Bitmine buys 42,197 ETH as total holdings reach 5.74 million tokens

Bitmine Immersion Technologies bought 42,197 ether in the past week, pushing its total holdings to 5.74 million ETH — or 4.8% of the circulating supply — as the company closes in on its goal of cornering 5% of all tokens.

"We continue to maintain a steady pace of accumulation throughout 2026," Chairman Thomas "Tom" Lee said in a statement. "We believe we are in the early stages of crypto spring. Bitmine is expected to reach the 'alchemy of 5%' sometime in 2026."

The company's balance sheet now holds $11.1 billion across crypto, cash, marketable securities and strategic investments, according to a July 6 press release. That includes 5.74 million ETH valued at roughly $10 billion at $1,800 per token, 206 bitcoin, $527 million in cash and marketable securities, and stakes in Beast Industries and Eightco Holdings worth a combined $251 million. Bitmine's ETH holdings represent 95% of the way toward its 5% supply target, a milestone it set just 12 months ago.

The accelerated buying comes as Lee pointed to rising optimism around the Clarity Act, with prediction markets now assigning roughly a 50% probability of passage — the highest in two weeks. "Regulatory clarity is an important milestone, enabling crypto, particularly smart contract platforms like Ethereum, to benefit as crypto becomes part of our everyday life," he said, noting that Ethereum layer-2 networks already process USDC transactions for Shopify and Visa.

Bitmine's accumulation contrasts with Strategy Inc., the largest corporate bitcoin holder, which sold 3,588 BTC for about $216 million last week — its largest disposal to date and a rare reduction in its holdings. The divergence helped ether outperform bitcoin by 6% last week, even as both assets traded in a broader downtrend since August.

The company has staked 4.88 million ETH — or 85% of its holdings — through its MAVAN institutional staking platform, generating projected annualized staking revenue of $235 million at current yields. At full stake, that figure rises to $277 million, based on a 2.68% annualized 7-day yield. Bitmine's staked ETH makes it the largest Ethereum staker globally.

On June 26, Bitmine was added to the Russell 1000 Large-cap Index, a move Lee said "is expected to add hundreds and possibly thousands of additional institutional investors as equity owners of Bitmine." The company also closed a $273.8 million Series A Perpetual Preferred Stock offering on June 10, with shares trading on the NYSE under the symbol BMNP and dividends paid weekly.

Bitmine's crypto treasury now ranks as the largest Ethereum treasury and the second-largest digital asset treasury globally, behind only Strategy's bitcoin holdings of 847,363 BTC valued at roughly $54 billion.

This article is for informational purposes only and does not constitute investment advice.