Bitmine Immersion Technologies' Ethereum Holdings Approach 5% of Supply

Bitmine Immersion Technologies' Ethereum holdings have reached six million ETH, putting Tom Lee's treasury company within touching distance of the 5% of supply it has been chasing since mid-2025.

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, and 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 in 15 months.

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

Bitmine’s staking business

Bitmine has staked 5,067,309 ETH, or 84% of its holdings, worth $13.7 billion, mostly through MAVAN, the institutional staking platform it built for its own treasury and has since opened to outside investors.

At a 7-day annualized yield of 2.62%, Lee puts current projected staking revenue at $358 million a year, rising to $424 million if everything is staked. "Bitmine has staked more ETH than other entities in the world," he said.

Bitmine has added Ethereum every week since the strategy began on June 30, 2025, a track record Lee says is "unmatched by any public company in the world."

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

Lee reads 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.“