BitMine Doubles Down on Ethereum Accumulation
BitMine Immersion Technologies has continued its aggressive accumulation of Ethereum, purchasing 10,399 ETH in the latest addition to its growing treasury. The company's strategy, dubbed the 'Alchemy of 5%', aims to acquire 5% of all Ethereum in circulation.
The purchase brings BitMine's total holdings to over 5.79 million ETH, approximately 4.8% of Ethereum's circulating supply. This figure has been reached through a series of weekly acquisitions since June 30, 2025, including purchases of 9,946 ETH, 27,801 ETH, and 35,138 ETH.
To fund its buying spree, BitMine raised $274 million through preferred stock offerings in early June 2026. The company has staked over 4.9 million of its ETH holdings on the MAVAN platform, generating projected staking rewards in the hundreds of millions of dollars annually.