BitMine Immersion Technologies, the largest Ethereum-focused treasury company, added another 27,562 ETH to its holdings last week — a purchase worth roughly $75 million at Monday’s price near $2,727. The buy extends a streak that has seen the firm accumulate ether every single week since it adopted an ETH treasury strategy in June 2025.
The fresh purchase pushes BitMine’s total stash to just under 6 million ETH (5,983,940, to be exact), or about 4.9% of Ethereum’s roughly 122.1-million-token circulating supply.
That keeps the company inching toward its long-stated “Alchemy of 5%” target — owning 5% of all ether in existence — though the finish line keeps moving since new ETH is minted continuously.
Roughly 85% of BitMine’s holdings, about 5 million ETH, are currently staked, which the company estimates generates around $357 million a year in staking revenue at current yields.
Chairman Tom Lee framed the buy as part of a broader thesis: institutions, he argues, spent much of 2026 favoring AI-linked stocks over crypto and are now “underweight” digital assets relative to where they should be. He expects that gap to close in the final quarter of the year, potentially adding fresh momentum on top of gains already seen since late June. BitMine shares rose sharply in pre-market trading, building on a strong rally at the end of last week as ether touched its highest level since January.
