Bitmine Nears 5% Ethereum Supply Target With Latest $41M Buy

Bitmine Immersion Technologies has closed the gap to controlling 5% of all circulating Ethereum, acquiring an additional 15,112 ETH for approximately $41 million. The purchase brings the NYSE-listed company’s total holdings to 6,016,414 tokens, representing 4.9% of the network’s 122.1 million supply. Valued at a reference price of $2,726 per coin, the position is worth roughly $16.4 billion.

The acquisition marks the latest step in an uninterrupted weekly buying streak that began when Bitmine launched its treasury strategy on June 30, 2025. Reaching the threshold the firm calls the “Alchemy of 5%” in just 15 months establishes Bitmine as the world’s largest corporate Ethereum holder. This concentration of ownership distinguishes it from broader market participants and positions the company as a significant stakeholder in Ethereum governance and ecosystem development.

Chairman Tom Lee cited the accumulation as evidence that a crypto bull market is currently underway, pointing to Ethereum’s recent performance against traditional benchmarks. According to Lee, ETH has outperformed the S&P 500 by 6,832 basis points this quarter, despite macroeconomic headwinds including hawkish Federal Reserve policy, rising global bond yields, and surging oil prices. He also noted that Bitmine stock (BMNR) has demonstrated relative resilience, falling only 3% over the first nine months of 2026 compared to a 10% decline in ETH during the same period.

Beyond its core Ethereum position, Bitmine’s total portfolio value has reached $17.4 billion. This figure includes 214 Bitcoin, $643 million in cash and marketable securities, and strategic equity stakes described as “moonshots.” These include a $180 million investment in Beast Industries and a $117 million position in Eightco Holdings, which provides indirect exposure to OpenAI. This diversified approach contrasts with single-asset treasury models, blending direct crypto exposure with venture-style bets on adjacent technology sectors.

The firm is also generating substantial yield from its holdings. Approximately 84% of its Ethereum treasury, totaling 5,067,309 ETH, is currently staked through its proprietary MAVAN platform. This deployment generates a projected annualized revenue of $363 million, providing cash flow that can fund operations or further acquisitions without diluting shareholders. Staking at this scale requires sophisticated validator infrastructure and carries technical risks distinct from simple spot holding, adding an operational layer to the treasury strategy.

Bitmine now ranks as the second-largest corporate crypto treasury globally, trailing only Strategy (formerly MicroStrategy), which holds approximately 847,666 BTC. While Strategy reported a $21 billion third-quarter gain and recently resumed Bitcoin purchases, Bitmine’s focus on Ethereum offers investors a different risk-reward profile tied to smart contract platform adoption rather than pure store-of-value narratives. Other entities like Metaplanet have engaged in tactical BTC trading to demonstrate treasury mechanics, but Bitmine has maintained a strict accumulation-only mandate since mid-2025.