Bitmine Reaches 89% of Its "Alchemy of 5%" Ethereum Target in Under a Year

Bitmine Immersion Technologies, a Connecticut-based company that says it runs the world's largest Ethereum treasury, has amassed nearly 4.5% of ETH's circulating supply and has already completed 89% of its "Alchemy of 5%" accumulation goal in less than a year. The company said in a Tuesday press release that the advance was fueled by the purchase of 111,942 ETH over the past week. Bitmine now reports $12.3 billion in combined crypto and cash holdings, including roughly 5.4 million ETH and 203 Bitcoin. It also disclosed equity stakes valued at $200 million in Beast Industries and $95 million in Eightco Holdings, along with $444 million in cash. Bitmine said about 4.7 million ETH is currently staked. Its Made in America VAlidator Network (MAVAN) has been positioned as the firm's flagship Ethereum staking platform, built for institutional-grade security, reliability and performance. With full deployment, Bitmine estimates annualized staking rewards could total $276 million, based on a 2.75% seven-day BMNR staking yield. Chairman Thomas "Tom" Lee said the company continues to build its ETH position on expectations of a crypto and Ethereum "supercycle" driven by Wall Street tokenization and agentic AI. Lee described ETH's recent dip below $2,200 as an attractive entry point and said Bitmine expects to hit its "Alchemy of 5%" milestone sometime in 2026. The latest buy is Bitmine's largest ETH purchase this year and follows Lee's earlier suggestion that accumulation could slow as the firm approaches its 5% supply target. Speaking at Consensus 2026, Lee said Bitmine could reach the goal in about six weeks at its current pace, while also weighing other priorities including staking expansion, its NYSE listing and a $4 billion share buyback authorization. Bitmine shares rose about 3.5% in early Tuesday trading, according to Yahoo Finance.