Bitmine Immersion Technologies just scooped up another 40,000 ETH for approximately $71.6 million, sourcing the tokens from FalconX and Kraken. The purchase is the latest in a series of massive over-the-counter acquisitions by the firm, which trades under the ticker BMNR and is directed by investor Tom Lee. The company has been on an Ethereum shopping spree throughout 2026, executing individual transactions ranging from $35 million to $123 million as it methodically works toward a staggering goal: controlling 5% of all Ethereum in existence.
The Alchemy of 5%
Lee has named his strategy the “Alchemy of 5%.” As of early July 2026, Bitmine reported holdings exceeding 5.74 million ETH, representing approximately 4.8% of Ethereum’s total supply. In dollar terms, the company’s ETH treasury carries a valuation of around $10 billion.
This latest batch of roughly 40,000 ETH follows a separate purchase of approximately 42,197 ETH for around $74 million in late June 2026.
Staking as the revenue engine
