Bitmine Buys $36M Worth of Ethereum, Holdings Rise to About 5.7M ETH

Bitmine Immersion Technologies has added roughly 20,500 ETH in an over-the-counter purchase valued at about $35.92 million, lifting its Ethereum holdings to around 5.7 million tokens. The company says that represents about 4.8% of Ethereum's circulating supply held by a single publicly traded firm. The trade was executed with Galaxy Digital on or around July 10. Bitmine says the latest acquisition moves it closer to its stated target of owning 5% of all ETH, a strategy it refers to as the "Alchemy of 5%". Bitmine's crypto focus has shifted sharply over the past year. What was previously a Bitcoin mining business has, by mid-2025, repositioned into what it describes as the largest public Ethereum treasury vehicle. Under CEO Tom Lee, the NYSE American-listed company (ticker: BMNR) has been buying ETH on a weekly basis throughout 2026, often adding during price pullbacks. By the firm's recent pace, the $36 million buy is relatively small. In prior weeks, Bitmine has purchased from tens of thousands to more than 100,000 ETH in single transactions. Against a treasury valued near $10 billion, the latest addition is incremental. To finance the buildup, Bitmine issued preferred shares (BMNP) in mid-June 2026, offering a 9.5% annual dividend paid weekly. The company also operates MAVAN, an institutional ETH staking platform, allowing it to earn staking rewards on a portion of its holdings in addition to potential price gains. Bitmine says it also maintains BTC and cash reserves. Tom Lee has characterized the current backdrop as the early phase of a "crypto spring," citing what he views as strengthening fundamentals across the Ethereum network. For investors, Bitmine's accumulation removes supply from the market: at about 5.7 million ETH and rising, a meaningful amount is effectively being held off-exchange. The equity has increasingly traded as a leveraged proxy for Ethereum, offering a regulated stock-market vehicle for investors who do not want to hold ETH directly, alongside preferred-share dividend income. The concentration cuts both ways. A single company controlling about 4.8% of an asset's supply introduces material concentration risk. If Bitmine were forced to sell due to financial stress, regulatory pressure, or a strategic shift, liquidation from a roughly $10 billion treasury could create significant market impact.