Bitmine Immersion Technologies (BMNR), the Ethereum treasury company led by Tom Lee, has accumulated six million ETH, placing it within touching distance of the 5% of circulating supply it has been chasing since mid-2025, according to the company's latest weekly holdings disclosure.

The company purchased 17,362 ETH over the past week, worth just under $47 million at the $2,698 snapshot price used in its press release. It held 6,001,302 ETH as of Friday afternoon, worth about $16.2 billion—equal to 4.9% of the 122.1 million tokens in circulation. Bitmine calls the target the "Alchemy of 5%" and says it is 98% of the way there after 15 months. At that snapshot supply, the milestone sits roughly 104,000 ETH away, though both the company's holdings and the circulating total move with each weekly update.

The purchase extends a buying streak that stretches back to June 30, 2025, when the company's Ethereum accumulation strategy began. Bitmine has added ETH in every weekly update since, a track record Lee describes as "unmatched by any public company in the world."

Total holdings reach $17.2 billion once everything else on the balance sheet is counted, including 213 BTC and $672 million in cash and marketable securities. The tally also includes two equity stakes that Bitmine files under "moonshots": $180 million in Beast Industries and $115 million in Eightco, which the company describes as one of the only listed vehicles offering indirect exposure to OpenAI.

Bitmine's staking business

Bitmine has staked 5,067,309 ETH—84% of its holdings, worth $13.7 billion—mostly through MAVAN, the institutional staking platform it originally built for its own treasury and has since opened to outside investors. Staked ETH is locked into Ethereum's proof-of-stake network, where it helps validate blocks and earns rewards in return, so the 84% ratio shows how much of Bitmine's stack is actively deployed on-chain.

At a seven-day annualized yield of 2.62%, Lee puts current projected staking revenue at $358 million a year, rising to $424 million if everything were staked. "Bitmine has staked more ETH than other entities in the world," he said.

Market context

ETH currently trades around $2,700, well below its highs, though Lee argues it has been the best-performing macro asset of the quarter, having outperformed the S&P 500 by roughly 67 percentage points since the end of June.

Lee sees the market as turning. A crypto bull market began in late June, he said, adding that, "In our view, institutions are still underweight crypto and we expect them to be adding to their exposure in the final months of 2026." The next weekly disclosures will show whether Bitmine crosses the 5% line, and how quickly MAVAN attracts capital from beyond the company's own balance sheet.

Bitmine is now the largest Ethereum and the second-largest corporate crypto treasury of any kind, behind Bitcoin treasury firm Strategy (formerly MicroStrategy), which now holds 847,666 BTC worth roughly $71 billion. The comparison frames the broader corporate crypto-treasury race, with staking giving ETH-focused balance sheets a yield component that bitcoin holdings lack.

Its backers include ARK's Cathie Wood, Founders Fund, Pantera, Kraken, Galaxy Digital and Bill Miller III.