Bitmine Immersion Technologies just scooped up another 20,500 ETH for approximately $35.92 million, pushing its total Ethereum stash to around 5.7 million tokens. That’s roughly 4.8% of Ethereum’s entire circulating supply, held by a single publicly traded company.
The over-the-counter transaction, executed with Galaxy Digital on or around July 10, puts Bitmine within striking distance of its stated goal: owning 5% of all ETH in existence. The company calls this strategy the “Alchemy of 5%.”
From mining rigs to Ethereum vaults
A year ago, this was a Bitcoin mining operation. By mid-2025, the company had pivoted entirely, repositioning itself as the largest public Ethereum treasury vehicle on the market.
Under CEO Tom Lee’s direction, the NYSE American-listed company (ticker: BMNR) has been systematically buying ETH on a weekly basis throughout 2026, with a particular fondness for purchasing during price dips.
