Bitmine Immersion Technologies is not buying Ethereum in small, cautious increments. The NYSE-listed firm, chaired by Fundstrat co-founder Tom Lee, has purchased an additional 6,000 ETH for roughly $11.18 million, part of a broader accumulation week that added 27,801 ETH to its balance sheet.
That brings total holdings to 5,770,038 ETH as of July 12, 2026, a number that represents 4.8% of Ethereum’s entire circulating supply of approximately 120.7 million tokens.
The scale of what Bitmine is doing here
The company has a self-declared goal it calls the “Alchemy of 5%”, targeting ownership of 5% of the total ETH supply by the end of 2026. At 4.8%, it is close enough to smell the finish line.
Bitmine’s total asset base sits at approximately $11.3 billion, which includes 206 BTC and $482 million in cash and marketable securities alongside the ETH stack. The ETH was priced at roughly $1,820 per token at the time of the latest accumulation figures.
