Bitmine Immersion Technologies on Monday reported $13.4 billion in total crypto and cash holdings, driven by its 5.2 million ETH position, which accounts for about 4.3% of all Ethereum in circulation.

The company, led by chairman Thomas “Tom” Lee, the Fundstrat market strategist, has been on a buying spree since its inception in late June 2025. It took Bitmine just eleven months to go from zero to owning more than one in every twenty-three ETH in existence. The firm says it is 86% of the way to its stated goal of controlling 5% of total supply, a milestone it has branded the “Alchemy of 5%.”

At current market prices of around $2,329 per token, Bitmine’s Ethereum holdings alone are valued at over $12 billion. The firm also holds 201 Bitcoin, a $200 million stake in Beast Industries, an $88 million position in Eightco Holdings, and an additional $775 million in cash.

Bitmine crossed the 1% threshold by August 2025, just two months after launching its treasury strategy. By April 2026, it had reached 4%. Lee indicated in his latest chairman’s letter that the company had been buying more than 100,000 ETH per week but plans to ease off.

“We have decided to slow down our pace of weekly accumulation,” Lee stated, noting the original buying rate would have hit the 5% target by mid-July. The new timeline pushes that milestone to sometime later in 2026.

Staking through MAVAN

The company has staked 4.7 million of its 5.2 million ETH through its proprietary platform, MAVAN (Made in America Validator Network). That is over 90% of its total position locked into Ethereum’s proof-of-stake consensus mechanism.

Projected annualized staking revenue comes to $352 million once all holdings are fully staked, with current annualized income already running at $319 million.

In a video address published on Monday, Lee said that crypto-native financial systems are becoming more capital-efficient than traditional banking institutions.

According to him, Ethereum and the tokenization trend are laying the groundwork for a new financial architecture where stablecoins, trading firms and blockchain networks can generate substantial economic output with far fewer employees than legacy banks.

Lee framed Ethereum as both a long-term diversification tool and a macro hedge, citing historical performance data suggesting that even a 5% allocation in 2016 would have materially increased portfolio returns. He said a small allocation would also provide meaningful protection against equity drawdowns compared with traditional hedges such as gold.

On valuation, the Bitmine chairman said Ethereum remains below both its long-term and prior-cycle Bitcoin-relative ratios. Assuming Bitcoin reaches $250,000, he outlined potential Ethereum outcomes ranging from $12,000 to $62,000 depending on ratio normalization.