BitMine Immersion Technologies, trading on the NYSE under the ticker BMNR, scooped up another 42,197 ETH worth roughly $73 million over the past week. That brings the company’s total Ethereum stash to approximately 5.7 million tokens, or about 4.7% to 4.8% of Ethereum’s entire circulating supply of around 120.7 million.
The ‘Alchemy of 5%’ play
BitMine’s accumulation isn’t random. The firm operates under what it calls the “Alchemy of 5%” strategy, a clearly stated goal of amassing 5% of Ethereum’s total supply as a corporate treasury reserve. After roughly 11 to 12 months of aggressive weekly purchases that typically range between 20,000 and 70,000 ETH, the company is knocking on that door.
The strategy is guided by chairman Tom Lee, co-founder of Fundstrat Global Advisors. BitMine doesn’t just hoard its Ethereum, either. The company stakes more than 80% of its holdings through its MAVAN infrastructure, short for Made-in-America Validator Network. Staking generates yield on the underlying position, which means BitMine’s treasury isn’t just a static bet on ETH price appreciation.
Total assets, including crypto holdings and cash, now exceed $11 billion. The company also maintains a small Bitcoin position of around 200 BTC alongside equity stakes in firms like Beast Industries and Eightco.
