Bitmine Immersion Technologies just dropped another $58.65 million on 35,138 ETH, continuing what has become one of the most aggressive single-asset accumulation strategies in crypto history.
The company, chaired by Tom Lee, now holds approximately 5.67 million ETH. That’s roughly 4.7% of Ethereum’s entire circulating supply, concentrated in the treasury of a single publicly traded company trading under the ticker BMNR.
The Alchemy of 5% strategy
The company has formally dubbed its approach the “Alchemy of 5%” strategy, a plan to accumulate ownership of 5% of the total ETH supply. At 4.7%, they’re uncomfortably close to that target, and they’re showing no signs of slowing down.
To put the scale in perspective: in the week ending June 22, 2026, Bitmine purchased 52,203 ETH for approximately $92 million. Prior weekly purchases have included 26,497 ETH for about $52 million, and some hauls have exceeded 100,000 ETH.
