1 week ago
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Bitmine Immersion Technologies just dropped another $68 million on Ethereum, scooping up 27,180 ETH at roughly $2,500 per token. The purchase, executed last week, pushes the company’s total stash to nearly 5.96 million ETH, or about 4.9% of Ethereum’s entire circulating supply.
That makes Bitmine the largest publicly disclosed corporate holder of Ethereum among public companies. The firm needs roughly 144,000 more ETH to hit what it calls the “Alchemy of 5%,” its self-imposed target of controlling a twentieth of all circulating ether.
A weekly habit worth watching
Bitmine (NYSE American: BMNR) has been buying ETH on a weekly cadence since launching its treasury initiative on June 30, 2025. Not a single week missed.
Chairman Tom Lee, who co-founded macro research firm Fundstrat, laid out the bull case in comments alongside the purchase announcement. He pointed to the ETH/BTC ratio reaching its highest level since January 30, 2026, establishing what he characterized as a new uptrend.
Lee also flagged three demand catalysts he sees building in the background: tokenization of real-world assets, the rise of agentic AI running on blockchain infrastructure, and pending US legislation. The Clarity Act, a proposed regulatory framework that could provide clearer rules for digital assets, was cited as a particularly meaningful near-term catalyst.
Staking as a revenue engine
Bitmine has staked over 5 million of its tokens. At current staking rates, annualized revenue from that position is projected to land in the neighborhood of $330 million.
The ETH/BTC ratio tells a story
One of the more interesting data points Lee highlighted is the ETH/BTC ratio’s recent behavior. The ratio hitting its highest point since late January 2026 suggests that dynamic may be shifting.
Bitmine’s accumulation strategy is essentially a leveraged bet on this rotation continuing. With nearly 5.96 million ETH on its balance sheet, every percentage point move in Ethereum’s price translates to roughly $149 million in paper gains or losses.
Institutional appetite keeps growing
With just 144,000 ETH standing between Bitmine and its 5% target, and weekly purchases still on autopilot, the company could cross that threshold within a matter of weeks.
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