BitMine Doubles Down on Ethereum Accumulation Strategy

BitMine Immersion Technologies has continued its aggressive accumulation of Ethereum (ETH), purchasing another 10,399 units. This latest buy brings the company's total holdings to over 5.79 million ETH, representing roughly 4.8% of the circulating supply.

The 'Alchemy of 5%' strategy, led by Fundstrat co-founder Tom Lee as chairman, aims to accumulate 5% of all Ethereum in circulation. The company raised $274 million through preferred stock offerings in June 2026 specifically to fund its buying spree.

BitMine has staked over 4.9 million ETH on its proprietary MAVAN platform, generating projected staking rewards in the hundreds of millions annually. This level of control could significantly impact network dynamics when the company decides to stake, unstake, or sell.