Bitmine Adds 27,180 ETH, Nears 5% of Ethereum Supply

Bitmine Immersion Technologies acquired 27,180 Ethereum (ETH) tokens last week, bringing its total holdings to 5,956,378 ETH, valued at approximately $14.89 billion as of Sunday evening [2]. This latest purchase puts the company's ETH reserves at 4.9% of the total supply of 120.7 million tokens, nearing its stated goal of owning 5% of all Ethereum [1, 2].

Bitmine's Accumulation Strategy

Bitmine's recent acquisition, valued at approximately $68 million, continues its "Alchemy of 5%" program, which has seen the company purchase ETH every week since its inception on June 30, 2025 [1, 4]. The company's total crypto, cash, marketable securities, and early-stage investments now stand at $15.8 billion [2]. This includes 212 Bitcoin, $549 million in cash and securities, and stakes in Beast Industries ($180 million) and Eightco Holdings ($98 million) [2].

Bitmine is currently the world's largest Ethereum treasury and the second-largest crypto treasury overall, behind Strategy Inc., which holds 845,080 Bitcoin valued at approximately $71 billion [4]. About 85% of Bitmine's Ethereum stack, or 5.07 million ETH, is staked, generating a projected annualized revenue of $334 million at a 2.62% yield [2]. Chairman Tom Lee noted that this revenue could reach $392 million if all its ETH were staked through its MAVAN network and partners, though these projections depend on token prices and yields [2].

Market Context and Performance

The latest ETH acquisition occurred as Bitcoin and Ethereum traded lower over the past 24 hours, with Bitcoin down 0.5% to $78,652.35 and Ethereum down 1.7% to $2,463.58 [1]. Despite this, Bitmine Immersion Technologies stock rose 4% to $24.75, while other crypto-linked equities like Circle Internet Group surged 8% and Coinbase Global climbed 5% [1]. This suggests a decoupling of crypto equities from the underlying assets in the current session [1].

Bitmine's stock performance is closely tied to the value of its Ethereum holdings, unlike Circle Internet Group, which derives revenue from stablecoin reserves, or Coinbase, which earns from transaction and subscription volumes [1]. Chairman Lee highlighted that ETH has been the best-performing macro asset in the latest quarter, outperforming the S&P 500 by 5,866 basis points through last Friday [2].

What to watch

• Bitmine's progress toward its 5% Ethereum ownership target, with approximately 144,000 ETH remaining to reach the goal [4].
• The launch of Bitmine Immersion Technologies' MAVAN staking network, expected in the first calendar quarter of 2026 [1].
• The performance of Bitcoin and Ethereum in the coming week, as a sustained decoupling between crypto equities and underlying tokens may not hold [1].

Bitmine's consistent accumulation strategy highlights a long-term conviction in Ethereum, even as market sentiment for the underlying asset shows short-term fluctuations.