BitMine Nears 5% Ethereum Supply Target with $15.6 Billion in Holdings
BitMine Immersion Technologies, a Nasdaq-listed Ethereum treasury company, acquired 53,501 ETH over the past week. This purchase brings its total holdings to 5,901,112 ether and increases its combined crypto, cash, and securities position to $15.6 billion.
The acquisition is part of an initiative called the 'Alchemy of 5%', which aims to acquire 5% of all ETH. BitMine has stated that it has reached 98% of this target in roughly 15 months, a pace that has drawn attention due to its concentration on Ethereum's circulating supply.
Most of BitMine's position is now earning yield through staking, with 86% of its holdings, or 5,067,309 ETH, staked through MAVAN. The company projects annualized staking revenue of around $335 million, rising to $390 million if the full position is eventually staked.
Chairman Thomas Lee attributed the continued accumulation to Ethereum's relative performance, stating that it has outperformed the S&P 500 by over 5,430 basis points in the third quarter. Lee framed the purchases as a bet that institutions will add crypto exposure late in 2026.