Bitmine Adds 26,497 ETH; Holdings Hit 5.42M ETH

Bitmine Immersion Technologies purchased 26,497 ETH last week at an average price near $2,003 per token, a buy worth about $53 million. The transaction increased the firm’s total holdings to 5,416,901 ETH, valued at about $10.85 billion and equal to roughly 4.49% of Ether’s circulating supply.

The latest purchase represents a slowdown from the prior week, when Bitmine added between 111,942 and 120,000 ETH. Bitmine’s leadership has directed the firm to reduce the pace of new acquisitions while focusing on earning higher returns from staking existing coins.

Of the 5.42 million ETH held, 4,718,677 ETH, or about 87%, are actively staked through Bitmine’s MAVAN (Made in America Validator Network) platform. The seven-day annualized staking yield on that pool is 2.73%, producing projected annualized staking revenue of about $258 million. Bitmine estimates staking income would rise to roughly $296 million once the remaining ETH are fully deployed.

Bitmine calls its accumulation target the “Alchemy of 5%,” a goal of approximately 6 million ETH that would equal about 5% of the roughly 120.7 million ETH in circulation. The firm reports it is about 90% of the way to that mark and expects to reach the 5% threshold sometime in 2026.

The broader portfolio includes 203 BTC, $446 million in cash, a $180 million stake in Beast Industries and a $93 million stake in Eightco Holdings, which Bitmine says offers indirect exposure to OpenAI. The company values its total portfolio at about $11.6 billion. Institutional backers named by Bitmine include Ark Invest, Pantera Capital, Founders Fund, Bill Miller III, Kraken, Digital Currency Group, Galaxy Digital and Tom Lee personally.

Bitmine’s stock (NYSE: BMNR) ranked as the 225th most-traded U.S. equity by dollar volume in a recent four-day window, averaging about $628 million in daily trading during that span. Purchases are visible onchain and are executed primarily through Kraken, with onchain activity tracked by analytics services.

Bitmine has identified risks including concentration in a single asset trading below $2,000, volatility in BMNR shares and the operational challenge of expanding MAVAN to serve external institutional clients.

In a statement, Tom Lee wrote: “Over the past week, we acquired 26,497 ETH. In our view, ETH prices are not reflecting the strengthening of ethereum fundamentals. Bitmine is expected to reach the ‘alchemy of 5%’ sometime in 2026.”