BitMine Immersion Technologies just scooped up another 10,399 ETH, adding to what has quietly become one of the most aggressive corporate crypto accumulation strategies in the market. The NYSE-listed company, trading under ticker BMNR, has been on a methodical buying spree since launching its Ethereum treasury strategy on June 30, 2025.
The purchase is the latest in a series of weekly acquisitions that have pushed BitMine’s total holdings past 5.79 million ETH, roughly 4.8% of Ethereum’s entire circulating supply.
The Alchemy of 5%
BitMine calls its approach the “Alchemy of 5%,” a systematic campaign to accumulate 5% of all Ethereum in circulation. Prior weekly purchases include batches of 9,946 ETH, 27,801 ETH, and 35,138 ETH.
Tom Lee, the Fundstrat co-founder who serves as chairman, has been the driving force behind the treasury strategy. To fund the buying spree, BitMine raised $274 million through preferred stock offerings in early June 2026 specifically to have capital for buying more Ethereum.
Staking as revenue engine
The company has staked over 4.9 million of its ETH holdings on its proprietary MAVAN platform, generating projected staking rewards in the hundreds of millions of dollars annually.
With nearly 5% of total supply under its control and most of it actively staked, the company’s decisions about when to stake, unstake, or sell could meaningfully affect network dynamics.
What this means for investors
BMNR has earned inclusion in indices like the Russell 1000, reflecting its growing market capitalization and institutional relevance.
Independent verification of BitMine’s asset acquisition metrics has yet to be seen in major crypto media. For an accumulation strategy of this magnitude, investors should watch for audited custody reports and on-chain verification of the claimed holdings before treating the numbers as gospel.