BitMine Closes In On 5% Of Ethereum Supply Amid Staking Frenzy

BitMine Immersion Technologies has continued its buying streak of Ethereum (ETH), acquiring 53,501 ETH over the past week. This brings their total holdings to 5,901,112 ether and their combined crypto, cash, and securities position to $15.6 billion. The company's treasury now holds 4.9% of Ethereum's 120.7 million ETH supply, closing in on its stated goal of 5%.

The purchase is part of the 'Alchemy of 5%' initiative, which aims to acquire 5% of all ETH. BitMine has reached 98% of this target in roughly 15 months, with most of their position now earning yield through staking. The company's institutional-grade platform, MAVAN, generates a 7-day yield of 2.63% on an annualized basis and projects $335 million in staking revenue.

BitMine's chairman, Thomas Lee, attributes the continued accumulation to Ethereum's relative performance, stating that it is the best-performing macro asset so far in the third quarter. The company believes institutions will add crypto exposure late in 2026, citing the CLARITY Act vote scheduled for mid-September and renewed buying by Korean investors.