Ethereum treasury company Bitmine Immersion Technologies added 101,745 ETH last week for approximately $237.7 million at $2,336 per token, lifting its total holdings to 5,180,131 ETH in the firm’s third consecutive week acquiring more than 100,000 ether.
The purchase brings Bitmine’s stash to 4.29% of Ethereum’s (ETH) total supply of 120.7 million tokens, putting the company 86% of the way toward its self-described “Alchemy of 5%” target, according to the announcement.
The week’s buy was slightly below the prior week’s 101,901 ETH — itself the largest weekly haul since December 2025 — but sustains an “aggressive accumulation” pace that has made Bitmine the world’s largest public ether treasury and the second-largest crypto treasury overall, behind Strategy Inc.’s 818,334 BTC. Strategy paused its weekly purchase spree, The Block reported.
Bitmine’s (BMNR) total holdings, including cash and equity stakes the firm calls “moonshots,” stand at $13.1 billion, comprising 5,180,131 ETH, 200 bitcoin, a $200 million stake in Beast Industries, an $83 million stake in Eightco Holdings (NASDAQ: ORBS), and $700 million in cash, the company said.
Of Bitmine’s total ETH position, 4,362,757 tokens — roughly 84% — are currently staked through MAVAN, the firm’s institutional-grade validator platform, generating approximately $297 million in annualized staking revenue at a 2.91% seven-day yield.
At full deployment, projected annual staking revenue would reach $352 million.
“Bitmine has maintained the increased pace of ETH buys in each of the past four weeks, as our base case ETH is in the final stages of the ‘mini-crypto winter,'” Chairman Tom Lee said.
Lee also cited Ethereum’s performance since the onset of the Iran conflict as evidence of its durability, saying ETH has outperformed the S&P 500 by 1,380 basis points over the period. He added that agentic AI systems increasingly depend on public and neutral blockchains, presenting a structural tailwind for ether demand.
In related news, the Ethereum Foundation sold $47 million worth of ETH to Bitmine over recent weeks. Ether changed hands near $2,300, up nearly 14% in the past month, while BitMine shares have surged nearly 15% in the same period, according to The Block’s price page and stock page.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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