Bitmine Immersion Technologies Nears 5% Ethereum Supply Goal

Bitmine Immersion Technologies (NYSE: BITM) has significantly boosted its Ethereum holdings, adding 15,112 tokens worth $41 million this week. This purchase extends a buying spree that began on June 30, 2025, bringing the company's total Ethereum holdings to 6,016,414 ETH, valued at approximately $16.4 billion. At a reference price of $2,726 per coin, Bitmine now holds 4.9% of Ethereum's total circulating supply, edging closer to its 5% target.

The company's chairman, Tom Lee, described the 5% goal as the "Alchemy of 5%," a target Bitmine has pursued since launching its treasury strategy last year. Lee asserted that a crypto bull market is "underway," citing Ethereum's outperformance of the S&P 500 by 6,832 basis points this quarter. He also noted that Ethereum is "dwarfing" other macro assets, a claim supported by Bitmine's expanding holdings and strong performance metrics.

Including cash, other digital tokens, and "moonshot" investments, Bitmine's total holdings reached $17.4 billion as of Saturday. These holdings include 214 Bitcoin, $643 million in cash and marketable securities, and a $180 million stake in Beast Industries. The company remains the world's largest Ethereum treasury and the second-largest crypto treasury overall, trailing only Michael Saylor’s Strategy, which holds 847,666 BTC.

Bitmine continues to generate income through its MAVAN staking platform, having staked 5,067,309 ETH, or about 84% of its total holdings, for projected annualized revenue of approximately $363 million. With just 1% of its 5% target remaining, Bitmine is poised to achieve its goal soon, barring any significant changes in Ethereum's total token supply.