TheBlock
Bitmine Immersion Technologies (BMNR) added 126,971 ether last week for roughly $207 million, pushing its treasury to 5,543,872 ETH — 4.59% of Ethereum's 120.7 million circulating supply, according to a Monday announcement. The week's buy was roughly five times the prior week's 26,497 ETH addition, and places Bitmine 92% of the way to its "Alchemy of 5%" accumulation target with about 490,000 ETH still to go.
Chairman Tom Lee attributed the stepped-up pace directly to ETH's price weakness. "We increased our buying as we believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals," he said, adding that the broader crypto selloff is, in Bitmine's view, "a superficial take."
Why it matters
Bitmine is the largest ETH treasury globally and the second-largest crypto treasury behind Strategy (MSTR), and the company is now staking 4,718,677 ETH — 85% of its holdings — at a $1,630 reference price. Lee projected annualized staking revenue of $230 million at current yields, rising to $270 million at full deployment across Bitmine's MAVAN staking platform and partners (2.99% seven-day yield). With $247 million in cash plus minority stakes in Beast Industries and Eightco Holdings, Bitmine's total crypto, cash, and "moonshots" book sits at $9.6 billion.
Lee's argument — that improving AI capabilities will lift demand for hardened decentralized blockchains — is a structural read layered on top of a tactical accumulation. Counter-positioning a 4.6% supply claim against a ~30% drawdown from April highs is the kind of bid that institutional observers watch for signal.
Market impact
ETH last changed hands below $1,700, with BMNR shares closing at $15.90 on June 7 — down roughly 31% over the past month, tracking ether's slide. The market is voting with price; Bitmine is voting with capital. Whether the chairman's "superficial selloff" framing holds depends on ETH holding the demand for staked yield and L1 settlement through the next leg, and on Bitmine clearing the final 490K ETH without forcing its own marginal bid higher.
Frequently asked questions
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How much ETH did Bitmine add this week?
Bitmine added 126,971 ETH for roughly $207 million, lifting its total treasury to 5,543,872 ETH — 4.59% of Ethereum's circulating supply of 120.7 million tokens.
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How close is Bitmine to its 5% ETH target?
Bitmine is 92% of the way to its "Alchemy of 5%" accumulation goal, with roughly 490,000 ETH still needed to reach the target.
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How much of Bitmine's ETH is staked?
Bitmine is staking 4,718,677 ETH — 85% of its total holdings — at a $1,630 reference price, with Lee projecting $230 million in annualized staking revenue at current yields.
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What did Tom Lee say about the crypto selloff?
Lee called the broad crypto selloff "a superficial take" and said Bitmine increased buying because the pullback in ETH prices does not reflect strengthening Ethereum fundamentals, with improving AI capabilities set to lift demand for hardened decentralized blockchains.
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How does Bitmine compare to Strategy's BTC treasury?
Bitmine is the largest ETH treasury globally and the second-largest crypto treasury overall, behind Strategy (MSTR), which holds 845,256 BTC valued at roughly $53.5 billion following its latest acquisition.
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