TheBlock
BitMine Immersion Technologies acquired 101,745 ETH last week for approximately $237.7 million at $2,336 per token, lifting its total holdings to 5,180,131 ETH and marking the third consecutive week of buys above 100,000 ether. At 4.29% of Ethereum's 120.7 million total supply, the corporate treasury is now 86% of the way toward its stated "Alchemy of 5%" target. The week's haul came in just below the prior week's 101,901 ETH — itself the largest weekly buy since December 2025 — but sustains an aggressive accumulation pace that has made BitMine the world's largest public ETH treasury and the second-largest crypto treasury overall, behind Strategy Inc.'s 818,334 BTC. Strategy has paused its weekly BTC purchase spree, leaving BitMine as the only major public-company accumulator still adding at this cadence.
Why it matters
BitMine's positioning is structurally different from Strategy's BTC model. Of its 5.18 million ETH, 4,362,757 tokens — roughly 84% — are staked through MAVAN, BitMine's institutional validator platform, generating about $297 million in annualized staking revenue at a 2.91% seven-day yield. At full deployment that figure climbs to $352 million per year. Chairman Tom Lee framed the streak as a bet that ETH is in the "final stages of the mini-crypto winter," citing Ethereum's outperformance of the S&P 500 by 1,380 basis points since the onset of the Iran conflict and arguing agentic AI systems will increasingly rely on neutral public blockchains — a structural tailwind for ether demand.
Market impact
The Ethereum Foundation sold $47 million of ETH to BitMine over recent weeks, deepening the corporate-treasury bid at the supply level. Ether changed hands near $2,300, up nearly 14% over the past month, while BMNR shares surged roughly 15% in the same window. With Strategy on the sidelines, BitMine's $13.1 billion balance sheet — ETH plus 200 BTC, a $200 million Beast Industries stake, an $83 million Eightco Holdings (NASDAQ: ORBS) position, and $700 million in cash — is now the cleanest read on corporate appetite for the second-largest crypto asset.
Frequently asked questions
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How much ETH does BitMine now hold and what is its 'Alchemy of 5%' target?
BitMine holds 5,180,131 ETH, equal to 4.29% of Ethereum's 120.7 million total supply. Its stated 'Alchemy of 5%' target would take holdings to roughly 6 million ETH, and the company says it is 86% of the way there.
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How does BitMine generate yield on its ETH holdings?
About 84% of BitMine's ETH (4,362,757 tokens) is staked through MAVAN, the firm's institutional validator platform, producing roughly $297 million in annualized staking revenue at a 2.91% seven-day yield. At full deployment, projected annual staking revenue reaches $352 million.
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How does BitMine's strategy compare to Strategy's Bitcoin treasury model?
BitMine is the largest public ETH treasury and second-largest crypto treasury overall, behind Strategy's 818,334 BTC. Unlike Strategy, which has paused its weekly BTC buys, BitMine is adding ETH each week and earns staking yield on top of price appreciation.
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Why is BitMine's chairman Tom Lee bullish on Ethereum right now?
Chairman Tom Lee said ETH is in the 'final stages of the mini-crypto winter,' noting ETH has outperformed the S&P 500 by 1,380 basis points since the Iran conflict. He also argued that agentic AI systems will increasingly depend on neutral public blockchains, creating a structural demand tailwind for ether.
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What is BitMine's full corporate balance sheet beyond its ETH?
BitMine's $13.1 billion balance sheet includes 5,180,131 ETH, 200 BTC, a $200 million stake in Beast Industries, an $83 million stake in Eightco Holdings (NASDAQ: ORBS), and $700 million in cash. The Ethereum Foundation also sold $47 million of ETH to BitMine in recent weeks.
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