BitMine Immersion Technologies (NYSE American: BMNR) added 27,801 Ethereum tokens during the past week, increasing its total holdings to 5,770,038 ETH. Based on the $1,820 ETH price used in the company’s July 13 update, the latest purchase was worth approximately $50.6 million, while the full Ethereum position was valued at about $10.5 billion.
The accumulation brings BitMine to approximately 4.8% of Ethereum’s 120.7 million token supply. Chairman Thomas “Tom” Lee said the company is now 96% of the way toward its “Alchemy of 5%” objective, which aims to make BitMine one of the most influential corporate participants in the Ethereum ecosystem.
BitMine reported total crypto, cash, marketable securities, and strategic investment holdings of $11.3 billion. In addition to Ethereum, the balance sheet includes 206 Bitcoin, $482 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $69 million position in Eightco Holdings.
Staking Expands the Treasury Strategy
BitMine has placed 4,917,189 ETH into staking, representing about 85% of its total Ethereum holdings. At the valuation used in the announcement, the staked position was worth approximately $9 billion and was expected to generate annualized staking revenue of about $242 million.
The company is supporting that strategy through MAVAN, its Made in America Validator Network. Originally developed for BitMine’s own treasury, the platform is intended to expand into institutional staking services for custodians, investors, and other Ethereum ecosystem participants.
Lee argued that growing activity across Ethereum-based applications strengthens the long-term case for ETH as both a productive treasury asset and a settlement token. He highlighted the launch of Robinhood Chain on Arbitrum as an example of consumer-facing financial platforms using Ethereum infrastructure and ETH-denominated transaction fees.
BitMine Moves Closer to Its 5% Target
The latest purchase continues BitMine’s steady accumulation strategy during 2026. The company remains the world’s largest publicly disclosed Ethereum treasury and the second-largest corporate crypto treasury overall, behind Strategy’s Bitcoin holdings.
BitMine has also expanded its access to public-market capital. The company joined the Russell 1000 Index on June 26, potentially increasing passive and institutional ownership, and recently raised approximately $273.8 million through a preferred stock offering. Its Series A preferred shares trade on the New York Stock Exchange under the BMNP symbol.
The size of BitMine’s ETH position creates both opportunity and concentration risk. Staking can generate recurring income and increase the company’s exposure to Ethereum adoption, but the value of its balance sheet remains highly sensitive to ETH prices, network economics, and regulatory developments. Reaching the 5% target would make BitMine an even larger force in Ethereum’s institutional market while further tying its financial performance to a single digital asset.
