of holdings staked, BitMine generates protocol-level yield that pure spot ETH holders or ETF investors don’t capture. That yield effectively reduces the company’s cost basis over time.
The risk for investors considering BMNR specifically is the NAV discount problem. When the stock trades below the per-share value of its underlying ETH, shareholders are effectively getting a bargain. When it trades at a premium, they’re overpaying for the privilege of indirect exposure.